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(Reuters)   S&P expects Greece to default soon, reduces rating to ΩΩΩ   (reuters.com) divider line 70
    More: Scary, Greece  
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2250 clicks; posted to Business » on 16 Jan 2012 at 7:54 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-01-16 07:48:16 PM
Aren't 3 horse shoes a jackpot?
 
2012-01-16 08:06:50 PM
But they kept spending exactly like they always had. That's working for America. Greece must be broken.
 
2012-01-16 08:10:36 PM
This is madness!
 
2012-01-16 08:15:25 PM
Omega Man part 3?

i97.photobucket.com
 
2012-01-16 08:16:06 PM

Kuroshin: This is madness!


THIS! IS! SPARTA!
 
2012-01-16 08:17:02 PM
3 Ohms?
 
2012-01-16 08:23:40 PM

Kumana Wanalaia: 3 Ohms?


RESISTANCE. IS. USELESS!
 
2012-01-16 08:25:10 PM

Ed Finnerty: Aren't 3 horse shoes a jackpot?


Not when they're pointing downwards, then the luck runs out.
 
2012-01-16 08:25:48 PM

Incontinent_dog_and_monkey_rodeo: Ed Finnerty: Aren't 3 horse shoes a jackpot?

Not when they're pointing downwards, then the luck runs out.


Thank you, Colonel Potter.
 
2012-01-16 08:43:31 PM

jjorsett: Kumana Wanalaia: 3 Ohms?

RESISTANCE. IS. USELESS!


Watt is all this about?
 
2012-01-16 08:58:34 PM
they can just spend their way out of debt

it worked in America

right?????
 
ZAZ [TotalFark]
2012-01-16 09:01:31 PM
What are the odds that banks fraudulently concealed investments in bad Greek debt because those high interest rates were so tempting?
 
2012-01-16 09:06:02 PM

winterwhile: they can just spend their way out of debt

it worked in America

right?????


if only Nixon hadn't gone to China
 
2012-01-16 09:07:36 PM
If Greece leaves the Euro, will they still keep the gyro?
 
2012-01-16 09:33:54 PM
Only one thing left to do: Toga Toga TOga TOGa TOGA TOGA TOGA!
 
2012-01-16 09:35:10 PM

Tourney3p0: But they kept spending exactly like they always had. That's working for America. Greece must be broken.


do yourself a favor, crack open an econ textbook, take a couple semesters of calculus, and come back when you're not embarrassing yourself.
 
2012-01-16 10:10:27 PM
the end, the end, the end
 
2012-01-16 10:22:23 PM
Wonder if I can now buy that Greek island cheap...
 
2012-01-16 10:28:30 PM
Well DUH.

Big freaking surprise. OK so let me see...

months ago Greece announces a deal where bondholders agree to take 50% off, and do so voluntarily....in the future.

So when I heard that I knew how to make money,and I figured it spelled the doom of the deal.

Heres an example:

I buy bonds at $.55 on the dollar (Better then all those folks who were pressured by their govts to take the deal were expecting). Default risk was seen as moderate, and was priced say $.25 on the dollar. But I BUY IT. OK I'm out $.80 on the dollar.

And I then proceed to NOT agree to take 50% off. Look-if I do I lose money....but if I don't, well either Greece defaults, and I collect my dollar from the default swap, OR Greece doesn't and finds a way to pay me off. Either way im OK.

Also-if this was such a done deal, why was it still up in the air? Because no-one in the counter parties can afford to lose 50%. Course when Greece defaults they're going to lose more, but that's later-not now.

And finally of course...50% on a 12% interest loan will still break even in the long run...but wait! SURPRISE Greece cant afford even that. OK so its not a big surprise.

And Austerity? Don't make me laugh, that just making the country go into the toilet faster. Yeah some is good, but too much and you're just killing the patient. The rich wont give up their tax hiding ways, nor pay for the social contract, and the poor really cant afford to lose everything. YES we can find some glaring examples...but check out the amount of wealth fleeing the country, and the tax evasion. Yeah.

For fun watch China after Europe. and watch who China blames. China needs a scapegoat, and Europes right there.
 
2012-01-16 10:28:59 PM
I blame Greece's problems on the 2004 Olympics. All them stadiums needed to get built. Greece didn't have the money. Bought 'em all on credit. Couldn't pay it back.
 
2012-01-16 10:31:10 PM

deadcrickets: Wonder if I can now buy that Greek island cheap...


I think they were selling 99 year leases.
 
wib
2012-01-16 10:35:55 PM

CitizensUnited: Tourney3p0: But they kept spending exactly like they always had. That's working for America. Greece must be broken.

do yourself a favor, crack open an econ textbook,

the calc is entirely unnecessary, but yeah.
 
2012-01-16 10:36:43 PM
1. Grow the economy. 2. Austerity. 3. Print money 4. Default

1 isn't going to happen. 2 is causing riots and is responsible for starting a death spiral. Greece can't decide to do 3, because the Germans certainly won't allow it. 4 is the only option.

When Greek bond holders agreed to a haircut several months ago, nearly everyone in the know said it wasn't enough. Kyle Bass is one shrewd bastard.
 
2012-01-16 11:12:43 PM

MrEricSir: jjorsett: Kumana Wanalaia: 3 Ohms?

RESISTANCE. IS. USELESS!

Watt is all this about?


No matter - just relax, and become at one with the headline through meditation.
 
2012-01-16 11:19:09 PM
Greece to default

Eerily similar to a tattoo my ex had.
 
2012-01-16 11:19:10 PM

Greywar: Well DUH.

Big freaking surprise. OK so let me see...

months ago Greece announces a deal where bondholders agree to take 50% off, and do so voluntarily....in the future.

So when I heard that I knew how to make money,and I figured it spelled the doom of the deal.

Heres an example:

I buy bonds at $.55 on the dollar (Better then all those folks who were pressured by their govts to take the deal were expecting). Default risk was seen as moderate, and was priced say $.25 on the dollar. But I BUY IT. OK I'm out $.80 on the dollar.

And I then proceed to NOT agree to take 50% off. Look-if I do I lose money....but if I don't, well either Greece defaults, and I collect my dollar from the default swap, OR Greece doesn't and finds a way to pay me off. Either way im OK.

Also-if this was such a done deal, why was it still up in the air? Because no-one in the counter parties can afford to lose 50%. Course when Greece defaults they're going to lose more, but that's later-not now.

And finally of course...50% on a 12% interest loan will still break even in the long run...but wait! SURPRISE Greece cant afford even that. OK so its not a big surprise.

And Austerity? Don't make me laugh, that just making the country go into the toilet faster. Yeah some is good, but too much and you're just killing the patient. The rich wont give up their tax hiding ways, nor pay for the social contract, and the poor really cant afford to lose everything. YES we can find some glaring examples...but check out the amount of wealth fleeing the country, and the tax evasion. Yeah.

For fun watch China after Europe. and watch who China blames. China needs a scapegoat, and Europes right there.


Greece should default. It is in their best interest; it will surely be painful for two or three years, but that's the only way they survive. Austerity measures in recessions do nothing but make things worse and, in the end, increase debt. ECB negotiated deals to specifically protect the private banks that started the Euro crises and set a plan to absorb their losses onto the public's back.

If Greece defaults now, those banks will eat some shiat - maybe not as much as they should, but at least some.
 
2012-01-16 11:21:06 PM
Greece has small work weeks, earlier retirement than us, more entitlements and universal healthcare. Obama said they should be prospering.
 
2012-01-16 11:26:06 PM
I guess they can still invade Athens and execute Socrates.

Oh wait...
 
2012-01-17 12:09:45 AM
I want the world to burn and I want to watch it all on TV
 
2012-01-17 12:11:09 AM
I really just want to know how Breaking Bad, Dexter, Justified, Damages, One Tree Hill ends
then the world can burn and I won't care what happens to me
 
2012-01-17 12:28:40 AM
„If international Jewish financiers in and outside of Europe should succeed in plunging the nations into another world war, then the result will not be the victory of Judaism, but rather the destruction of the Jewish race!"
 
2012-01-17 12:44:09 AM
This was inevitable.

And because this is happening, other PIIGS are next.

Spain, Italy and Portugal defaults right around the corner.

This is the first step in the right direction to driving a stake into the hearts of the TBTF banking ponzi scheme.

The house of cards is coming down.
 
2012-01-17 12:46:46 AM

Kar98: „If international Jewish financiers in and outside of Europe should succeed in plunging the nations into another world war, then the result will not be the victory of Judaism, but rather the destruction of the Jewish race!"


i41.tinypic.com
 
2012-01-17 12:47:09 AM
So is this shiat really going to go down?
I'm sick of the media peddling doom and gloom, and then nothing ever happens.
Give me the doom already!
 
2012-01-17 12:59:14 AM

hammettman: Only one thing left to do: Toga Toga TOga TOGa TOGA TOGA TOGA!


Wait, is Omega Omega Omega a real social frat?
 
2012-01-17 01:48:34 AM

Kar98: „If international Jewish financiers in and outside of Europe should succeed in plunging the nations into another world war, then the result will not be the victory of Judaism, but rather the destruction of the Jewish race!"


The German quotation marks are the giveaway, right?
 
2012-01-17 01:49:53 AM
S&P dowgraded France.
Mood'ys didn't.
Interrest rates for France actually went down.

When will we stop listenning to this rating agencies?
 
2012-01-17 02:34:25 AM

Greywar: Well DUH.

Big freaking surprise. OK so let me see...

months ago Greece announces a deal where bondholders agree to take 50% off, and do so voluntarily....in the future.

So when I heard that I knew how to make money,and I figured it spelled the doom of the deal.

Heres an example:

I buy bonds at $.55 on the dollar (Better then all those folks who were pressured by their govts to take the deal were expecting). Default risk was seen as moderate, and was priced say $.25 on the dollar. But I BUY IT. OK I'm out $.80 on the dollar.

And I then proceed to NOT agree to take 50% off. Look-if I do I lose money....but if I don't, well either Greece defaults, and I collect my dollar from the default swap, OR Greece doesn't and finds a way to pay me off. Either way im OK.

Also-if this was such a done deal, why was it still up in the air? Because no-one in the counter parties can afford to lose 50%. Course when Greece defaults they're going to lose more, but that's later-not now.

And finally of course...50% on a 12% interest loan will still break even in the long run...but wait! SURPRISE Greece cant afford even that. OK so its not a big surprise.

And Austerity? Don't make me laugh, that just making the country go into the toilet faster. Yeah some is good, but too much and you're just killing the patient. The rich wont give up their tax hiding ways, nor pay for the social contract, and the poor really cant afford to lose everything. YES we can find some glaring examples...but check out the amount of wealth fleeing the country, and the tax evasion. Yeah.

For fun watch China after Europe. and watch who China blames. China needs a scapegoat, and Europes right there.



I think it's been pretty much common knowledge that if you aren't a bank, you have basically zero incentive to buy into this deal. Because everyone expects the banks to act in their own interest and do whatever they can to prevent default.
 
2012-01-17 02:58:26 AM

germ78: I blame Greece's problems on the 2004 Olympics. All them stadiums needed to get built. Greece didn't have the money. Bought 'em all on credit. Couldn't pay it back.


I blame whoever awarded Greece the olympics.

Even before it became clear that their economy was a scam, everyone could see that it was a small, relatively poor (even with the fake numbers) country, without any of the venues or infrastructure to hold such an event.

They only got it because they were butthurt about not getting the olympics in 1996 (100 years after they held it in 1896).

All those venues they build aren´t being used today either, of course.

---

What I hope happends is that the EU and the IMF instead of lending Greece more money, lets them default, and instead covers all the entities they owe money.

Oh, and then kick Greece out of the Eurozone.
 
2012-01-17 03:01:11 AM

Nemo's Brother: Greece has small work weeks, earlier retirement than us, more entitlements and universal healthcare. Obama said they should be prospering.


They're Greeks, not Scandinavians.

You´re probably right that Americans are more Greek than Scandinavian. Good for you.
 
2012-01-17 03:49:34 AM

Hagbardr: If Greece leaves the Euro, will they still keep the gyro?


Döner (made by Turks) is far superior to gyros.
 
2012-01-17 06:06:27 AM

spamdog: So is this shiat really going to go down?
I'm sick of the media peddling doom and gloom, and then nothing ever happens.
Give me the doom already!


I've a suggestion to keep you all occupied.

Learn to swim
 
2012-01-17 06:40:41 AM
Earlier last week S&P downgraded several other European nations, including France, Spain, Italy and Ireland, from AAA+ to AAA or lower. I noticed that Greece wasn't on the list; now I know why. The list of countries downgraded was for the ones still worth taking a risk on. Greece is about to hit bottom.

/agree it's their only option now
//won't be the first one either
 
2012-01-17 07:20:52 AM

Raptop: spamdog: So is this shiat really going to go down?
I'm sick of the media peddling doom and gloom, and then nothing ever happens.
Give me the doom already!

I've a suggestion to keep you all occupied.

Learn to swim


Cuz Mom's gonna fix it all soon?
 
2012-01-17 07:41:02 AM
For all the Fark economists who keep telling us that austerity isn't the answer. Fine then, for countries like the United States, what is your solution. Inflation? Higher taxes?

I know if your a Republican the answer is to decrease spending by .00001% decrease taxes by 50% and that will magically grow the economy so much that our debt will be paid off. Of course if your a Democrat the solution is to increase taxes by .00001% and increase spending by 50% and that will magically grow the economy so much that our debt will be paid off.

So really, for all you Farkers with a degree in economical smartiness, what is your solution?
 
2012-01-17 08:09:24 AM
Gyros? I thought there would be π.
 
2012-01-17 08:21:53 AM

germ78: Kar98: „If international Jewish financiers in and outside of Europe should succeed in plunging the nations into another world war, then the result will not be the victory of Judaism, but rather the destruction of the Jewish race!"

The German quotation marks are the giveaway, right?


Yesssss!! Good job!
 
2012-01-17 09:14:30 AM

BigBooper: For all the Fark economists who keep telling us that austerity isn't the answer. Fine then, for countries like the United States, what is your solution. Inflation? Higher taxes?

I know if your a Republican the answer is to decrease spending by .00001% decrease taxes by 50% and that will magically grow the economy so much that our debt will be paid off. Of course if your a Democrat the solution is to increase taxes by .00001% and increase spending by 50% and that will magically grow the economy so much that our debt will be paid off.

So really, for all you Farkers with a degree in economical smartiness, what is your solution?


decrease taxes by 50%, increase spending 50%.
 
2012-01-17 09:28:18 AM

Ned Stark: BigBooper: For all the Fark economists who keep telling us that austerity isn't the answer. Fine then, for countries like the United States, what is your solution. Inflation? Higher taxes?

I know if your a Republican the answer is to decrease spending by .00001% decrease taxes by 50% and that will magically grow the economy so much that our debt will be paid off. Of course if your a Democrat the solution is to increase taxes by .00001% and increase spending by 50% and that will magically grow the economy so much that our debt will be paid off.

So really, for all you Farkers with a degree in economical smartiness, what is your solution?

decrease taxes by 50%, increase spending 50%.


We did that, it got us where we are today.

Now go make another alt George W, and post somewhere else. Economics is clearly not your thing.
 
2012-01-17 09:56:07 AM

Ned Stark:
decrease taxes by 50%, increase spending 50%.


Isn't a big part of the Greek problem that their population is one of the largest tax cheats on earth?
 
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