Hyperinflation or currency devaluation. Their credit rating would be neglidgeable and they would find it terribly difficult to trade outside their own borders, well import anyway.So what do you see as the outcome if Greece had to withdraw from the Euro and issue their own Drachma again ?
Actually, you missed out an important part that's particularly relevant in this case...Either way Greece is the symtom of the the foolishness of all the complex financial dealings without accountability which brings economic depression (1920s anyone) but not the cause. In short banks/bankers in the EU are as greedy and as irresponsible as those in the US.
They also had quite a few big white elephants too (Athens Olympics) and quite a few needless military projects as well as buying F-16s from the US and ditching their Typhoon promise as well as signing up for the Lightining 2. (Why would tiny Greece need 156 fighter jets that's anyone's guess).Actually, you missed out an important part that's particularly relevant in this case...
What did the Greeks do with the money they borrowed? Well, much of it was spent buying German manufactured goods so Greek debt became a German surplus. Now, the German's cry foul when they're asked to underwrite the Greek economy - with the same money that the Greeks borrowed to buy their goods
We would be in a much better position if they had let the insolvent banks go to the wall. You said it yourself, Lloyds would be a much healthier bank and other smaller banks would have grown into the void left by these bankrupt institutions, this is meant to be a free market!So if the UK govt had let Northern Rock, RBS and BOS go to the wall how do you think that would have affected us?
Note LLoyds are not included as I feel if the others went to the wall LLoyds wouldn't have stepped in and took on the debt they did which basically stuffed them.
I have a feeling that unless you do that they will keep making bad decisions in the knowledge that they are considered too big to fail by the Government. With little risk of failure the rewards are there for the exploiting - aren't they......We would be in a much better position if they had let the insolvent banks go to the wall. You said it yourself, Lloyds would be a much healthier bank and other smaller banks would have grown into the void left by these bankrupt institutions, this is meant to be a free market!
Being part of NATO hasn't stopped the two of them having a bit of a go at each other every few years.Like Turkey is going to invade ??? Hmmm Greece is part of NATO (and i think Turkey is too)..so that isn't going to happen.
Not enough.How many fighters do we have?