Economy 52,861 Posted July 1, 2015 Author Share Posted July 1, 2015 Way to see the bright side of things cuz if u wanna be positive and see a bright side this is about all u can come up with Link to post Share on other sites More sharing options...
Morphine Prince 109,683 Posted July 1, 2015 Share Posted July 1, 2015 So what does this mean for the people in Greece? To the rest of the world? Link to post Share on other sites More sharing options...
Azor Ahai 18,861 Posted July 1, 2015 Share Posted July 1, 2015 Way to see the bright side of things Things have been like this for the past 6 years , what else would you want me to do? Link to post Share on other sites More sharing options...
Economy 52,861 Posted July 1, 2015 Author Share Posted July 1, 2015 So what does this mean for the people in Greece? To the rest of the world? well a default is a big deal because a Government is suppostu be the last entity to fall down. When banks or the economy fails who bails them out? THE GOVERNMENT! Thats why Government debt is suppostu be safe to invest in, Governments (especially developed Governments) generally never miss payments on debt This low risk debt is the reason Government bonds usually pay less interest than say for example Corporate bonds which carry more risk of a default To give an example... if a 5 years Government bond is giving you a yield of 3% interest... a company issuing a Corporate bond to raise money which carries more risk might have to offer 5% interest to get investors to invest with them rather than the Government which is suppostu be safer. If a Nation defaults, theres a risk that investors loose faith in the safety of the Nation and stop lending and then interest rates to attract buyers surge... and that in turn also causes borrowing costs for other types of bonds to surge along with them and the whole credit market goes haywire. Everything from car loans to mortgages becomes extremely unaffordable as rates surge and credit freezes The Government debt market affects the entire debt market which affects the whole financial system and the entire economy Whats at question here is whether the turmoil will stay in Greece, or spread to financial market beyond Greece Link to post Share on other sites More sharing options...
ItsTommyBitch 12,640 Posted July 1, 2015 Share Posted July 1, 2015 NNN i just found this https://www.indiegogo.com/projects/greek-bailout-fund#/story Quick, some billionaire donate 私自身もこの世の中も誰もかれもが, どんなに華やかな人生でも, どんなに悲惨な人生でも, いつかは変貌し, 破壊され、消滅してしまう. すべてがもともとこの世に存在しない一瞬の幻想なのだから Link to post Share on other sites More sharing options...
Economy 52,861 Posted July 1, 2015 Author Share Posted July 1, 2015 NNN i just found this https://www.indiegogo.com/projects/greek-bailout-fund#/story Quick, some billionaire donate wow actually??? EDIT: 1.6 Billion Euros is what they owed on todays payment. So now that the default already happened, the fund wont do anything anymore Link to post Share on other sites More sharing options...
LePetitGAGABLover 21,234 Posted July 1, 2015 Share Posted July 1, 2015 NNN i just found this https://www.indiegogo.com/projects/greek-bailout-fund#/story Quick, some billionaire donate Bill Gates could save their asses and still have more than 77 billion dollars to spare Link to post Share on other sites More sharing options...
Miker 5,683 Posted July 1, 2015 Share Posted July 1, 2015 It's bankruptcy now and Geece will be going back to their own currency likely...Drachma. I hear it is so bad over there that people could only remove something like 80 Euros from their bank accounts (if it was open) a day. Mars..........or bust! Link to post Share on other sites More sharing options...
Economy 52,861 Posted July 1, 2015 Author Share Posted July 1, 2015 It's bankruptcy now and Geece will be going back to their own currency likely...Drachma. I hear it is so bad over there that people could only remove something like 80 Euros from their bank accounts (if it was open) a day.it was 60 euros a day and it still is. and thats at cash machines cause banks have been closed and bankruptcy, all Government practically with the exeption of a few are bankrupt. Almost all Nations are in debt By bankrupt they simply mean they were not able to attain the credit needed to make their payments Link to post Share on other sites More sharing options...
Economy 52,861 Posted July 1, 2015 Author Share Posted July 1, 2015 Bill Gates could save their asses and still have more than 77 billion dollars to spare well, 77 billion in assets, i doubt hes got it all in cash hed have to sell a lot of investments to do such a thing... besides, this was 1 little payment... what about the next due payments? their issue is chronic with no end in site it seems Link to post Share on other sites More sharing options...
RainingOnMe 7,280 Posted July 1, 2015 Share Posted July 1, 2015 Oh my god, my country what are you all doing? Link to post Share on other sites More sharing options...
Economy 52,861 Posted July 1, 2015 Author Share Posted July 1, 2015 IMF JUST RELEASED A STATEMENT: Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), made the following statement today regarding Greece’s financial obligations to the IMF due today:“I confirm that the SDR 1.2 billion repayment (about EUR 1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.“I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course.” https://www.imf.org/external/np/sec/pr/2015/pr15310.htm Link to post Share on other sites More sharing options...
Babel 41,640 Posted July 1, 2015 Share Posted July 1, 2015 Things have been like this for the past 6 years , what else would you want me to do? I used to live in a country affected by really serious economic and social issues, I get at some point you need to see the comical side and kinda laugh about what's happening, I really get you. You just reminded me that. Link to post Share on other sites More sharing options...
LeHomer 0 Posted July 1, 2015 Share Posted July 1, 2015 I still don't think that they'll leave the EU. Link to post Share on other sites More sharing options...
Bloody 64,632 Posted July 1, 2015 Share Posted July 1, 2015 There's so much mess happening in my country right now.People at work are litterally terrified and the lines in the ATM's have such big lines all day long.I don't know what to expect.. Link to post Share on other sites More sharing options...
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