You gotta love em those Greeks!
They borrow money and more money and ostensibly refuse to pay back.
So there you go.
They say give us more with no strings attached.
Well that's terrific.
Why would anyone do that?
They should go back to their old currency which is ostensibly worthless and see where it takes them.
Their will be soon mass food and medicine shortages that will debilitate the country. There may not be fuel for hospitals and airports. The Drachma will be worth what it sounds like, drek. (nothing).
The black market will flourish and the Euro will still be used as a trusted currency.
. Peoples saving will be converted to Drachmas and will quickly lose value.
It may spiral out of control for regular Greeks but may bring relief to everyone else.
The Greeks are in for a very big surprise.
It won't be pretty.
Showing posts with label Greece and the Euro. Show all posts
Showing posts with label Greece and the Euro. Show all posts
Monday, July 6, 2015
Monday, January 26, 2015
Greece the Euro and the stock market
You have to love it when a person or country borrows money and then refuses to pay it back.
Incredibly enough an entire country has decided to shrug off a payment plan for its debts because it seems to severe and difficult.
In plain English they do not want to pay back their debts.
They will leave the Euro and damage that currency even more,
It will shake up markets in Europe and in the short term lower prices on Wall street.
Wall street will recover but Greece will suffer the most as it will find it very difficult to borrow money from anyone.
The price they pay for money will be very high as they are making happy the voters but destroying whats left of the economy of the country.
In the long term all this may bode well for Wall street for the reasons I will explain.
As it becomes clear that investment in some types of Hedge funds that have seemingly large revenues will become problematic.
These funds will be based on buying debt at a very large price which ultimately may not get paid back.
The more steady if sometime volatile American stock market will be much more attractive to outside investors.
This will push up Wall street even more than its historical highs of right now.
Spain was in similar trouble a few years ago and seems to have stabilized despite the hardship of austerity.
The Greeks are not known as the hardest working people in the world and the Chutzpa of voting not to repay debt to creditors is astounding.
They will suffer the most as they will need to revert to their old currency and the rampant inflation that will follow.
A Greek tragedy in more ways than one.
Incredibly enough an entire country has decided to shrug off a payment plan for its debts because it seems to severe and difficult.
In plain English they do not want to pay back their debts.
They will leave the Euro and damage that currency even more,
It will shake up markets in Europe and in the short term lower prices on Wall street.
Wall street will recover but Greece will suffer the most as it will find it very difficult to borrow money from anyone.
The price they pay for money will be very high as they are making happy the voters but destroying whats left of the economy of the country.
In the long term all this may bode well for Wall street for the reasons I will explain.
As it becomes clear that investment in some types of Hedge funds that have seemingly large revenues will become problematic.
These funds will be based on buying debt at a very large price which ultimately may not get paid back.
The more steady if sometime volatile American stock market will be much more attractive to outside investors.
This will push up Wall street even more than its historical highs of right now.
Spain was in similar trouble a few years ago and seems to have stabilized despite the hardship of austerity.
The Greeks are not known as the hardest working people in the world and the Chutzpa of voting not to repay debt to creditors is astounding.
They will suffer the most as they will need to revert to their old currency and the rampant inflation that will follow.
A Greek tragedy in more ways than one.
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