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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Arran Yuan who wrote (68506)11/23/2010 6:30:44 AM
From: elmatador  Read Replies (1) | Respond to of 220085
 
Unlike Argentina before it went belly up, Greece and Ireland have large primary deficits, which means that even without paying interest on their debt they still spend more than they collect in taxes. The deficit is about 10 percent of G.D.P. in each case.

So abandoning their debt obligations would not eliminate the need for cash, which would become all the more acute because their default would deny them access to international debt markets.

nytimes.com



To: Arran Yuan who wrote (68506)11/23/2010 6:32:23 AM
From: elmatador  Respond to of 220085
 
In the euro zone, more than €2 trillion in sovereign debt belonging to Greece, Ireland, Spain and Portugal is held largely by German, French, British banks and, in the case of Greece, local banks and pension funds.

"Saving" these countries one is actually saving its own banking system.


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