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2 Trillion (2,000,000,000,000) bailout fund and 50% Greek Haircut - will it work?

1246

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Going4TheDream wrote: »
    Argentina went bankrupt and survived, why cant the Greeks?

    The Greek people have an aversion to paying tax........
  • headcone
    headcone Posts: 536 Forumite
    The Greek situation is unique,if the economy collapses then the price of taramasalata and houmous will soar creating a catastrophe for the western middle classes.

    Meaning an almost certain double dip recession.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    Sapphire wrote: »
    Greece must be allowed to fall, then get it itself out of the rut it has created for itself, though this will be tough for the people of that country. If it is bailed out, then other countries can easily emulate its example knowing they will be bailed out by others.
    But default is the easy option, for the defaulter. Shameful though - unless you make it acceptable. If Greece defaults and gets away with it, other countries will be queuing up to default.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    Thrugelmir wrote: »
    The Greek people have an aversion to paying tax........
    But they do have an army of redundant civil servants being put on gardening leave. Can't they turn them into an army of tax collectors?
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    pqrdef wrote: »
    But default is the easy option, for the defaulter.

    Not for these people owning holiday homes in Greece. Who will see the value of their investment plummet.

    Greek wages are around 30% too high in relation to the economy. Like the UK they've partied to long on borrowed money.
  • Mrs_Bones
    Mrs_Bones Posts: 15,524 Forumite
    Part of the Furniture 10,000 Posts Photogenic Combo Breaker
    Thrugelmir wrote: »
    Smart money is moving East......

    And sooner or later the major banks will move there also.

    Britain has lost / given most of it's manufacturing base and is now very reliant on the banking and service sectors. The banks won't show us any loyalty though when they decide to go, they will just follow where the money is.
    [FONT=&quot]“I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” ~ Maya Angelou[/FONT][FONT=&quot][/FONT]
  • wymondham
    wymondham Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic Mortgage-free Glee!
    Thrugelmir wrote: »
    Not for these people owning holiday homes in Greece. Who will see the value of their investment plummet.

    Sounding a bit like a vulture, but might be a good time to start looking at greek property as an investment? Home in the sun anyone?
  • Going4TheDream
    Going4TheDream Posts: 1,258 Forumite
    Part of the Furniture Combo Breaker
    Thrugelmir wrote: »
    Not for these people owning holiday homes in Greece. Who will see the value of their investment plummet.

    Greek wages are around 30% too high in relation to the economy. Like the UK they've partied to long on borrowed money.

    Any investment has its risks

    http://www.guardian.co.uk/money/2011/apr/02/spain-property-prices-collapse
    Dont wait for your boat to come in 'Swim out and meet the bloody thing' ;)
  • quantic
    quantic Posts: 1,024 Forumite
    Part of the Furniture Combo Breaker
    Giving financial aid to any country who's citizens retire way before we do offends me.
  • Going4TheDream
    Going4TheDream Posts: 1,258 Forumite
    Part of the Furniture Combo Breaker
    edited 27 September 2011 at 11:48AM
    quantic wrote: »
    Giving financial aid to any country who's citizens retire way before we do offends me.

    Especially when they dont seem to pay tax. I know its a lot more complicated etc etc but would you lend your mate £5k when he already owed you £3k and couldn't pay that back. Imran Khan has said this week that Britain should stop paying aid to Pakistan as the government is corrupt and it doesnt get to the people its intended for and that maybe not getting this aid would focus the mind a bit more and make them stand on their own two feet . Same could be said about India. At the end of the day the Greeks have to show willingness to change and as yet I dont really see any evidence that that is actually happening, on any level.
    Dont wait for your boat to come in 'Swim out and meet the bloody thing' ;)
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