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Greek debt

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  • Greek debt

    I knew it was bad, but not that it was this bad:

    Assuming Greece manages to kick the can for all its debts owed this year, there still remains:


  • #2
    That is assuming no more debt added along the way, right?

    Comment


    • #3
      Originally posted by Sparko View Post
      That is assuming no more debt added along the way, right?
      Yep.

      Comment


      • #4
        Why does it jump to 12 or so billion if none is being added?

        Comment


        • #5
          Originally posted by Cerebrum123 View Post
          Why does it jump to 12 or so billion if none is being added?
          I'm afraid I wasn't clear: the chart sums up what Greece is supposed to pay back to debtors for each year till 2057, the total sum (at present) is a little over 300 billion Euros.

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          • #6
            Originally posted by Paprika View Post
            I'm afraid I wasn't clear: the chart sums up what Greece is supposed to pay back to debtors for each year till 2057, the total sum (at present) is a little over 300 billion Euros.
            Thanks, that clears things up.

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            • #7
              What is their workweek? Are they one of these 30 hour workweek and 3 month vacation countries?

              ETA: Nevermind -

              "The length of a typical working week in Greece is 8 hours a day, 5 days a week starting at between 8am and 9am. Greeks do spent more time working as, according to Eurostat, employees in Greece work on average 42 hours per week compared to a European average of 40.3 hours per week."

              http://businessculture.org/southern-...nce-in-greece/
              "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

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              • #8
                Portugal and Italy are a close second with debt-to-GDP in the 130s . Germany is at 74% and France is at 94% and they're both touted as the best European economies keeping the whole EU afloat.

                Note that 60% is generally seen as the max for a country before it becomes the danger zone. EU is toast, and I'm surprised they've managed to keep it going so long. Quantitative Easing and economic delusion is more powerful than I thought.

                On a side note, Japan is at 227% debt to GDP (LOL!). To put that in perspective, Greece is around 177%. US is 101%.
                Last edited by seanD; 06-01-2015, 11:14 AM. Reason: wrong link
                "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

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                • #9
                  A war going on between the Greek government and the ECB which, according to Varoufakis, is trying to incite bank runs...

                  Just minutes after Greek FinMin Varoufakis warned people were trying to "incite capital flight" from Greece and Dijsselbloem stated that "capital outflows from Greece are worrying," Reuters is reporting that The ECB dropped the bank run hammer:

                  ECB TOLD EURO ZONE FINANCE MINISTERS IT WAS NOT SURE IF GREEK BANKS WOULD BE ABLE TO OPEN ON MONDAY- OFFICIALS

                  Friday sees Russia-Greece meetings and Euro area leaders are supposedly meeting on Monday evening due to the seriousness of the situation so it appears the endgame is looming large one way or another.

                  The Greeks said this...

                  *GREEK GOVT SAYS SOME PEOPLE SEEKING TO INCITE CAPITAL FLIGHT

                  http://www.zerohedge.com/news/2015-0...-reopen-monday
                  Apparently, they don't need the help of the ECB to incite this...

                  Greek banks have seen deposit outflows surge to about 2 billion euros over the past three days, with the pace of daily outflows tripling since the collapse of talks at the weekend with creditors, three banking sources told Reuters on Thursday.

                  The 2 billion euros taken out by Greek savers between Monday and Wednesday represent about 1.5 percent of household and corporate deposits of 133.6 billion euros held by Greek banks as of end-April.

                  Talks between Greece and its euro zone and IMF creditors collapsed over the weekend in Brussels, leaving the country on the verge of a default at the end of the month and sparking fears of capital controls.

                  Before the collapse of talks, bankers said outflows had been ranging between 200-300 million euros a day.

                  http://uk.reuters.com/article/2015/0...0YJ01M20150618
                  I'm just wondering what took the Grecians so long to do this when the writing was on the wall some years ago?
                  "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

                  Comment


                  • #10
                    According to wikileaks, NSA intercepted conversations between Merkel and Wolfgang Schauble that proved they were well aware that Greece's debt hole was simply unsustainable no matter how the deal was structured (like that takes any real amount of common sense to figure out). So, it makes one wonder why they're so insistent, even lying about it, that Greece take the IMF deal. Do they know that Greece leaving will result in a global derivative crisis? Do they know that this will result in a global market collapse? Are the elites that rule the EU simply totalitarian and that they realize if Greece goes, then so goes Portugal, Spain, Italy, Belgium, France, UK...?

                    As an aside, another interesting revelation indicated that Germany would support a BRIC bank fund (Russia being a part of that group), which might explain EU's, including and especially Germany's, reluctance to support US sanctions against Russia, which exemplifies the clear growing rift between US and EU over geopolitical issues especially with what's happening in Ukraine.
                    "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

                    Comment

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