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It will bankrupt our country?

Last Updated on Tuesday, 07 June 2011 09:06 Written by Ο Τσιγκούνης Tuesday, 26 January 2010 09:17

The fear of failure in our country is not new. We have a bad history (1893 Trikoupis: "Unfortunately eptochefsamen) and a threat for years ( the relevant article of 2005 , when our debt was 215 billion euros).

Are unjustifiable strong rumors?
The Greek economy is in poor condition: The state has no revenue (mainly taxes) about 50 billion a year and owes 326 billion (125% of Gross National Product). This year interest only have to pay 13 billion ( 2010 budget ).

But the image of other European Union countries are not rosy. The debt of the countries of the Eurozone is estimated to be 84% of GDP in 2010, for example in Germany for 77% of GDP.

What does a bankrupt country?
When a country declares bankruptcy, effectively declared itself unable to fill those needs. Then after the renegotiation of debt, but with very harsh conditions for the country, imposed by the lenders usually through the International Monetary Fund.

This practice can translate into layoffs, drastic cut in wages - pensions, reduced social benefits (eg health, policing), limit withdrawals from banks, closing - the nationalization of banks, a critical lack of liquidity in the market, inability to repay loans from individuals and businesses, restricting imports to a lack of basic goods.

Our deposits are at risk?
As a worst case scenario (to many stupid), they may end up outside the Euro to go to the DR and made devaluation of our money when they lose value. Along with a lack of liquidity, following a bankruptcy, there will be no regular access to our deposits.

We need to do something to ensure our money?
The issue is not only an economic and, in addition to the speculative games, political games are played and which goes beyond the boundaries of our country.

The answer depends on what happens in the future. And because we can not predict the future, everyone acts according to what I believe will happen.

Those who fear they will fail buy pounds, real estate or transfer their money abroad. Of course there is still fear such "Is the country at risk shifting the savings we?"

Those who believe that the country be saved from Brussels will be corrected or that our economy, consider the time suitable for stock or buy Greek government bonds. Note that no offer of 25 billion for the last bonds issued, and finally only 8 billion.

The views that see the light of publicity is contradictory. Some beliefs are sincere and some are appropriate settings. Even if you are honest position, one can predict with certainty what will happen?

Some anti futurology several tests on the matter:

Particularly informative articles:
First Tango in the eurozone?
How we sold and we bought

Comments (10)
10 Monday, 07 June 2010 14:09
Κάποιος
Living London and I am a bit intimidated by bankruptcy and have a Greek bank deposits. I think to ship directly to my bank here in London. But it will take any week. We have information in the event of bankruptcy made plays when we do? Believe not in the next two months, akrivos over the holidays with tourists coming, but definitely in September. However, if you have a time estimate when it plays to do so advised. Efcharisto
9 Saturday, 05 June 2010 21:48
rigas
file tsig egrapses se kapio filo oti ta xrimata prostateuontai an einai se thirida. pos ginete afto? otan kleisi tin trapeza to kratos den peirazei tis thirides?
8 Monday, 31 May 2010 10:10
bjork
Syncharitiria very informative for your page! I wanted to ask what effect the stock market will see if chreokopeias Greece; trying to figure out how risky is investing in the ASE now ...
NET tsig na se rwtisw kati afou uparxei endexomeno oi trapezes na xreokopisoun pws ginete kapoios pou exei danistei na prepei na plirwnei to daneio tou kanonika afou oi trapeza tha exei xreokopeisei ara tha exei kleisei ..? exeis kamia apantish giauto ...?
6 Tuesday, 18 May 2010 07:27
dimis
Good morning. Please ask you something; if I have a Greek bank deposits in foreign currency ($) is affected by the deposit of a possible bankruptcy;
5 Wednesday, 28 April 2010 10:32
Hristina

Kalimera Tsig etsi opos ehi gini i katastasi katse na doume kai kamia kali mera.

O logos pou sou grafo einai giati, opos ollos o kozmos, anisiho gia tis apotemiefseis pou eho stin trapeza.

Meta apo merika hronia doulias katafera na mazepso ena poso gia ora anagkis .... omos me osa akougonte kai ehontas filous kai gnostous na pernoun ta hrimata apo tis trapeaes kai na ta vazoun se Kipriakes ite na ta filan spiti?!?! (Pios tha to fantazotan en eti 2010) skeftome mipos kai ego na vgalo ta leyta apo tin trapeza kai kano to idio?

Esi ti les tha ithela tin gnomi sou epi tou thematos.

An ta vgalo na ta kratiso spiti? Kapia trapeza pou na theoris asfaslis? Kati telospanton giati eilikrina etsi opos mas ehoun kani s'aytin tin hora den xeroume ti mas ximeroni. S'eyharisto

4 Tuesday, 09 March 2010 15:37
Yiorgos

The Director of CEPS, which is regarded as the largest European think tank, has something to say about the state of ... GIPSYs and eventual bankruptcy. http://www.ceps.eu/book/adjustment-difficulties-gipsy-club

3 Friday, 05 March 2010 11:02
Δέσποινα
Hi everyone ... I wonder ... Today "opened up my futures KEDR after 1 year. In the end there I lost my money, instead of multiplied by 7.5% when the Greek banks kafiontousan 3% and 4% last year gave ... Anyway, I think to heal the same one and still offers the highest rate in 3 months syntax-check the period than they saw! My question is this: If money commitment of all the Greeks (see bankruptcy) If I have in Russian, will save or it makes no difference;;;; Thanks
2 Saturday, 06 February 2010 14:08
Gkanas Evangelos
Congratulations on the article .. if only to read any risk-sexy (see the ears) will pull the hair from their ears ..!
1 Friday, 05 February 2010 12:49
Nick Roidis
Dude tsig, your article along with links is a comprehensive source of information on the subject of bankruptcy.
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