Greece 1-year yield at 117%

myp

Jan 2009
5,841
50
Yes, you read that right. Greek 1-year debt is currently at 117%+ (as in more than double your money in a year) as the game finally seems to be up. Yields took the road to asymptote after some German officials finally admitted that Greece might just have to default and possibly leave the EU. Default is coming and fast.

http://www.bloomberg.com/apps/quote?ticker=GGGB1YR:IND
 
Jul 2009
5,893
474
Port St. Lucie
Yes, you read that right. Greek 1-year debt is currently at 117%+ (as in more than double your money in a year) as the game finally seems to be up. Yields took the road to asymptote after some German officials finally admitted that Greece might just have to default and possibly leave the EU. Default is coming and fast.

http://www.bloomberg.com/apps/quote?ticker=GGGB1YR:IND

Economic ruin, rioting already taking place and a population on the road to extinction. We may finally be witnessing the end of Greek civilization. :eek:
 

myp

Jan 2009
5,841
50
Economic ruin, rioting already taking place and a population on the road to extinction. We may finally be witnessing the end of Greek civilization. :eek:
Eh... I don't know about that. I expect them to default, leave the Euro, bring back the drachma officially and inflate, inflate, inflate. The Euro dream however, is in deep trouble. I don't expect the EU to disappear, but it will most definitely be restructured and changed a lot over the coming months and years.
 
Jul 2009
5,893
474
Port St. Lucie
Eh... I don't know about that. I expect them to default, leave the Euro, bring back the drachma officially and inflate, inflate, inflate. The Euro dream however, is in deep trouble. I don't expect the EU to disappear, but it will most definitely be restructured and changed a lot over the coming months and years.

Yes and such action will crash the economy for good and combined with the rioting will reduce Greece to a failed-state. Add in the negative population growth and the fact that they're unlikely to ever fully recover from this and Greek civilization may in fact be extinct inside 2 centuries. That's not to say Greece as a country won't exist but it'll be Slav and Turk rather then Greek.
 

myp

Jan 2009
5,841
50
Yes and such action will crash the economy for good and combined with the rioting will reduce Greece to a failed-state. Add in the negative population growth and the fact that they're unlikely to ever fully recover from this and Greek civilization may in fact be extinct inside 2 centuries. That's not to say Greece as a country won't exist but it'll be Slav and Turk rather then Greek.
No it won't. If the people still identify themselves as Greek- which they almost definitely will and they are able to retain power (or the current politicians retain power), which is likely, they can survive, albeit in a different and perhaps slightly crippled state (due to the IMF/ECB "bailouts"). Iceland's default didn't see them lose their identity either- default does not equal identity loss.

And what do you mean by crash the economy for good? Greece needs default right now- it is in the best interest of the people. In fact, they should never have been bailed out- a straight up default would've been best but wasn't allowed because of the Greek exposure French and German banks have. Again, see Iceland.
 
Jul 2009
5,893
474
Port St. Lucie
No it won't. If the people still identify themselves as Greek- which they almost definitely will and they are able to retain power (or the current politicians retain power), which is likely, they can survive, albeit in a different and perhaps slightly crippled state (due to the IMF/ECB "bailouts"). Iceland's default didn't see them lose their identity either- default does not equal identity loss.

And what do you mean by crash the economy for good? Greece needs default right now- it is in the best interest of the people. In fact, they should never have been bailed out- a straight up default would've been best but wasn't allowed because of the Greek exposure French and German banks have. Again, see Iceland.

What does default have to do with people going extinct? Default will crash their economy and inflation will keep it down. The population dying out is what will finish them as a civilization.
 

myp

Jan 2009
5,841
50
What does default have to do with people going extinct? Default will crash their economy and inflation will keep it down. The population dying out is what will finish them as a civilization.
What do you mean by going extinct?

And inflation is what they need right now. I am extremely anti-inflation, but let's face it- this is the only way they can pay it off at this point (after bankruptcy). They lived beyond their means- they will have to pay it off.
 
Jul 2009
5,893
474
Port St. Lucie
What do you mean by going extinct?

And inflation is what they need right now. I am extremely anti-inflation, but let's face it- this is the only way they can pay it off at this point (after bankruptcy). They lived beyond their means- they will have to pay it off.

Negative population growth, do the math.
 

myp

Jan 2009
5,841
50
The Greek population is seeing negative growth. Like I said when they go the place isn't going to be depopulated, it's just going to be Slavs and Turks.
Are you saying that you think all people of Greek origin will leave the area? Highly doubtful. And even more doubtful (actually I'll pretty much guarantee it) is the loss of the Greek genepool. But what does that have to do with this post and their economy anyway? :p
 
Jul 2009
5,893
474
Port St. Lucie
Are you saying that you think all people of Greek origin will leave the area? Highly doubtful. And even more doubtful (actually I'll pretty much guarantee it) is the loss of the Greek genepool. But what does that have to do with this post and their economy anyway? :p

Nothing, I just made a point you didn't agree with and we got sidetracked debating it. :giggle:
 

myp

Jan 2009
5,841
50
Nothing, I just made a point you didn't agree with and we got sidetracked debating it. :giggle:
I really don't understand what you are saying. I think you might be misusing the word extinct, but sure let's drop it if you want.

Anyway, Merkel is still on the same strategy- saying Greek won't default. Oh brother...
 
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