Greece will probably need to restructure its debt again, says Moritz Kraemer, head of sovereign...

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User 353732 Comments (3923)
 
Greece is bankrupt and will default serially for as long as it can. It will before the year is out repudiate all public debts; refuse to reform or even acknowledge its multiple pathologies; exit by choice or by coercion both the Euro and the EU and engage in class warfare.

First the Greeks consumed bad debt to revel in a lie and live well beyond their means.
Now bad debt will consume the Greeks for at least a decade; force them to repent in truth and live within their means. Of course they will have company: Spain, Portugal, Japan , Bicoastal US.

Greece is the paradigm for much of the West, not the abnorm.
29 Mar 2012, 05:49 AM Reply Like

kmi Comments (3844)
 
I don't think one sentence in your comment actually represents fact.

Greece isn't defaulting because it wants to. In fact I suspect its a bit of a stretch to call this a default at all. This was the bankers taking over the country, reissuing its debt under laws favorable to them.

If Greece had the balls and the intelligence to default, I guarantee you it would not have looked like this.

Unfortunately for the Greek people Greece was the firewall used to protect Europe and the Euro from wholesale collapse.

That said, in order for Greece to make good on this bailout it will have to grow GDP by some 4%+ within 2 years. Considering this wasn't really a default and that austerity is still being increased, the chances of Greece NOT defaulting in 2 years are about as good as my chances at making a hole in water.

Had this been an actual default, and had debt been repudiated, perhaps Greece could have generated the numbers necessitated by this bailout to make good on its payments, but that ship has sailed.
29 Mar 2012, 11:40 AM Reply Like

DaLatin Comments (1529)
 
Greece needs to ask George H W Bush to volunteer to be their autocratic PM ala Monti,
Then bring in his " voodoo economics" as there is really no other way out. Why, because Ben B has a fiduciary job printing somewhere else !
29 Mar 2012, 07:06 AM Reply Like

VAThomasJr1 Comments (7)
 
I agree that Greece is busted but that country isn't going anywhere, it's not like they are going to pickup and move or can hide from their creditors. Debts simply means more money. If Greece would separate from the EU and bring back the drachma, I'd be interested in purchasing govt bonds for the long term. Greece may have to go at it alone for a while. I know many nations have an invested interest in Greece, I know many players made money off Greece through CDS now its time to let the free market take its course. Many will suffer lost but if they don't this can potentially bring down other EU membering countries.
29 Mar 2012, 07:18 AM Reply Like

DaLatin Comments (1529)
 
VA, ??? They don't need to hide or go anywhere ! They got a massive haircut and they still won't be able to meet their obligations going forward. Everyone can do the simple math ! They will jawbone a little longer and default on their new debt and by late 2013 the Drachma will rise from the printing presses that there getting ready as we banter !

Then they will use some sort of collateral that they have already used an borrow from someone with it ! Or they'll be like Argentina ! So, they will always be there ,but, the haircuts to most will be 100%
29 Mar 2012, 07:28 AM Reply Like

VAThomasJr1 Comments (7)
 
I agree that they have taken a massive haircut. I've had the pleasure of visiting Greece. They have a very beautiful country unfortunately the leadership didn't diversify well enough for this changing economy. They are not in this alone. Iceland's financial markets I believe was the first to collapes but we never hear about them. Greece, Ireland, Italy(in denial) Spain and Portugal are all busted as well. I simply believe in order to stop the bleeding(although there is nothing left to bleed) they simply need to start over using their original currency and rebuild their financials.
The IMF is very cut-throat, if they have already excepted loans from them.....then their problems are going to be a long way from being over.
28 Apr 2012, 04:53 AM Reply Like

David Urban Comments (1034)
 
But the Italian PM said that the crisis was almost over.

Just like we were told early in 2008 that this was contained.
29 Mar 2012, 10:04 AM Reply Like

DaLatin Comments (1529)
 
DU,, he said "if" It the firewall is as high as the moon. And, really, what can he say. I want my Professor job back.
29 Mar 2012, 10:06 AM Reply Like

VAThomasJr1 Comments (7)
 
The Italian are in the same boat as Greece, they are in denial!!! Again I've had the wonder pleasure of visiting most of southern Italy as well. That country appears to be divided because in the south, there was a feeling of "I don't care attitude" and much corruption. In Naples, the trash that were dumped in the streets said it all. Restaurant owners threw dish pans full of fish heads and dirty water right in the middle of the walkway where pedestrians walked. In the north was very beautiful, it almost felt like two different countries.
28 Apr 2012, 04:53 AM Reply Like

David Urban Comments (1034)
 
He never should have said anything.
29 Mar 2012, 11:45 AM Reply Like