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Can someone explain to me why Greece defaulting is such a big deal?

 
Deus Ex
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09/12/2011 01:31 PM
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Can someone explain to me why Greece defaulting is such a big deal?
Is it the default or all the wasted money trying to prevent the default that is going to drag down the rest of the world?
I cannot think of one single item I buy that is of Greek origin. Not to be "American" about it... but I am trying to understand this.

Seems a Greek default would be good for American business. I do know Greece builds a significant portion of the world container ships, wouldn't manufacturing just move to a more stable country like Norway or Kenya? (Kenya was a joke)

But someone who is smarter than me, PLEASE give me the cliff notes version.

THX and peace
Anonymous Coward
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09/12/2011 01:35 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
Economics and war are tightly intertwined. The two go hand in hand. Hopefully thats simple enough for everyone.
Deus Ex (OP)

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09/12/2011 01:36 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
Yeah, I get that fact.
Dino-B.C.

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09/12/2011 01:37 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
Uh duh.... No more Kalamata olives for you Mediterranean pizza man.... DOOM!
Anonymous Coward
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09/12/2011 01:40 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
Read this:
[link to www.taipanpublishinggroup.com]
Anonymous Coward
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09/12/2011 01:43 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
do a glp search for 'greece' and 'default'.


you will see chicken littles posting the same BS for years.
CERAPHIC_DOOM

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09/12/2011 01:46 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
People, Banks all lose money if a country defaults...causes kind of a snowball effect.
;)
Maguyver
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09/12/2011 01:50 PM

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Re: Can someone explain to me why Greece defaulting is such a big deal?
If Greece defaults and the banks/pensions/governemnts must write that debt off, that gives validity to the theory that sovreign debt is not as safe as once thought and there will be an exidous from the debt of similarly burdened countries. That is the 'contaigen' you hear so much of. And there will be no money with which to run the governments of Spain, Portugal, Italy, et al.

That's when the attached economies that are doing well; bail and revert to thier own currency. Then there's a run an anything Euro denominated to get that into some other currency (Bank Run). A mad rush to the door and in the end, the Euro will be so discounted, it will be virtually worthless. Paid in Euro's? Sorry... Got savings in Euro's? Not any more... Trade will grind to a halt. People will get hungry. Hungry people get desperate.

There...the abreviated cliff notes.

Anyone got anything to add? I'm sure I've missed an important point or two.

cheers
Adversity is inevitable, misery is optional.

Do or do not. There is no try.

"The enemy will never attack where you are strongest...He will attack where you are weakest. If you do not know your weakest point, be certain, your enemy will." Sun Tzu
Revguard

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09/12/2011 01:55 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
Dominoe effect. Chain Reaction.

They are part of the "Euro Group". Their default will effect all Euro countries. Which will effect us, etc.
Deus Ex (OP)

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09/12/2011 01:55 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
Uh duh.... No more Kalamata olives for you Mediterranean pizza man.... DOOM!
 Quoting: Dino-B.C.


This is what comes to mind.
Deus Ex (OP)

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09/12/2011 01:56 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
Dominoe effect. Chain Reaction.

They are part of the "Euro Group". Their default will effect all Euro countries. Which will effect us, etc.
 Quoting: Revguard


Wouldn't investors RUN to the US and China to protect their wealth?
Deus Ex (OP)

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09/12/2011 01:57 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
If Greece defaults and the banks/pensions/governemnts must write that debt off, that gives validity to the theory that sovreign debt is not as safe as once thought and there will be an exidous from the debt of similarly burdened countries. That is the 'contaigen' you hear so much of. And there will be no money with which to run the governments of Spain, Portugal, Italy, et al.

That's when the attached economies that are doing well; bail and revert to thier own currency. Then there's a run an anything Euro denominated to get that into some other currency (Bank Run). A mad rush to the door and in the end, the Euro will be so discounted, it will be virtually worthless. Paid in Euro's? Sorry... Got savings in Euro's? Not any more... Trade will grind to a halt. People will get hungry. Hungry people get desperate.

There...the abreviated cliff notes.

Anyone got anything to add? I'm sure I've missed an important point or two.

cheers
 Quoting: Maguyver


Thank You!
Anonymous Coward
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09/12/2011 01:59 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
Dominoe effect. Chain Reaction.

They are part of the "Euro Group". Their default will effect all Euro countries. Which will effect us, etc.
 Quoting: Revguard


Correct answer.
Anonymous Coward
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09/12/2011 02:05 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
Someone made a topic a few days ago describing why the Greek default was horrible.

The OP in that thread cited credit default swaps as the cause of potential chaos.
Anonymous Coward
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09/12/2011 02:15 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
Someone made a topic a few days ago describing why the Greek default was horrible.

The OP in that thread cited credit default swaps as the cause of potential chaos.
 Quoting: Anonymous Coward 1103661


German, French, UK and US banks all have exposure to Greek bonds, directly and through default swaps.
Maguyver
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09/12/2011 02:42 PM

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Re: Can someone explain to me why Greece defaulting is such a big deal?
Someone made a topic a few days ago describing why the Greek default was horrible.

The OP in that thread cited credit default swaps as the cause of potential chaos.
 Quoting: Anonymous Coward 1103661


German, French, UK and US banks all have exposure to Greek bonds, directly and through default swaps.
 Quoting: Anonymous Coward 1037096



The CDS's wouldn't be such an issue if the holder of the debt was also the holder of the CDS (insurance against default). But, noooo..., anyone can buy a credit default swap against a debt issues or held by anyone. The only thing required is a buyer of the CDS and an issuer. So, the same piece of debt can be 'insured' many times over.

No one knows how many CDS contracts have been written on Greek debt. Could be MANY times the value of the actual debt. Since these are private, unmonitored transactions, no one has any idea to whom these CDS's could be paid nor who holds that liability.

Could be a real mess. But know one really knows. The conventional wisdom is that the big hedge funds have been betting on various defaults expecting a big payout. It's just like a bet. Really. Since they have no real attachment to the underlying debt, it's just a bet.

cheers
Adversity is inevitable, misery is optional.

Do or do not. There is no try.

"The enemy will never attack where you are strongest...He will attack where you are weakest. If you do not know your weakest point, be certain, your enemy will." Sun Tzu
Anonymous Coward
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09/12/2011 02:50 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
It will unwind the derivatives bomb
Indiana

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09/12/2011 03:13 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
BOOM!...-O)...Indy

Last Edited by Indiana on 09/12/2011 03:13 PM
Shemsu Hor
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Greece
09/12/2011 03:21 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
there are no economic models that can fully explain the current state of economic affairs worldwide

aside from the obvious money printing going on, ultimately it is the perception of value of the currency that is at stake

if greece was to leave the euro zone, it would signal a definite beginning of the euro zone collapse and subsequently the collapse of the whole european model (under its current form)

but in the end all this insignificant to the design and execution of the top bankers/industrialists plans

you only make a company insolvent in order to buy it cheap

its that simple

and because in this company's case the assets are mainly people, in essence they are trying the greek people (livestock to them) at the cheapest price possible

they started with greece because they know we will be the hardest nation in the eurozone to convince of the dead end situation and only one way out (all gross lies)

i believe that we are AGAIN the Thermopylae of europe

even if we fall, maybe we bought enough time for the rest of europe (as in WWII)

MOLON LABE
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User ID: 1546657
Turkey
09/12/2011 03:28 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
there are no economic models that can fully explain the current state of economic affairs worldwide

aside from the obvious money printing going on, ultimately it is the perception of value of the currency that is at stake

if greece was to leave the euro zone, it would signal a definite beginning of the euro zone collapse and subsequently the collapse of the whole european model (under its current form)

but in the end all this insignificant to the design and execution of the top bankers/industrialists plans

you only make a company insolvent in order to buy it cheap

its that simple

and because in this company's case the assets are mainly people, in essence they are trying the greek people (livestock to them) at the cheapest price possible

they started with greece because they know we will be the hardest nation in the eurozone to convince of the dead end situation and only one way out (all gross lies)

i believe that we are AGAIN the Thermopylae of europe

even if we fall, maybe we bought enough time for the rest of europe (as in WWII)

MOLON LABE
 Quoting: Anonymous Coward 1544829


classical greek. so much words, no meanings.. just talk talk talk.

you gotta pay 1 trillion usd and you dont have money+factory.

people need "money" now, not talking. pay money. who cares that you are a great nation, you are founder of the modern life, you are the sparta bla bla..

first pay your debts, than talk
Anonymous Coward
User ID: 1546896
Greece
09/12/2011 05:34 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
there are no economic models that can fully explain the current state of economic affairs worldwide

aside from the obvious money printing going on, ultimately it is the perception of value of the currency that is at stake

if greece was to leave the euro zone, it would signal a definite beginning of the euro zone collapse and subsequently the collapse of the whole european model (under its current form)

but in the end all this insignificant to the design and execution of the top bankers/industrialists plans

you only make a company insolvent in order to buy it cheap

its that simple

and because in this company's case the assets are mainly people, in essence they are trying the greek people (livestock to them) at the cheapest price possible

they started with greece because they know we will be the hardest nation in the eurozone to convince of the dead end situation and only one way out (all gross lies)

i believe that we are AGAIN the Thermopylae of europe

even if we fall, maybe we bought enough time for the rest of europe (as in WWII)

MOLON LABE
 Quoting: Anonymous Coward 1544829


classical greek. so much words, no meanings.. just talk talk talk.

you gotta pay 1 trillion usd and you dont have money+factory.

people need "money" now, not talking. pay money. who cares that you are a great nation, you are founder of the modern life, you are the sparta bla bla..

first pay your debts, than talk
 Quoting: Anonymous Coward 1546657


Turkey will be vanished from Russia
Deus Ex (OP)

User ID: 1275523
United States
09/12/2011 05:49 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
there are no economic models that can fully explain the current state of economic affairs worldwide

aside from the obvious money printing going on, ultimately it is the perception of value of the currency that is at stake

if greece was to leave the euro zone, it would signal a definite beginning of the euro zone collapse and subsequently the collapse of the whole european model (under its current form)

but in the end all this insignificant to the design and execution of the top bankers/industrialists plans

you only make a company insolvent in order to buy it cheap

its that simple

and because in this company's case the assets are mainly people, in essence they are trying the greek people (livestock to them) at the cheapest price possible

they started with greece because they know we will be the hardest nation in the eurozone to convince of the dead end situation and only one way out (all gross lies)

i believe that we are AGAIN the Thermopylae of europe

even if we fall, maybe we bought enough time for the rest of europe (as in WWII)

MOLON LABE
 Quoting: Anonymous Coward 1544829


God Bless you!
Deus Ex (OP)

User ID: 1275523
United States
09/12/2011 05:50 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
there are no economic models that can fully explain the current state of economic affairs worldwide

aside from the obvious money printing going on, ultimately it is the perception of value of the currency that is at stake

if greece was to leave the euro zone, it would signal a definite beginning of the euro zone collapse and subsequently the collapse of the whole european model (under its current form)

but in the end all this insignificant to the design and execution of the top bankers/industrialists plans

you only make a company insolvent in order to buy it cheap

its that simple

and because in this company's case the assets are mainly people, in essence they are trying the greek people (livestock to them) at the cheapest price possible

they started with greece because they know we will be the hardest nation in the eurozone to convince of the dead end situation and only one way out (all gross lies)

i believe that we are AGAIN the Thermopylae of europe

even if we fall, maybe we bought enough time for the rest of europe (as in WWII)

MOLON LABE
 Quoting: Anonymous Coward 1544829


classical greek. so much words, no meanings.. just talk talk talk.

you gotta pay 1 trillion usd and you dont have money+factory.

people need "money" now, not talking. pay money. who cares that you are a great nation, you are founder of the modern life, you are the sparta bla bla..

first pay your debts, than talk
 Quoting: Anonymous Coward 1546657


I don't think our Greek Friend is at fault.
Anonymous Coward
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Netherlands
09/12/2011 05:52 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
So Greek don't pay Italy, so Italy don't pay Spain, so Spain don't pay France, so France dont pay Germany so we all don't pay America. So we just stop paying.
Anonymous Coward
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United States
09/12/2011 06:03 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
So Greek don't pay Italy, so Italy don't pay Spain, so Spain don't pay France, so France dont pay Germany so we all don't pay America. So we just stop paying.
 Quoting: Anonymous Coward 1068718


They will not allow anyone to go down without paying their bets off. It seems so simple, but these greedy bastards have attached pensions and livelihoods of ordinary citizens worldwide to their bets. CLEVER BASTARDS they gotcha.
Anonymous Coward
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Greece
09/16/2011 04:42 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
bump
Anonymous Coward
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09/16/2011 04:47 PM
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Re: Can someone explain to me why Greece defaulting is such a big deal?
Philip, Elizabeth's lover, is King of Greece.

He's busted out...totally broke.

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