The left ascends to power in Greece, creating uncertainty and hope

You wish - you're not getting anywhere near my buttons, intern.

 

Then you know that a default debtor actually does not have any responsibilities outside of what is written into the debt agreement. The penalty for defaulting on government debt is generally that it will be more expensive to borrow money in the future, and in Greece's case, possible exclusion from the EU and the various consequences that come from that. But if the debtor is OK with that, they have every right to default. And every right to renegotiate terms of the outstanding debt if the lender is agreeable to it. The lenders knew the risks when they gave Greece money.

There are no real moral obligations when it comes to international government debt. Each party generally does what it is in its own best interests. Most of the time, everyone's interests aligning in servicing debt. Here, they potentially don't anymore.

 

The main responsibility is repaying the loan (plus interest), kid.

 

Greece is a small market but the bailout was convoluted (i.e. The Troika). A Greek default now could be the domino that sets off other financial crises. In 2010, Greece would have left the Euro and its new currency would have adjusted by now and there would be far less unemployment and fewer fascists fighting for political office.

 

Don't know how much of their debt is from outside investors vs. their own people's savings and pension. I do wonder if those will receive different treatment, which would be fundamentally unfair (though I have also read that GS engineered a lot of the debt and then sold them back to the Greek, so maybe that's the greatest injustice of them all). The one thing good about U.S. debt is that when the government came close to default, Social Security as a large (largest?) debt holder also suffered.

The real problem is that the people in the governments of the world have every incentive to steer toward GS of the world when rational intelligent consumers would otherwise be weary of their track record of engineering and getting out of cluster****s smelling like roses and leaving the counterparties to hold the bag.

 

I think it is funny how you have obviously been out argued and don't have a leg to stand on, so are now resorting to condescension and name calling.

You are embarrassing yourself, kid.

 

And when the borrower cannot do so, there is a shared responsibility between the borrower and the lender to find a solution acceptable to both parties, son.

 

So in other words, you didn't actually learn anything from the finance classes you took.

This is his standard MO on most topics. He gets in over his head on topics he doesn't actually know anything about, can't figure out how to backtrack, so he just runs around throwing insults and never addressing the topic anymore. Then just repeat in the next thread.

 

Same concerns now were offered against a default then... That pulling out of the EU might've triggered a chain of other defaults by PIIGS.

In hindsight, the recovery now makes it appear like 2010 was more resilient than people thought it was at the time.

 

Since GladiatoRowdy likes this so much:

Credential check time!

Where did you guys take your finance classes? What makes you the expert you pretend to be here?

You first.

 

I am not a financier -- I hate financiers...all of them are worthless, produce nothing, and take advantage of people who actually work for a living. They are parasites.

That said, you are still doing exactly what Major said you always do:

So, you have two choices, actually responding to the points Major and others made that you ignored (choosing instead to call them names), or you can continue to prove Major correct. I am happy with either option honestly.

 

So you are saying you are totally clueless on finance, but think you can judge who has been "out-argued"?

Thanks for admitting that you have no credibility.

 

You never responded to the points they made. You ignored them and just condescendingly called them names. That is what people who have been out argued do.

And just because you aren't a financier does not mean you don't know about the topic. Neither you or I are political science majors either, but we both have read enough about it to weigh in on arguments and state our opinion -- right?

edit -- and just as Major pointed out, you have now mucked the thread up into some back and forth that is totally off topic -- and you have done this because you really are incapable of responding to the points they made in such a way that does not make yourself look ridiculous or wrong.

 

I actually studied political science (in Germany) and have a bachelor's equivalent degree in it.

A back and forth takes more than one person.

Now, let's see again - what do you know about finance that would give you any authority to judge who has been "out-argued", other than not being a "financier"?

 

I took several economics classes in college at the University of Texas, and have read many economic books, mostly from a socialist perspective, but not exclusively.

Also, I can tell that when someone ignores their opponent's points and just calls them names dismissively, that they no longer have anything to bring to the conversation.

 

Then why did you even keep posting after...

You are andymoon?

 

Repped for stunning accuracy.

 

Just calling you out for avoiding debate and condescendingly name calling. People should be called out for that since it makes serious and enlightening conversations impossible -- not just on forums, but in real life, and even in the halls of government.

what? who?

I called you "kid" in mockery of the way you yourself had done so to another poster -- implying that the person who was really acting like a "kid" or an "intern" was you, the person name calling instead of debating the topic, as the posters you were name calling were.

 

I confused you with GladiatoRowdy.

 

This is hilarious. AroundTheWorld is just embarrassing himself as he loses yet another argument. First he had to resort to name-calling and now he's attempting to save face by talking about his "credentials."