If Greece defaults

[bryant.coleman]

This morning I read the English version of a Greek newspaper which says 47% will vote with Yes, 36% with No and 17% have not decided yet. So, it could become a close run.

On the day of the referendum, the troika will dangle some carrot in front of all the Greeks, and the latter will vote "YES". All the mainstream parties are supporting a YES vote, including the ND, To Potami, PASOK, and KIDISO. The KKE (Greek Communist Paty) is yet to reveal its position. It is the radicalist parties, which are supporting the NO vote, such as the SYRIZA (extreme-left), Golden Dawn (extreme-right), and the ANEL (right-wing populist).

[JackH]

 Greeks will be restricted to taking out just €60 per day for the next week, and that banks won’t reopen until July 7 -- two days after the referendum has been held.

[expert4knowledge]

I consider little chance of success for greece to overcome the problems since there is no will for doing it.

[acquafredda]

So the thing is Greeks could wake up Monday morning and banks will be... closed!

This is going to be something.

I was one week early.

[neurotypical]

Some great comments here.  I think I am gonna go ahead and buy a bitcoin.  I notice the price is already back up at this point. 

Like qiwoman2 said,  I believe the Greeks have problems with money management.  But, I think the people of the US are similar to the Greeks,  Greece can't mess with their currency like the US can.  Monday will be interesting at the banks in Greece.

But 10 bro, the price is only going up from here, the geo political situation is inside a pit right now, markets are crashing soon, and bitcoin will go up!

I would personally put half of my wealth into BTC... considering how risky it is, it's way less risky than a lot of other options right now, specially if you want to make gains and not only keep your wealth at a more or less same 1:1 ratio. That could be done with Gold, but its too boring. BTC is way more exciting.

[eerygarden]

Some great comments here.  I think I am gonna go ahead and buy a bitcoin.  I notice the price is already back up at this point. 

Like qiwoman2 said,  I believe the Greeks have problems with money management.  But, I think the people of the US are similar to the Greeks,  Greece can't mess with their currency like the US can.  Monday will be interesting at the banks in Greece.

But 10 bro, the price is only going up from here, the geo political situation is inside a pit right now, markets are crashing soon, and bitcoin will go up!

I would personally put half of my wealth into BTC... considering how risky it is, it's way less risky than a lot of other options right now, specially if you want to make gains and not only keep your wealth at a more or less same 1:1 ratio. That could be done with Gold, but its too boring. BTC is way more exciting.

50% of your wealth woah! I guess it depends where abouts you are in life. If you still live with your parents maybe, but if you've got dependants, that's a whole lot of risk.

[galbros]

On the day of the referendum, the troika will dangle some carrot in front of all the Greeks, and the latter will vote "YES". All the mainstream parties are supporting a YES vote, including the ND, To Potami, PASOK, and KIDISO. The KKE (Greek Communist Paty) is yet to reveal its position. It is the radicalist parties, which are supporting the NO vote, such as the SYRIZA (extreme-left), Golden Dawn (extreme-right), and the ANEL (right-wing populist).

I think this is exactly right.  The troika will pull out all the stops to defeat Tsipras and it seems like they have already softened a little bit.

Still shocked that there wasn't a last minute agreement.  What is really interesting is that Greece may be better off out of the Euro after a couple of years as they wont have to deal with an internal devaluation, but until then, big mess.

[techgeek]

Actually ours in the point of view Greece has technically defaulted by applying for an extension. Greece's economic reforms aren't very effective but I believe Greece will not default. They will repay however much they had and apply for another extension or issue new loans for the remaining debt. Eurozone will be lenient on them to avoid calamity. Bitcoin is not going to be a safe heaven for the Greeks. They already hold Euros and it is still a stable currency compared to Bitcoin. Greece peoples barely surviving and day by day them economy falling down too  so they definitely default...   

Okay, what makes you think greece wont default? lol.

They been defaulting for quite some time, and they been in the hold forever so whats the sudden change that will make them different?

[lissandra]

Greeks will be restricted to taking out just €60 per day for the next week, and that banks won’t reopen until July 7 -- two days after the referendum has been held.

if I was greece citizen, id be so mad.

how is anyone supposed to get a larger sum if you are a business in general, id leave in a heart beat if this ever happened to me.

[qiwoman2]

On the day of the referendum, the troika will dangle some carrot in front of all the Greeks, and the latter will vote "YES". All the mainstream parties are supporting a YES vote, including the ND, To Potami, PASOK, and KIDISO. The KKE (Greek Communist Paty) is yet to reveal its position. It is the radicalist parties, which are supporting the NO vote, such as the SYRIZA (extreme-left), Golden Dawn (extreme-right), and the ANEL (right-wing populist).

I think this is exactly right.  The troika will pull out all the stops to defeat Tsipras and it seems like they have already softened a little bit.

Still shocked that there wasn't a last minute agreement.  What is really interesting is that Greece may be better off out of the Euro after a couple of years as they wont have to deal with an internal devaluation, but until then, big mess.

We all know very well the U.S AND EUROZONE want to topple Tsipras and SYRIZA and so they are using everything in their power, including the mass media to do so..He will not stay around if the peeps vote YES and he categorically said so.. The corporate agenda is way too powerful and the people are way too fickle. They said in pre election mode no Troika but they are too scared to take their fate into their own hands and reshape their country, they feel safer being fed on a drip by the EU Bosses, shame really... I wouldn't be surprised the other agenda is to create chaos and another civil war in Greece. I just pray and hope the Greek people grow some b*lls like TSIPRAS and vote no and be prepared to DO SOMETHING FOR THEIR COUNTRY..I hear rarely of any rich Greeks coming to the aid of their country asking HOW CAN WE SERVE GREECE AND IT'S PEOPLE AT THIS TIME?

[lissandra]

you guys think western union will stay closed like they mentioned for entire week or drag it even longer for people to be stuck.

If anything though, this whole default gives more reasons to leave the country if I were in greece.

[qiwoman2]

Greeks need to realise that this is actually the greatest opportunity they have to carve out their own reality and a new destiny..The mass media are trying to put the fear of hell that if they leave the EU they will be in a big disaster, but what they can't see is that this is a the best excuse they have to be able to create a new reality.  They have a Prime Minister that cans see beyond the matrix and is giving them this opportunity, wake up GREEKS!

[Amph]

you guys think western union will stay closed like they mentioned for entire week or drag it even longer for people to be stuck.

If anything though, this whole default gives more reasons to leave the country if I were in greece.

many will leave for sure, they cannot wait until Greece will recover, it isn't a thing that will happen overnight, so they have two chances

stay there and hoping for the best, while many of them will be homeless probably

or go abroad and start a new career, personally i'll choose the latter, if i were them

[GreenStox]

Greeks need to realise that this is actually the greatest opportunity they have to carve out their own reality and a new destiny..The mass media are trying to put the fear of hell that if they leave the EU they will be in a big disaster, but what they can't see is that this is a the best excuse they have to be able to create a new reality.  They have a Prime Minister that cans see beyond the matrix and is giving them this opportunity, wake up GREEKS!

Big words but nah, they enjoy living off other people's money, why should they change?

I mean c`mon isn't that what socialism is about? But instead the poor class living off the middle class, it's more like a geo-socialism, greece living off germany lol

[bryant.coleman]

But instead the poor class living off the middle class, it's more like a geo-socialism, greece living off germany lol

Germany is the decission maker in the European Union, and the EU is just a masked version of the German Fourth Reich. The foreign policy, monetary policy and almost all the other policies within the European Union is being decided by Germany. So obviously, they need to give money to the smaller nations, in return for their support.

[deisik]

But instead the poor class living off the middle class, it's more like a geo-socialism, greece living off germany lol

Germany is the decission maker in the European Union, and the EU is just a masked version of the German Fourth Reich. The foreign policy, monetary policy and almost all the other policies within the European Union is being decided by Germany. So obviously, they need to give money to the smaller nations, in return for their support.

People of those smaller nations don't understand that their countries are being used as colonies (and then victimized), just as it had been during the times of Ancient Rome. It would be a striking irony if Greece (remember that they had been there long before Rome rose to prominence) will be the first to throw down the Germanic Rule in Europe (the Holy Roman Empire and all that shit)...

[medUSA]

Greek's problem is the debt. They have to payback the debt in part or in full in the future. A country cannot just default all loans and survive without ever issuing bonds ever again. Tsipras knows Greece needs to be in the Eurozone to payback the ECB, it will be a lot more difficult to repay in Euro if Greece were using their own ever-devaluing currency.

In order to stay in Eurozone, Greece needs strict austerity measures to imposed by the international creditors. Tsipras need the public support/opinion to bargain with IC. The referendum is a charade, it's a show. Whichever way the referendum goes, the public opinion is going to help Tsipras shed responsibilty, because it's not his decision!

[bryant.coleman]

In order to stay in Eurozone, Greece needs strict austerity measures to imposed by the international creditors.

The so called austerity measures will make the lives of poor Greeks even more unbearable. The troika wants to scrap the Pensioners' Social Solidarity Benefit (EKAS) and impose a 23% VAT on medicines. If Tsiparas agrees to these demands, then the Greek people will riot in the streets and throw him out of power.

[Erdogan]

Greek's problem is the debt. They have to payback the debt in part or in full in the future. A country cannot just default all loans and survive without ever issuing bonds ever again. Tsipras knows Greece needs to be in the Eurozone to payback the ECB, it will be a lot more difficult to repay in Euro if Greece were using their own ever-devaluing currency.

In order to stay in Eurozone, Greece needs strict austerity measures to imposed by the international creditors. Tsipras need the public support/opinion to bargain with IC. The referendum is a charade, it's a show. Whichever way the referendum goes, the public opinion is going to help Tsipras shed responsibilty, because it's not his decision!

That's right, they have to issiue bonds meaning they have to go loan-galloping again, because that is an essential part of funding the welfare state.

It works like this:

1) Default, everyone is pissed, never lend to that government ever.

2) Wait five years.

3) issue a small loan at high interest. Find an excuse, this road is needed to...

4) Issue more debt, pay back the first loan. Reaction: Nice, they pay back.

5) Issue more debt, this time with lower interest, pay back second loan.

6) Repeat as interest go lower and debt increases.

7) Someone thinks it is suspect with that high debt, interest starts to rise.

8 ) High interest means problems paying, and problems getting new loans.

9) Goto 1

[JackH]

It is OVER! First country in the western world to ever fail to pay the IMF. Historical bust, bigger than Lehman Brothers for certain. This is it, game OVER.