Possible Econony Collapse In Greece

TheComputerGroup · Jun 28, 2015

Starting Monday, June 29, all banks in Greece will be closed the entire week, & the people will be able to only take out $66 a day from the ATM.......

The stock market in Greece will be closed on Monday as well, they haven't mentioned of closing it the rest of the week yet.......

If Greece foes leave the Euro zone, look for Spain, Italy & Portugal to follow in the near future..........

Albatross · Jun 29, 2015

Long time coming

TheComputerGroup · Jun 29, 2015

I think we will see Spain, Italy & Portugal follow to what Greece is doing in the near future possibly.......

akphidelt · Jun 29, 2015

Austerity displaying it's true power once again. Funny how laying off millions of workers, and spending less money in to the economy, doesn't make the economy better off, lol.

TheComputerGroup · Jun 29, 2015

AK, the austerity they put on Greece was a joke & wouldn't work.

I'm thinking that several other countries will follow what Greece did & exit the Euro......

The way the euro zone is set up doesn't work & never will.......

akphidelt · Jun 29, 2015

The Computer Group said:
AK, the austerity they put on Greece was a joke & wouldn't work.

I'm thinking that several other countries will follow what Greece did & exit the Euro......

The way the euro zone is set up doesn't work & never will.......

Completely agree. The only way it would work is if they created one bonding agent and one fiscal agent, similar to the United States. But that simply will never work with the history of those countries and the competition between them. It's just a horrible setup and one that was never going to work.

I thought Greece would have exited by now or that the EU would at least bail them out. The fact they are just sitting their like dead salmon is ridiculous. They can't grow out of their mess through this approach. They will have to find a fiscal stimulus one way or another, whether they create their own monetary system or the EU gives them some money.

But at the end of the day, what anyone can get from this is, austerity definitely didn't help them out and now they are left in a situation where austerity has depleted their economy so bad they have nothing else they can do other than leave the EU and print their own money.

Hard to control a country when you put on unnecessary restraints. Similar problem the gold standard had.

TheComputerGroup · Jun 29, 2015

Yeah, its a huge mess. I have a friend flying to Greece for a month leaving July 6th, I told him he's nuts for going,but one of his friends are getting married, so he wants to be there......I told him good luck, if it gets really bad, there may not be a wedding.

Now Puerto Rico is in the same spot as Greece, owing $78 billion & they can't afford to pay anymore.......since they're a common wealth, they can't file bankruptcy.......I see several more countries in Europe following Greece's exit.

People speaking for the euro zone don't want Greece to leave the euro.......right now there are hundreds of people in London protesting the austerity that was put on Greece & are asking for Greece's debt to all be forgiven & erased.

Today the US stock market fell -350 points, the worse one day drop in over 3 years, & the Asian markets & European markets fell a lot more.

I think the markets will suffer a lot more & the people in Greece will suffer severe depression after next Sundays referendum voting.......if the people vote "NO" wanting to get out of the euro, the effects will be felt all around the world.

StevieRay · Jun 29, 2015

I agree about the stock market. Rumor has it by Sept it could really be bad

texansfan · Jun 29, 2015

Our debt will be 20 trillion or so when Obama leaves, no big deal, right Aki? Unfunded liabilities around 127 trillion, no big deal, right Aki? The rich keep getting richer and everyone else gets left behind. This country is worried about gays, flags, and other nonsense while we're headed for a possible economic disaster.

I don't think we need to worry about Obamacare, as it will more than likely implode in 10 years or so.

Dems and Repubs are equally clueless about everything.

akphidelt · Jun 29, 2015

texansfan said:
Our debt will be 20 trillion or so when Obama leaves, no big deal, right Aki? Unfunded liabilities around 127 trillion, no big deal, right Aki? The rich keep getting richer and everyone else gets left behind. This country is worried about gays, flags, and other nonsense while we're headed for a possible economic disaster.

I don't think we need to worry about Obamacare, as it will more than likely implode in 10 years or so.

Dems and Repubs are equally clueless about everything.

Are you afraid of large numbers of something. Not sure your point.

PatsFan1283 · Jun 29, 2015

I really don't see Greece defaulting as a problem for Greece, they're already broke and starting over outside the eurozone could be beneficial to them. It is moreso a problem for the people they owe $ to.

Like being a bookie that let a whale runup a huge debt and now he is saying F it.

texansfan · Jun 29, 2015

Yeah, they can be like the U.S. They can make their own currency and start the presses.

loomis41973 · Jun 29, 2015

No biggie....tiny economy. Smaller than many US states.

Great for these sensational "news" channels though.

texansfan · Jun 29, 2015

akphidelt said:
Are you afraid of large numbers of something. Not sure your point.

You're not quite sure of anything, but yet you act like you do all the time.

TheComputerGroup · Jun 29, 2015

PatsFan1283 said:
I really don't see Greece defaulting as a problem for Greece, they're already broke and starting over outside the eurozone could be beneficial to them. It is moreso a problem for the people they owe $ to.

Like being a bookie that let a whale runup a huge debt and now he is saying F it.

I think Greece should exit the euro & never look back.....but what will happen when she real other countries follow their lead.

I think Greece will suffer quite a bit......Cyprus took a nose five last year & people woke up & found out they each had 25% less money in their bank accounts.

I can't believe people didn't riot there.

If youre worth $80 billion like Gates is, & the economy tanks, & you lose 50% of your money, you're still worth $40 billion......but if you're worth $200,000, & the next day its at $100,000, big difference for the low-middle class.......

The super rich will never get affected by anything like this, but the poor get buried & so does the middle class......

Will we see a domino effect? Only time will tell.......but I see Greece voting NO & leaving the Euro.

akphidelt · Jun 29, 2015

texansfan said:
You're not quite sure of anything, but yet you act like you do all the time.

I was actually mocking you. I'm 100% sure you have no clue what you are talking about, lol. But I tried to get you to explain your ignorance but you wouldn't take the bait, darn it!

Ricboff · Jun 29, 2015

The Computer Group said:
I think Greece should exit the euro & never look back.....but what will happen when she real other countries follow their lead.

I think Greece will suffer quite a bit......Cyprus took a nose five last year & people woke up & found out they each had 25% less money in their bank accounts.

I can't believe people didn't riot there.

If youre worth $80 billion like Gates is, & the economy tanks, & you lose 50% of your money, you're still worth $40 billion......but if you're worth $200,000, & the next day its at $100,000, big difference for the low-middle class.......

The super rich will never get affected by anything like this, but the poor get buried & so does the middle class......

Will we see a domino effect? Only time will tell.......but I see Greece voting NO & leaving the Euro.

agreed

i'd tell the creditors thanks but no thanks-- they TOLD them they couldn't pay the last time and yet merkel and all managed to close another deal. Merkel's legacy is on the line. She's done if Greece exits. Maybe they manage to kick the can a bit longer?

as you say , gotta believe the global market meltdown is largely due to fear of contagion. Italy and Spain are much much bigger animals.

meanwhile in Puerto Rico....

http://www.nytimes.com/2015/06/29/b....html?partner=socialflow&smid=tw-nytimes&_r=0

The governor, Alejandro García Padilla, and senior members of his staff said in an interview last week that they would probably seek significant concessions from as many as all of the island’s creditors, which could include deferring some debt payments for as long as five years or extending the timetable for repayment.
“The debt is not payable,” Mr. García Padilla said. “There is no other option. I would love to have an easier option. This is not politics, this is math.”

.......dagone.....................

TheComputerGroup · Jun 30, 2015

Exactly, this isn't politics, its simple math, & math is the universal language which everyone understands, or at least they should, because Germany & the rest of the euro seems not to want to understand.

Greece is in a position that can be delayed, but its inevitable that they will default on their debt.......Merkel simply doesn't wanna feel the pressure.

Puerto Rico is in the same boat, & frankly, I see other countries doing the same in.the coming years.

Mr_Mark · Jun 30, 2015

Greece's crowdfunding bailout
https://www.indiegogo.com/projects/greek-bailout-fund#/story

bilbal · Jun 30, 2015

akphidelt said:
Austerity displaying it's true power once again. Funny how laying off millions of workers, and spending less money in to the economy, doesn't make the economy better off, lol.

Shocking that you would post a graph with a glaring error in it....not. ##)

Possible Econony Collapse In Greece

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