Sansfear
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Subject:
Greece threatens its creditors with forced losses via legislation
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In an interview with the newspaper, Papademos also urged Greek politicians to pass the economic measures demanded by Greece's foreign lenders in exchange for bailout aid, saying vested interests were blocking changes needed to revive the moribund economy.
Papademos said that if Greece did not receive 100 percent participation in a program in which bondholders would voluntarily write down $130 billion from Greece's $450 billion debt, the country would consider passing a law to require the holdouts to take losses.
http://ca.news.yahoo.com/greek-pm-says-creditors-may-forced-losses-report-043723995.html
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Bowlartz
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Subject:
Greece threatens its creditors with forced losses via legislation
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This should work out very well for them.
"Yes, we would like to borrow some more money...we promise to pay it back this time plus interest!"
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Abaddon_Ambrosius
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Subject:
Greece threatens its creditors with forced losses via legislation
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The EU should cut them loose and let them fend for themselves.
If Greece can whore themselves out to a suitably drug-addled john who can ignore their diseased state... good for them.
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Yukishiro1
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Subject:
Greece threatens its creditors with forced losses via legislation
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They clearly can't pay back their debts. There is just no way. So I'm not sure what you want them to do. People who lent to them have only themselves to blame if they end up taking a bath on those loans.
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reesescups
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Subject:
Greece threatens its creditors with forced losses via legislation
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I thought passing legislation like this and saying eff you to everyone else was a thing US RWN's were proud to do, is that not the case anymore?
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theredkay1
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Subject:
Greece threatens its creditors with forced losses via legislation
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In the non-government world, this is exactly what happens.
The borrower works with the lender to write down the loans first. If that doesnt work the borrower uses legislation (bankruptcy process) to force lenders to accept less. This is a known risk when you lend someone money.....ideally it causes you to think about the repayment ability of the borrower.
Lenders have spent alot of time and effort the last few years trying to pretend that this is not the normal course of business for private and public debt.
Although we might give lenders a little compassion....they probably werent anticipating the two major central banks working so hard to keep a lid on economic growth.
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Brother_Tempus
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Subject:
Greece threatens its creditors with forced losses via legislation
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Yukishiro1 posted:
They clearly can't pay back their debts. There is just no way. So I'm not sure what you want them to do.
default and liquidate government holdings to pay off what it can
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Abaddon_Ambrosius
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Subject:
Greece threatens its creditors with forced losses via legislation
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theredkay1 posted:
In the non-government world, this is exactly what happens.
More bullshite from the goldfish brigade.
No it isn't. What happens is, creditors point out an entity is bankrupt and FORCE it into bankruptcy when the loans come due and they are insolvent.
Greece is insolvent. In the non-government world, they'd be
a) declared bankrupt and in the process of being dissolved right now, or,
b) declared bankrupt and in the process of debt-reorganization.
The key phrase being "declared bankrupt."
All this... ALL of it... is political maneuvering so the country can avoid saying what everyone knows. "We are bankrupt. We are defaulting. We must now take our credit hit for years and live within our means. All private insurance and credit swaps in the market used to insure private losses legally become active because we've defaulted and are insolvent."
It's all a joke. An incredibly inefficient, politically-driven joke.
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theredkay1
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Subject:
Greece threatens its creditors with forced losses via legislation
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Sometimes you agree with what I say but you make a big production of gnashing your teeth, acting outraged and pretending like you are saying something different.
Its strange.
Greece is trying to negotiate with its creditors. This is just like what happens in the private world. The more creditors you have, the less likely this process is to be successful.
If it doesnt work, Greece will move into a debt reorganization by legislation and force of law process just like a private company would.
There is no bankruptcy process for a national government. Bankruptcy laws are written by a national government for the organizations within that country. So other legislation is necessary.
I dont know if you understand the word 'insolvent'.
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Abaddon_Ambrosius
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Greece threatens its creditors with forced losses via legislation
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We aren't agreeing. You're just too stupid to know the difference.
You say this is "precisely like what happens in the non-government world", then in the next breath admit, "but there is no bankruptcy for governments".
 
I also know precisely what insolvent is. It's Greece.
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theredkay1
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Greece threatens its creditors with forced losses via legislation
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__Bonk__
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Subject:
Greece threatens its creditors with forced losses via legislation
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When will the EU start to bomb Greece? Seriously they are almost acting criminally
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Corky_Aloof
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Subject:
Greece threatens its creditors with forced losses via legislation
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The Greeks are idiotic by nature.
It is a miracle they have such a rich history of intelligence.
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Kamdar
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Greece threatens its creditors with forced losses via legislation
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Greece should make itself the Vegas of the world.
everything goes..
Drugs, gambling, sex, etc.
tax it all and pay off the debt.
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Ptilk
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Subject:
Greece threatens its creditors with forced losses via legislation
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Greece will eventually tell it's creditors (which include a lot of other nations btw) to piss off, we aren't paying a dime more. We can't, we are flat broke and the people in the country wont pay higher taxes in order to change that.
Then no one on earth will lend them any money, and they will run out of it in about 8 seconds and their government will collapse. A new government will be formed (after a LOT of violence, bloodshed, and gnashing of teeth) and the people who aren't dead will go back to acting exactly like they did before it happened....and banks and other governments will do the same. Lending the new government money as ruinous interest rates then acting surprised and butthurt when the new government can't pay them back in a couple of years.
Rinse wash repeat. Welcome to insane capitalism of the 21st century.
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Corky_Aloof
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Subject:
Greece threatens its creditors with forced losses via legislation
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Ptilk posted:
Greece will eventually tell it's creditors (which include a lot of other nations btw) to piss off, we aren't paying a dime more. We can't, we are flat broke and the people in the country wont pay higher taxes in order to change that.
Then no one on earth will lend them any money, and they will run out of it in about 8 seconds and their government will collapse. A new government will be formed (after a LOT of violence, bloodshed, and gnashing of teeth) and the people who aren't dead will go back to acting exactly like they did before it happened....and banks and other governments will do the same. Lending the new government money as ruinous interest rates then acting surprised and butthurt when the new government can't pay them back in a couple of years.
Rinse wash repeat. Welcome to insane capitalism of the 21st century.
100% accurate
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__Bonk__
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Greece threatens its creditors with forced losses via legislation
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Yep that is what will happen. They need to change how they live their lives.
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B_Shinkicker
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Subject:
Greece threatens its creditors with forced losses via legislation
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Ptilk posted:
Greece will eventually tell it's creditors (which include a lot of other nations btw) to piss off, we aren't paying a dime more. We can't, we are flat broke and the people in the country wont pay higher taxes in order to change that.
Then no one on earth will lend them any money, and they will run out of it in about 8 seconds and their government will collapse. A new government will be formed (after a LOT of violence, bloodshed, and gnashing of teeth) and the people who aren't dead will go back to acting exactly like they did before it happened....and banks and other governments will do the same. Lending the new government money as ruinous interest rates then acting surprised and butthurt when the new government can't pay them back in a couple of years.
Rinse wash repeat. Welcome to insane capitalism of the 21st century.
Don't forget, these same financial institutions who will lend them money when the dust clears will finance both sides of the upcoming bloody Greek conflict in the mean time.
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