Syrzia Won!

danothy

Generali wrote: »

If your unemployment rate is almost 25% and you face 30 years of austerity, continuing to pay isn't an option either. The choice is:

1. Default

or

2. Default.

I would think that the people they owe money to would expect that they suck it up an face thirty years of austerity.

Marktheshark

Storm in a tea cup.
Like all political parties they wont deliver what they promised as "the time is not right".
Same here, remember Dave and his cast Iron promise we would have a EU referendum, unfortunately, time is not right.
Syriza will just keep kick the ball down field and deliver nothing it promised it would.
Watch this space.

Generali

mayonnaise wrote: »

Syriza, not Syrzia.

Strictly speaking it'll be a bunch of Cyrillic characters so neither is right!

Thanks for putting me right though.

wotsthat

Generali wrote: »

Greece have to default. The best way to do it would be to quit the Euro and redemoninate debts into neo-Drachma. Then they can simply print the currency needed to repay the debts.

I would've thought by now the Germans would welcome a Greek default and hope it leads to a crashing and burning of the Greek economy for many years to come. Never a good time for this to happen but at least it's not in the depths of the GFC.

Greece must have reached the end of their Euro experiment. I'm sure they'd love to stay and have their debts written off but there would be quite a queue of countries waiting for the same treatment.

So long and thanks for all the BMW's.

wotsthat

The far-left Syriza party, which won Greece's general election on Sunday, has formed an anti-austerity governing coalition with the right-wing party Greek Independents.

http://www.bbc.co.uk/news/world-europe-30981950

There's a coalition for the long term

Generali

danothy wrote: »

I would think that the people they owe money to would expect that they suck it up an face thirty years of austerity.

I expect that they would. Unfortunately if you lend money to insolvent people they are unlikely to be able to repay you.

michaels

So what will actually happen, will there be another can-kicking deal that allows both sides to save some face or will there be a default and what would that mean on the ground, Greece can not instantly adopt the neo-drachma for practical reasons and yet Greek issued euros are likely to be toxic. Do the other defaults of countries like Argentina supply any pointers?

wotsthat

michaels wrote: »

So what will actually happening, will there be another can-kicking deal that allows both sides to save some face or will there be a default and what would that mean on the ground, Greece can not instantly adopt the neo-drachma for practical reasons and yet Greek issued euros are likely to be toxic. Do the other defaults of countries like Argentina supply any pointers?

They could adopt a neo-drachma today if they wanted to. The cash machines would be emptied of Euros and stashed away with the rest of the stash. Anyone daft enough to be left with more than a working amount of Euros in a Greek bank would see them re-denominated in Neo-drachma immediately.

New banknotes (like there's not a design already) could be in circulation next week if Andrex could fit it into their schedule.

danothy

Generali wrote: »

I expect that they would. Unfortunately if you lend money to insolvent people they are unlikely to be able to repay you.

I know, but how you treat someone when they don't repay you when you perceive that they can't, and how you treat someone when they don't repay you when you perceive that they have chosen not to are not the same.

There's clearly no way that the thirty years of human cost due to austerity is a reasonable alternative to an investor losing out (on a human level). Likewise, there's no way that not using a plan that lays out how that obligation is intended to be met will be considered "not an option".

For the sake of the Grecian people I hope that the reaction to the choice not to take the option are less severe than the consequences of taking that option. Or vice versa if they bottle it.

Graham_Devon

jjlandlord wrote: »

Most of it is caused by the Greeks themselves so they must change their ways.

Maybe....but the creditors decided to lend them loads of money knowing all this.