in , ,

Is this what’s going to happen to Greece? Documentary about Argentinian default of 2001 [Video]

Post originally appeared on Deep Resource.

All the signs are that Greece could go bust by May 12, when it needs to pay back a large sum of money to the IMF. The government is hardly paying its bills, salaries and pensions already. And since it is unwilling and/or unable to implement the necessary reforms, the donor countries are no longer willing to keep on paying. What it will mean is a bank run and total collapse of the banking system. The government will stop paying anything and Greece will need to start all over again and rebuild a new state, perhaps with a reintroduction of the drachma.

The euro is in Greece to stay, officially or unofficially, regardless of what the ECB and/or Greek government will decide. Income per capita will dramatically drop to perhaps Ukrainian levels, a situation that could continue for many years.

In the long run, writing off a substantial part of the debt is inevitable, but only after an international agreement and not before Greece has fallen into a deep abyss. Greece is the hard but necessary example, that needs to be set to prevent the entire euro system to collapse, because nobody will pay its debts anymore if Greece is let off the hook. Greece will be the lesson for all that debt is poison and that in the current situation debt reduction is more important than economic growth.

[spiegel.de] – Schuldenkrise: Griechenlands schleichende Pleite
[telegraph.co.uk] – Greece draws up drachma plans, prepares to miss IMF payment

References:

https://deepresource.wordpress.com/2015/04/03/failed-state-greece/

Liked it? Take a second to support The Duran on Patreon!

What do you think?

9
Leave a Reply

avatar
9 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
0 Comment authors
Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
trackback

ccn2785xdnwdc5bwedsj4wsndb

[…]just beneath, are various absolutely not connected web-sites to ours, having said that, they may be surely worth going over[…]

trackback

xcmwnv54ec8tnv5cev5jfdcnv5

[…]we prefer to honor many other world wide web internet sites around the net, even though they aren’t linked to us, by linking to them. Underneath are some webpages really worth checking out[…]

trackback

Title

[…]very handful of web-sites that occur to become comprehensive beneath, from our point of view are undoubtedly very well worth checking out[…]

trackback

Title

[…]very handful of internet websites that come about to become in depth below, from our point of view are undoubtedly very well worth checking out[…]

trackback

Title

[…]check below, are some completely unrelated web-sites to ours, on the other hand, they may be most trustworthy sources that we use[…]

trackback

Title

[…]Here are a number of the web pages we recommend for our visitors[…]

trackback

Title

[…]always a major fan of linking to bloggers that I appreciate but don’t get a great deal of link like from[…]

trackback

Title

[…]very handful of internet sites that transpire to become in depth below, from our point of view are undoubtedly effectively really worth checking out[…]

trackback

… [Trackback]

[…] Find More here|Find More|Find More Informations here|Here you can find 75343 additional Informations|Infos on that Topic: hellenicinsider.com/is-this-whats-going-to-happen-to-greece-documentary-about-argentinian-default-of-2001-video/ […]

Cyprus’ Parliament unanimously votes to make the denial of the Armenian Genocide a crime

Alternate Finance Minister Dimitris Mardas, “we can pay our obligations”