I'm pretty unclear on repudiate vs. default, but from the creditor's point of view, I don't see how they'd be different. In either case, you don't get back the money that you'd lent out.

The whole problem with Greek debt is that there are banks all over the EU holding those bonds. If they get turned into worthless pieces of paper, that puts stress on that bank's bottom line, and could make it go bankrupt, and make it start defaulting on its debts.

Then it just snowballs from there.

The problem for Greeks is that doing this will also kill their ability to borrow money, which means they can't run a deficit, and since they no longer have their own currency, they can't print their way out, so that means they're forced into austerity because the government literally won't be able to pay its bills. Who knows what happens at that point, but it won't be all sunshine and roses for Greece.

Thumping your chest and daring the EU to invade won't do you any good either. The problem isn't that the EU will want to invade to get their money back (which Greece doesn't even have), the problem is that Greece will need Euros from the other countries, and won't be able to borrow them. You'll need to take the army out to go get them, if you want to bring armies and war into this mix.

This isn't a magical solution to the Greek debt crisis, this is just an explanation for why people are really worried that Greece will wind up defaulting.

For all his bluster, this guy and the "greek people" have no alternative to the austerity measures. Unless, doing an ostrich move is a viable alternative.

They fooled themselves into believing they were much more wealthy than they are, when really they are just a third world country at core.

The money that has been borrowed by greece over the years has been used in part to prop up the greek upper and middle classes with subsidized industries, cushy but unproductive government jobs, and a very comfortable pension system.

The austerity measures are a gift to the Greeks.

A few remarks:
* Socialists are extreme-right in Europe. What? Where's that guy from? Kansas? He sure knows a lot about Europe I can tell.
* "Fascists blah blah Colonels blah" --> In real life, an elected government.
* "Nothing happens" when you repudiate your debt. Yeah right. On that topic: what Netrunner said.
* The big difference with Iceland: this is not the first bailout for Greece, and some of that EU money comes from Central European countries. Countries that started lower than Greece when the Soviet bloc fell, countries that are for some still poorer than Greece, and countries that did not cheat and cook the books like Greece did.

So if the shit goes down, who do you think should pay, Greece, or smaller, poorer countries who played by the rules?

On a side-note: notice how "The Real news" have quickly become the shadow of their former selves. These guys used to send people across the globe, now they're reduced to having the CEO himself introduce the "topic" using "quotes" for words he "doesn't like" while interviewing Joe No-one, like a poor man's leftist Fox News.

I believe the term is Odious Debt.

>> ^9547bis:

A few remarks:
Socialists are extreme-right in Europe. What? Where's that guy from? Kansas? He sure knows a lot about Europe I can tell.
"Fascists blah blah Colonels blah" --> In real life, an elected government.
"Nothing happens" when you repudiate your debt. Yeah right. On that topic: what Netrunner said.
The big difference with Iceland: this is not the first bailout for Greece, and some of that EU money comes from Central European countries. Countries that started lower than Greece when the Soviet bloc fell, countries that are for some still poorer than Greece, and countries that did not cheat and cook the books like Greece did.
So if the shit goes down, who do you think should pay, Greece, or smaller, poorer countries who played by the rules?
On a side-note: notice how "The Real news" have quickly become the shadow of their former selves. These guys used to send people across the globe, now they're reduced to having the CEO himself introduce the "topic" using "quotes" for words he "doesn't like" while interviewing Joe No-one, like a poor man's leftist Fox News.


If you look at history you'll see that countries have gone bankrupt hundreds of times. Some countries themselves over 20 times. Are any of those countries a smoldering ruin? Nope, life marches on. As for the rest of the shit you said...I don't care.