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If Greece defaults, there will be a run on the Greek banks

124

Comments

  • pqrdef
    pqrdef Posts: 4,552 Forumite
    Thrugelmir wrote: »
    The German people have accepted 15 years of no increase in living standards as being the price.
    West German people. East Germans have prospered, starting with the absurd conversion rates for Ostmarks.
    "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
  • ILW
    ILW Posts: 18,333 Forumite
    pqrdef wrote: »
    The odd part is, those who get on their moral high horses about borrowing always seem to think that mortgages to buy houses are different somehow and don't count. But of course they're exactly the same. When it comes to borrowing, the Greeks are guilty of being as bad as British housebuyers.

    Borrowing and overborrowing are different.

    Borrowing purely for consumption is only sustainable in the short term.
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    ILW wrote: »
    Borrowing and overborrowing are different.

    Borrowing purely for consumption is only sustainable in the short term.
    I think you mean borrowing for consumption with no income and no ability to repay is only sustainable in the short term.
  • bryanb
    bryanb Posts: 5,034 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    John_Pierpoint wrote: »
    Opportunity for the Turks to legalise N.Cyprus ?

    Not sure why you think Cyprus has anything to do with Greece, it is an independent country.
    This is an open forum, anyone can post and I just did !
  • ILW
    ILW Posts: 18,333 Forumite
    chucky wrote: »
    I think you mean borrowing for consumption with no income and no ability to repay is only sustainable in the short term.

    Yep, just like Greece.
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    ILW wrote: »
    Yep, just like Greece.
    They've been doing it even before they entered the Euro, that's not exactly the short term.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ILW wrote: »
    Yep, just like Greece.

    But not at all like British house buyers.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • ILW
    ILW Posts: 18,333 Forumite
    HAMISH_MCTAVISH wrote: »
    But not at all like British house buyers.

    I agree.

    Is like the British "bang it on the plastic" brigade though.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    pqrdef wrote: »
    West German people. East Germans have prospered, starting with the absurd conversion rates for Ostmarks.

    West German business saw East Germany as a place to profit from and sell to. Wasn't all brotherly love. Ask an East German if you don't believe me.
  • ILW
    ILW Posts: 18,333 Forumite
    Thrugelmir wrote: »
    West German business saw East Germany as a place to profit from and sell to. Wasn't all brotherly love. Ask an East German if you don't believe me.

    I believe many prefer it to the Soviet regime.
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