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Its agreement with Greece to restructure its economy so that it could grow and repay its debts - thus preserving the euro - has frayed to breaking point
Thursday, 15 September 2011
A Greek debt default is close. It could come next week, or very soon anyway. Think of Greece as being in intensive care. You enter the eurozone hospital and go up to the ward where Greece is stretched out in agony. You peer through tubes and pumps at the screens recording the patient's progress. What do you find? That it could hardly be worse. The returns that investors demand for owning Greek debt have risen to such astronomical levels that the line goes off the scale. Bonds that are due to be repaid next March are priced at half their official value. This is like looking at a thermometer where the mercury has shot up to the top. But more important are the dials that record the performance of the Greek economy. It is shrinking at 7 per cent per annum, making it ever less likely that the country can meet the promises it made to secure bailout funds. Greece is rapidly getting weaker, not stronger and government revenues, the wherewithal for repaying its debts, are shrinking.
Originally posted by Alethea
Can you put this in layman's terms? What is it like for the people there now? How are they managing? How are they living? How has this affected their daily lives? How are people carrying on commerce?
Originally posted by Melbourne_Militia
My Prediction.....thou may seem a little far fetched...
Greek economy will collapse totally.....
People will begin to riot in the streets....
Anarchy will ensure over the entire country......
The military will struggle to maintain law and order......
Turkey will seize its chance and the Neo-Ottoman Empire will march on into Europe through Greece....Greece will be swallowed my Turkey.
Turkey (aka the Neo-Ottoman Empire) will be supported by the Mid east and the Muslim Invasion of Europe will begin.