Greece... No one is in control...lol

[awake]

Via Robert Wenzel

Countdown to Greek Default? (http://www.economicpolicyjournal.com/2012/05/countdown-to-greek-default.html)
Nouriel Roubini tweets: (https://twitter.com/#%21/Nouriel)

The 3 Greek parties didnt approve repayment of a €436m bond due on Tuesday. If no payment occurs there is a 30 day grace period be4 default A. It doesn't appear anyone is in charge in Greece.

B. If there is no one in charge in 30 days, default is near certain.

That should get some headlines.



Is this how it goes down? Government becomes completely impotent and defaults?

[Indy Vidual]

Are the Greeks free now?

[thoughtomator]

Greece can't print its own currency, so yeah. If it could, and its debts were denominated in its own currency (as in the case of the US), it would have the option of inflating its way out of debt.

[thoughtomator]

Are the Greeks free now?

No, but look at Iceland. They told the banks to go fuck themselves and a couple of years down the road they have the world's fastest growing economy.

[Pauls' Revere]

The IMF is in charge.

[mad cow]

Beware of Greeks bearing bonds.

[kah13176]

No, but look at Iceland. They told the banks to go fuck themselves and a couple of years down the road they have the world's fastest growing economy.

I heard they nationalized the banks. That's even worse than before in my mind.

[thoughtomator]

Nationalized banks are an improvement from banks which are private when profitable and public when they take losses. It was an intermediate step in crisis control and not the endpoint. It's a measure to prevent failed bankers from making the problem even worse while the banks are being liquidated and the bad debt washed out.