What would happen if Greece went bankrupt?

Soldato
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5 Mar 2010
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There was an article in the paper this morning about the people of Greece being given the choice to accept another EU bailout. It mentioned that a lot of Greeks would rather drop out of the Euro and become bankrupt!

Surely if they did decide to go bankrupt all the money the other countries have already lent them would be lost. And if they did accept the bailout putting Greece in (i think) an excess of 1 trillion euros!! For a country like Greece I can't see them ever being able to pay of 1trillion in debt. So why does the EU keep chucking money into a black hole??
 
The referendum is stupid and selfish in my mind. Yes lets drop out the euro, and ruin the banking sector across europe.

Silly referendum is silly
 
How does Greece accepting the bailout package put it into €1Tn worth of debt? It doesn't. As to Greece not accepting outright, its just more selfish behaviour from a country that doesn't want to live up to its responsibilities.

The EU doesn't keep chucking money into a black hole, the Eurozone members do. And they have no option to do so as they desparately try and claw their currency back from the brink.
 
if they default no one will lend them money thats even worse then oweing even more? I would have thought they would totally screw them over.....as in literaly no money to pay pensions and publice servants?
 
They would default on their loans and this would have a euro-wide domino effect on a lot of comapines and banks. Everyone is borrowing from everyone else, it's a massive ponzi scheme.
 
That's that then. There's no way the people will vote YES. Then again, I think a default is inevitable for Greece, throwing IMF money at them is just an utter waste.
 
trouble is, no one in greace pays any real tax, they all want to retire on 100% pensions at 50. not living in the real world.

a referendum is a stupid idea as the general public are never in a good position to make big decisions like this!
 
How does Greece accepting the bailout package put it into €1Tn worth of debt? It doesn't. As to Greece not accepting outright, its just more selfish behaviour from a country that doesn't want to live up to its responsibilities.

The EU doesn't keep chucking money into a black hole, the Eurozone members do. And they have no option to do so as they desparately try and claw their currency back from the brink.

http://www.metro.co.uk/news/880324-greece-gambles-as-1trillion-debt-deal-is-put-to-the-vote Article here.

And my apologies I meant the Eurozone members.

And there's no way the euro will recover from this.

My opinion is that Greece should be evicted from the EU, unfortunately that would mean all the money we have lent them would be lost, but better losing some money than more money. Greece should then be made to stand on its own two feet rather than relying on all the other countries. Germany managed to work its way back after WW2 so Greece should be able to as well.
 
trouble is, no one in greace pays any real tax, they all want to retire on 100% pensions at 50. not living in the real world.

a referendum is a stupid idea as the general public are never in a good position to make big decisions like this!

I've heard about their crazy tax system in Greece. Who on earth let it get to that state?
 
trouble is, no one in greace pays any real tax, they all want to retire on 100% pensions at 50. not living in the real world.

a referendum is a stupid idea as the general public are never in a good position to make big decisions like this!

That does seem to be the biggest problem. None of them are willing to make any sacrifices to get back to normal.
 
I've heard about their crazy tax system in Greece. Who on earth let it get to that state?

It's shocking yes! A wealthy man in Greece used to pay about the same amount of tax as someone whos a waiter in a restaurant. The government rarely check up on this and when they do the rich just bribe them to look the other way. Recently they've had helicopters scan over areas to take pictures of things like houses with swimming pools to check how much tax the owners are paying. What do the rich do? They cover their pools with a green sheet to make it look like a empty garden.

The people of Greece need to blame the rich people of their country for ripping it off.
 
It's shocking yes! A wealthy man in Greece used to pay about the same amount of tax as someone whos a waiter in a restaurant. The government rarely check up on this and when they do the rich just bribe them to look the other way. Recently they've had helicopters scan over areas to take pictures of things like houses with swimming pools to check how much tax the owners are paying. What do the rich do? They cover their pools with a green sheet to make it look like a empty garden.

The people of Greece need to blame the rich people of their country for ripping it off.

Wow, seems like a cultural problem with the more well off then. Not shouldering their share of the burden.
 
Wow, seems like a cultural problem with the more well off then. Not shouldering their share of the burden.

It's shocking how they even met the criteria required to join the EU (whatever they are, I'm uneducatd on such matters). Someone must have been massaging figures/telling porkies. :(
 
It's shocking how they even met the criteria required to join the EU (whatever they are, I'm uneducatd on such matters). Someone must have been massaging figures/telling porkies. :(

I believe they actually didn't meet the minimum financial requirements to join the EU.

But for some reason they were allowed to join and now everyones paying those consequences.
 
bulgaria and romania romania will be full of greek economic migrants if they reject this :D:D

Stupid people will be stupid and they should not be allows to vote on things like this.
 
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