Originally posted by Mordac
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"The boy who cried Sheep" -
Originally posted by Mordac View PostWe paid the WWII debt off within the last 10 years (meaning it took us nearly 70 years), and it wasn't anything like the % debt to GDP that Greece has now. In 2032 they'll have to start defaulting again (simply due to the size of the debt) and what happens then? The Greeks would have to discover oil, gold or diamonds in mahoosive quantities to make their debt "not much of a burden". Interest is still accruing, and most of it is being rolled into the debt.
Greece may not be the one which brings down the Eurozone (I think that will ultimately be Italy) but it will cause so much pain that the Germans finally pull the plug.
Greece national debt is 180%, and will drop over the years.I'm alright JackComment
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Originally posted by CryingSheep View PostLast time Greece default was in 1932... not sure if that was what you meant by 'defaulting again'...His heart is in the right place - shame we can't say the same about his brain...Comment
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Originally posted by BlasterBates View PostUK WWII debt was around 230% of GDP
Greece national debt is 180%, and will drop over the years.His heart is in the right place - shame we can't say the same about his brain...Comment
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Originally posted by Mordac View PostGreece couldn't afford to pay a cent, so instead of defaulting, they deferred. That was a political decision. It was a default by any other name...
If you agree to defer with your creditors it isn't a default. That applies to any company and bond holders, this isn't specific to Greece.I'm alright JackComment
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