Germany Wants Greece To Sell Off Its Islands In Return For Cash

[bobbyw24]

What does Germany lack? Great Mediterranean beaches.


Perhaps that's the motivation behind a German MPs suggestion that Greece sell some of its islands for cash before asking for freebie European handouts.



Bloomberg:

“A bankrupt party must use everything he has to make money and serve his creditors,” said Josef Schlarmann, a member of Chancellor Angela Merkel’s Christian Democratic Union, who heads a lobby representing 40,000 business owners and managers allied to the party.

“Greece owns buildings, companies and several uninhabited islands, which can now be used to repay debt.” Greece must “radically part with company shares and also sell property, for example uninhabited islands,” said Frank Schaeffler, financial expert of Germany’s Free Democratic Party

http://www.businessinsider.com/germa...bailout-2010-3

[angelatc]

There was a time when I would have said "Yeah, like that's gonna happen," but now I'm not so sure.

[TonySutton]

Greeks are very proud of their country. I would be VERY surprised to see them sell part of their country.

[Chester Copperpot]

Greeks are very proud of their country. I would be VERY surprised to see them sell part of their country.

agreed... one can only hope they will decide to leave the EU instead

let them go to printing their own drachma.

[hugolp]

agreed... one can only hope they will decide to leave the EU instead

let them go to printing their own drachma.

Nobody can leave the EU. It would be a economic disaster. Basically prices would skyrocket.

[keh10]

One Greek island to go, please.

[RJB]

Could you imagine the US selling California to China or North Carolina to the IMF.

What of the Greeks who live on the Island who are proud to be Greeks!? Do they have a say on whether to remain Greeks or become Germans? This is insane!

I never thought I would contemplate this, but since we may be as bad off as the Greeks: We need to think of what we will do as Americans when it is our turn to be sold.

[tmosley]

I'm not sure they are talking about selling the islands to another nation, but to private parties such that they are still a part of Greece. Lots of people are willing to pay a lot of money to own a private island. It would be more like the US closing national parks and selling the land for development. This is ALWAYS a good idea.

[hugolp]

Could you imagine the US selling California to China or North Carolina to the IMF.

What of the Greeks who live on the Island who are proud to be Greeks!? Do they have a say on whether to remain Greeks or become Germans? This is insane!

I never thought I would contemplate this, but since we may be as bad off as the Greeks: We need to think of what we will do as Americans when it is our turn to be sold.

No. I can not imagine the IMF being interested in a piece of land. However, I think the IMF is very interested in having a monopoly control of the currency. I can see the USA selling monopoly rights over the USA currency to the IMF.

[Mike4Freedom]

Greece needs to leave the EU and start their own currency. In addition to that they should cut taxes and spending by more then half.

[angelatc]

Greeks are very proud of their country. I would be VERY surprised to see them sell part of their country.

I didn't meant there wouldn't be anger from the populace, but it only takes corrupt leadership 1 term to do things like this.

[wharfrat]

Some of my best memories are from my trip to Greece and some of her Islands. 18 years old, clubs every night, topless beaches all day

[jkr]

HEY germany, GET $#@!ED!

[puppetmaster]

Some of my best memories are from my trip to Greece and some of her Islands. 18 years old, clubs every night, topless beaches all day

Hmmm....Deals there now.....

[krazy kaju]

I'm not sure they are talking about selling the islands to another nation, but to private parties such that they are still a part of Greece. Lots of people are willing to pay a lot of money to own a private island. It would be more like the US closing national parks and selling the land for development. This is ALWAYS a good idea.

This.

[keh10]

Could you imagine the US selling California to China or North Carolina to the IMF.

What of the Greeks who live on the Island who are proud to be Greeks!? Do they have a say on whether to remain Greeks or become Germans? This is insane!

I believe they are referring to uninhabited islands so no one is in risk of loosing their home.

[lx43]

I would bet good money the FED helped to bail them out.

[denison]

What does Germany lack? Great Mediterranean beaches.


Perhaps that's the motivation behind a German MPs suggestion that Greece sell some of its islands for cash before asking for freebie European handouts.



Bloomberg:

“A bankrupt party must use everything he has to make money and serve his creditors,” said Josef Schlarmann, a member of Chancellor Angela Merkel’s Christian Democratic Union, who heads a lobby representing 40,000 business owners and managers allied to the party.

“Greece owns buildings, companies and several uninhabited islands, which can now be used to repay debt.” Greece must “radically part with company shares and also sell property, for example uninhabited islands,” said Frank Schaeffler, financial expert of Germany’s Free Democratic Party

http://www.businessinsider.com/germa...bailout-2010-3

what if america has to sell off some of our states to pay China. Hmm.

[denison]

I would bet good money the FED helped to bail them out.

The fed has nothing to to with Greece. and don't assume there assistance would be wanted anyway, that's what the EU is for. They need to worry about bankrupt states in the own country first, like California and Michigan.

[TER]

As a person of Hellenic descent, I can tell you most assurredly that they would first leave the EU then give up an inch of island. But then again, nothing seems to suprise me anymore...

[HOLLYWOOD]

Buy a group of islands and setup both a Liberty and Tax Free Haven sovereignty. The new Bahamas of the Mediterranean in beautiful weather/resorts/money haven. Then tell Germany/UK/US/IRS/etc, to go $#@! themselves.

Now that's the model I would love to see!

[puppetmaster]

Buy a group of islands and setup both a Liberty and Tax Free Haven sovereignty. The new Bahamas of the Mediterranean in beautiful weather/resorts/money haven. Then tell Germany/UK/US/IRS/etc, to go $#@! themselves.

Now that's the model I would love to see!

where's our billionaire when we need em

[Baptist]

Buy a group of islands and setup both a Liberty and Tax Free Haven sovereignty. The new Bahamas of the Mediterranean in beautiful weather/resorts/money haven. Then tell Germany/UK/US/IRS/etc, to go $#@! themselves.

Now that's the model I would love to see!

Yeah, if they go on sale we need to pool our resources and buy one. Setup a libertarian haven.

[TER]

as has been said before, will be said again: Μολὼν λάβε !

[Pauls' Revere]

Could you imagine the US selling California to China or North Carolina to the IMF.

What of the Greeks who live on the Island who are proud to be Greeks!? Do they have a say on whether to remain Greeks or become Germans? This is insane!

I never thought I would contemplate this, but since we may be as bad off as the Greeks: We need to think of what we will do as Americans when it is our turn to be sold.

I have wondered what "collateral" was offered to The FED by our government to borrow all these billions.
http://www.forbes.com/2009/02/04/tar...rtner=toprated

Barofsky raises concerns about the potential for fraud in the program, including the fact that compliance is now limited to signed certifications. The Treasury and the Fed are working on how to strengthen fraud prevention for TALF, including screening for the pools of asset-backed securities pledged as collateral and an agreement to let the Fed inspect those who borrow in the program.

http://www.answers.com/topic/asset-backed-security

Banking Dictionary: Asset-Backed Securities
Top
Home > Library > Business & Finance > Banking DictionaryBonds or debt securities collateralized by the cash flow from a pool of auto loans, credit card receivables, vehicle and equipment leases, consumer loans, insurance policies, and other obligations. The bonds give the holder an Undivided Interest in the securitized assets, and are funded by the cash flows received by the issuer from regular payments of principal and interest from borrowers.

The process of converting loans into marketable securities is known as Securitization. When mortgage loans, consumer loans, commercial loans, and leases are securitized, the pools of assets backing a particular issue are transferred to a Grantor Trust a passive entity that issues the securities that are purchased by investors. Virtually any debt obligation with regularly scheduled principal and interest payments can be securitized: auto loans, credit card receivables, home improvement loans, leases, residential mortgages, and second mortgages. Examples are Collateralized Auto Receivable Securities (CARS), Certificates for Amortizing Revolving Debt (Cards) and Mortgage-Backed Securities such as Collateralized Mortgage Obligations (CMOS) and Real Estate Mortgage Investment Conduits (Remics). Debt securitizing also gives lenders another source of funds for making new loans, and is a technique actively used in Asset-Liability Management. See also Asset Sales; Secondary Mortgage Market.

Wonder exactly how all of these break down?

Bonds or debt securities collateralized by the cash flow from a pool of auto loans, credit card receivables, vehicle and equipment leases, consumer loans, insurance policies, and other obligations.

So, who holds the securitized debt on your vehicle? credit card recieveables? or equiptment leases? and such???

China?
Japan?

anyone have a clue?

[zdenek795]

How about USA selling Alaska or Hawai to CHina ,Taiwan or Japan. It is the same problem.

[Matt Collins]

Seasteading here we come!

[Jeez]

How about USA selling Alaska or Hawai to CHina ,Taiwan or Japan. It is the same problem.

You do realize Japan has 2nd highest debt to GDP ratio (1st is Zimbabwe). Anyway China would get very little from purchasing Hawai or Alaska other than more debt.

[psi2941]

i guess we can sell back Alaska back to Russia