Greece defaults

[ElNono]

Fact is big business aren't losing money. They're just not making jobs here, and they're trying to shed as many as they can locally too (see: Verizon record profits, followed by their attempts to shaft their landline union workers).

[Winehole23]

Greece has a 98 percent chance of defaulting on its debt in the next five years as Prime Minister George Papandreou fails to reassure investors his country can survive the euro-region crisis.


“Everyone’s pricing in a pretty near-term default and I think it’ll be a hard event,” said Peter Tchir, founder of hedge fund TF Market Advisors in New York. “Clearly this austerity plan is not working.”


It costs a record $5.8 million upfront and $100,000 annually to insure $10 million of Greece’s debt for five years using credit-default swaps, up from $5.5 million in advance on Sept. 9, according to CMA. Greek bonds plunged, sending the 10- year yield to 25 percent for the first time

.http://www.bloomberg.com/news/2011-0...s-deepens.html

[boutons_deux]

Many said Greece should have never been let into the EU. They are proven correct.

[Winehole23]

We can no longer borrow dollars. U.S. money-market funds are not lending to us anymore," a bank executive for BNP Paribas, who declines to be named, told me last week. "Since we don't have access to dollars anymore, we're creating a market in euros. This is a first. . . . We hope it will work, otherwise the downward spiral will be . We will no longer be trusted at all and no one will lend to us anymore."

http://online.wsj.com/article/SB1000...711712348.html

[velik_m]

Many said Greece should have never been let into the EU. They are proven correct.

You mean EMU? Yes, it was well known that Greece and Italy used a lot of "creative" accounting to meet the criteria for euro.

We should at least take some collateral before lending them money, like one of their islands or something. Now we'll be left with nothing. And for what? So that Greeks can maintain higher living standard than we have?

[Yonivore]

I think that whole EU experiment is about done.

[ElNono]

I think that whole EU experiment is about done.

Far from it...

[Wild Cobra]

Far from it...

True, they still have a few wealthy to snuff out.

[ElNono]

True, they still have a few wealthy to snuff out.

You mean like NAFTA?

[Wild Cobra]

You mean like NAFTA?

WTF?

Elaborate where that comes from please.

[ElNono]

WTF?

Elaborate where that comes from please.

Mexico unemployment rate: 5.7%
US unemployment rate: 9.1%

Need I say more?

[Wild Cobra]

Mexico unemployment rate: 5.7%
US unemployment rate: 9.1%

Need I say more?

That's a different topic. NAFTA didn't send that many jobs there. Besides, what would our unemployment rate be if people here didn't feel en led, and worked for any job they could get, like they do in Mexico?

[ElNono]

Is it? I thought we were talking about snuffing out the wealthy. 85% of all Mexico exports go into the US. Compare to 2% to Canada. And NAFTA sent a loads of jobs over there. Heck, it's still a boon to the border cities, despite the drug violence.

[ElNono]

And why don't you take a $5/hour job and tell me how you make ends meet? It's a lot cheaper to live in Mexico.

[Wild Cobra]

And why don't you take a $5/hour job and tell me how you make ends meet? It's a lot cheaper to live in Mexico.

Been there, done that, in the past.

It's not easy, but then I have the dignity to work.

[ElNono]

Been there, done that, in the past.

It's not easy, but then I have the dignity to work.

So how did you make ends meet? Explain how were you paying your doctor out of pocket for your kid while working for $5/hour, and still getting fed, dressed, etc.

Sounds like you're full of , tbh

[DarkReign]

WC, youre delusional on the effects of NAFTA, before, now and in the future. There is a reason the US doesnt care that their nearest neighbor is a hole, 3rd world country.

That is all.

[DUNCANownsKOBE]

Besides, what would our unemployment rate be if people here didn't feel en led, and worked for any job they could get, like they do in Mexico?

Good question tbh. We should model ourselves more around countries like Somalia, Mexico, and other 3rd world holes.