After years of pain and humiliation Greece may exit Euro AND EU... PVC says...

[Husar]

What happens when Spain, Italy and Portugal do the same?

The Euro becomes so worthless that everybody wants to build factories here to benefit from the cheap production costs?
Prices of imported products would rise a lot but once all the factories are here, we won't have to import them anymore.

[InsaneApache]

The Euro becomes so worthless that everybody wants to build factories here to benefit from the cheap production costs?
Prices of imported products would rise a lot but once all the factories are here, we won't have to import them anymore.

No what would really happen is that the people living there would be reduced to living a third world hell like existence. Still that was always the plan all along.

[Husar]

No what would really happen is that the people living there would be reduced to living a third world hell like existence. Still that was always the plan all along.

So the greek politicians faked the numbers to join the Eurozone in order to ruin their own country? Why are they not jailed yet?

I think you are being facesious here

A bit, yes.

but it is worth considering who holds greece's debt, I somewhat doubt it is all in the German national bank and I would think it impossible to get any other bank to just let it go and take the loss on the chin.

To get all the debt nullified would require buying it off the previous owners and it will not be cheap, you could end up spending more money to nullify the debt than you would simply bailing them out.

What could the previous owners do about it? As I already explained, if you make an investment with a high interest rate, that usually means there is a high risk. You have to be ready to take a loss or go for a lower interest rate. Not accepting a loss when it happens then makes you a crybaby and everybody should just ignore you. It's not like you "invest" in the lottery for a potential huge return and then make a fuss when you don't get that return. These investments have a far lower risk but you can still lose.

[Greyblades]

What could the previous owners do about it? As I already explained, if you make an investment with a high interest rate, that usually means there is a high risk. You have to be ready to take a loss or go for a lower interest rate. Not accepting a loss when it happens then makes you a crybaby and everybody should just ignore you. It's not like you "invest" in the lottery for a potential huge return and then make a fuss when you don't get that return. These investments have a far lower risk but you can still lose.

...what? The suggestion is to declare the debt nullified, you can't do that unless you own it and the oweners won't sell cheap to the government. And you can't just seize it unless you want to drive investors away from ever doing business with Greece again.

[Husar]

...what? The suggestion is to declare the debt nullified, you can't do that unless you own it and the oweners won't sell cheap to the government. And you can't just seize it unless you want to drive investors away from ever doing business with Greece again.

A government can do it unless the investors have the bigger armies. And that the investors may never want to do business with Greece again may happen, but that is how the market regulates itself. Some of them should not have lent their money to Greece in the first place while Greece will lose some future investments as it happens when you don't handle such things responsibly.
Who owns all the debt anyway? And when will the hedge funds/Paul Singer come to kick Greece while it's on the ground?
https://www.youtube.com/watch?v=uBxpT5ZhxNk

[Brandy Blue]

So the greek politicians faked the numbers to join the Eurozone in order to ruin their own country? Why are they not jailed yet?

Because they're politicians.

[a completely inoffensive name]

It's only a matter of time for Greece to leave at this point.

[Fragony]

It's only a matter of time for Greece to leave at this point.

Not yet, the baillout for the banks that help for Greece really is isn't over yet. All the money flows back and the Greeks are left with less than nothing. Pure plunder.

[Brenus]

"They cooked the books to get in. They continued to lie about their finances. The locals' favourite sport is tax evasion." Like in UK you mean?

"Unless the Germans continue to like paying for their cute pets by the Agean this can't work as getting the Greeks to act like Germans isn't realistic." I hope so.