If Greece defaults

[V for Varoufakis]

We dont belong to western world. We belong to east and to communism. 

[Erdogan]

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.

The reset, it has started.

[V for Varoufakis]

The game is over for EU. This is a good lesson: Don't mess with communists again. 

[countryfree]

That's it, they missed a payment. Somehow, I'm happy because now the Greek problem will move to another stage. For the better or the worse, but at least, things are changing. The negotiations have been far too long. Now, things will move at a much faster pace.

What I wonder is how long this default will remain, say, virtual. In my eyes, the most awful thing about the Greek crisis is that most people haven't understood what's at stake: they talk about the "troika". They forget that the troika is only a front, it's all the Europeans who are behind. me included, and possibly you, if you're an European citizen. Every Greek owes several hundreds euros to every other European citizen. Can I travel to Greece and claim a piece of land as a repossession? Hey, this is what bankers do!

[bit1]

Could happens same Greece to anothers countries,I hope that goverments learn lesson and work to avoid these situations instead off only be traveling around  world and bad-spending money of citizens........

[Erdogan]

That's it, they missed a payment. Somehow, I'm happy because now the Greek problem will move to another stage. For the better or the worse, but at least, things are changing. The negotiations have been far too long. Now, things will move at a much faster pace.

What I wonder is how long this default will remain, say, virtual. In my eyes, the most awful thing about the Greek crisis is that most people haven't understood what's at stake: they talk about the "troika". They forget that the troika is only a front, it's all the Europeans who are behind. me included, and possibly you, if you're an European citizen. Every Greek owes several hundreds euros to every other European citizen. Can I travel to Greece and claim a piece of land as a repossession? Hey, this is what bankers do!

They can still drag it out, for someone needs to utter the word default, write off debt, close the accounts. They don't like that, because it compresses the money volume and wreaks havoc with the money value and the interest rate. They prefer to stuff the loans into so called bad banks, locking the creditors money into frozen accounts, make believe that the money is there for sometime later.

The tragicomedy is not over yet.

[Erdogan]

Could happens same Grecia to anothers countries,I hope that goverments learn lesson and work to avoid these situations instead off only be traveling around  world and bad-spending money of citizens........

Trust our governments, how cute.

[Gronthaing]

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?

No it isn't.

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!

Syriza made its position very clear from the beginning. They want people to vote against austerity. And they were elected for that exactly.

That's it, they missed a payment. Somehow, I'm happy because now the Greek problem will move to another stage. For the better or the worse, but at least, things are changing. The negotiations have been far too long. Now, things will move at a much faster pace.

What I wonder is how long this default will remain, say, virtual. In my eyes, the most awful thing about the Greek crisis is that most people haven't understood what's at stake: they talk about the "troika". They forget that the troika is only a front, it's all the Europeans who are behind. me included, and possibly you, if you're an European citizen. Every Greek owes several hundreds euros to every other European citizen. Can I travel to Greece and claim a piece of land as a repossession? Hey, this is what bankers do!

Thought the troika was representing French, German and American banks, not the people of Europe. And did the bailout money ever go to the Greek people? Wasn't it all given to the government to be given directly back to the banks that had loaned the money? Meanwhile forcing austerity, huge unemployment and destroying the Greek economy to pay for that? This can't be solved by worsening the situation.

[Amph]

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.

who know if this is a really bad thing for them, maybe not, they can rebuild from zero, and start their own economy without depending on anyone, the problem is that they were not in a good condition even before entering in the euro community

so the question is, they will be able to rebuild like many think?

[EternalWingsofGod]

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.

It might be the beginning of an epic to be honest, if other EU countries in debt decide to default, or copy the effective IMF boycott by not paying back their debt obligations.

Austerity does not seem in a good sample of countries as it chokes their economic growth, taxing powers being weak aside. On the other hand there are still limited examples to prove that economic default can become a better option and choice for a country than retaining and protecting the banking system in the modern age, historically England and France default histories show that too many times in a row affects trust in the long run in regards to funding but defaulting once may not impact it as severly.

The case of Iceland illustrates one examples where banks were allowed to fail and economic growth followed, Greece could well be the second case if they decide to revert to the Drachma as they will still be able to secure trade with China, Russia and the EU who want to retain influence in Greece. I didn't including Zimbabwae in this sample as they decided to adopt a basket of currencies instead of retaining their own official currency which might be what the Greeks decide to do.

http://www.businessinsider.com/greece-is-looking-into-a-return-to-the-drachma-2015-6
http://www.telegraph.co.uk/finance/11673989/Syriza-Left-demands-Icelandic-default-as-Greek-defiance-stiffens.html

Taking your bank back might work a few documentarys such as the Money Masters use the example of the Greenback and the good old illuminati Central Bank, a financial system under the control of a sovereign owned public bank does have its perks.

Syriza sources say measures being drafted include capital controls and the establishment of a sovereign central bank able to stand behind a new financial system. While some form of dual currency might be possible in theory, such a structure would be incompatible with euro membership and would imply a rapid return to the drachma.

[Marbit]

We have €448m to the International Monetary Fund is due this Thursday (April 9th).

Then we have public sector wages and pensions, €1.7b in social security payments made by the state (April 14th).

Then we have a €200m loan repayment to the IMF (May 1st).

Now correct me if I am wrong, but if Greece cant pay any of these 3 bills we are talking about the first "western modern" country to be technically in default. If they resort back to the Drachma, it will be one of the most worthless currencies on the planet.

What I cant really figure out is the outcome, both worldwide financially against the Euro, and obviously against Bitcoin. Will we see BTC as safe heaven? Something tells me only a little, because the average Greek is not highly IT literate, but I could be wrong here.

Give me your thoughts people, as this goes down in about 3 days from now!

As it turns out people have started realizing worth of bitcoin in Greece. I read somewhere that ATMs have shut down banks are shutting down and people are resorting to bitcoins to handle the downfall of their economy.

I think it will be a great step for Greece to accept Bitcoin as a currency, it would have a huge impact on Crypto-currencies too.

[countryfree]

That's it, they missed a payment. Somehow, I'm happy because now the Greek problem will move to another stage. For the better or the worse, but at least, things are changing. The negotiations have been far too long. Now, things will move at a much faster pace.

What I wonder is how long this default will remain, say, virtual. In my eyes, the most awful thing about the Greek crisis is that most people haven't understood what's at stake: they talk about the "troika". They forget that the troika is only a front, it's all the Europeans who are behind. me included, and possibly you, if you're an European citizen. Every Greek owes several hundreds euros to every other European citizen. Can I travel to Greece and claim a piece of land as a repossession? Hey, this is what bankers do!

Thought the troika was representing French, German and American banks, not the people of Europe. And did the bailout money ever go to the Greek people? Wasn't it all given to the government to be given directly back to the banks that had loaned the money? Meanwhile forcing austerity, huge unemployment and destroying the Greek economy to pay for that? This can't be solved by worsening the situation.

Much less then one tenth of Greek debt is to American banks. The bulk is to the European Central Bank or the European Financial Stability fund, with money coming the member states, and ultimately the citizens since no country has money by itself. If Greece doesn't pay its debts, that means the debt will be transferred back to the member states, then its citizens. In the end, that would make the situation more difficult for everybody non Greek, the Germans, the French, the Italians, etc...

[qiwoman2]

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?

No it isn't.

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!

Syriza made its position very clear from the beginning. They want people to vote against austerity. And they were elected for that exactly.

That's it, they missed a payment. Somehow, I'm happy because now the Greek problem will move to another stage. For the better or the worse, but at least, things are changing. The negotiations have been far too long. Now, things will move at a much faster pace.

What I wonder is how long this default will remain, say, virtual. In my eyes, the most awful thing about the Greek crisis is that most people haven't understood what's at stake: they talk about the "troika". They forget that the troika is only a front, it's all the Europeans who are behind. me included, and possibly you, if you're an European citizen. Every Greek owes several hundreds euros to every other European citizen. Can I travel to Greece and claim a piece of land as a repossession? Hey, this is what bankers do!

Thought the troika was representing French, German and American banks, not the people of Europe. And did the bailout money ever go to the Greek people? Wasn't it all given to the government to be given directly back to the banks that had loaned the money? Meanwhile forcing austerity, huge unemployment and destroying the Greek economy to pay for that? This can't be solved by worsening the situation.

I just pray the people have some b*lls like Tsipras to vote NO at the weekend because if they chicken out and go for austerity and the slave masters I will be gutted. The ELA not paying out to Greek banks was a move to bully the Greek People into voting YES for slavery and austerity..Let's see how it pans out..

[greBit]

If Greece defaults, the consequences for Greece will not be so good. They will be kicked out of the euro zone for sure, which will limit their finances for a long time. They will exit from the global market as everyone smart enough to do business, won't do business with Greece as they would be stated incapable of paying back loans. Why would someone deal with someone who can't return their debts?

[BillyBobZorton]

If Greece defaults, the consequences for Greece will not be so good. They will be kicked out of the euro zone for sure, which will limit their finances for a long time. They will exit from the global market as everyone smart enough to do business, won't do business with Greece as they would be stated incapable of paying back loans. Why would someone deal with someone who can't return their debts?

No matter what it's going to be "not so good" to not say disastrous. The austerity measures imposed by Merkel are beyond ridiculous. At the same time, if they leave, they are left in the wild. One of the positives of leaving tho, would be that tourism would potentially increase since everything would be so cheap. If they can keep things clean an in order that may be a source of profits.

[qiwoman2]

If Greece defaults, the consequences for Greece will not be so good. They will be kicked out of the euro zone for sure, which will limit their finances for a long time. They will exit from the global market as everyone smart enough to do business, won't do business with Greece as they would be stated incapable of paying back loans. Why would someone deal with someone who can't return their debts?

No matter what it's going to be "not so good" to not say disastrous. The austerity measures imposed by Merkel are beyond ridiculous. At the same time, if they leave, they are left in the wild. One of the positives of leaving tho, would be that tourism would potentially increase since everything would be so cheap. If they can keep things clean an in order that may be a source of profits.

Also if they print their own currency they would be competitive and would be able to produce more and do more exports as their production costs would be cheaper, so it's all up in the air at the moment. If they choose austerity then Greeks are imprisoning 5-10 generations into debt slavery which is a crime for their kids and their grandkids etc.. What Greeks should be doing now is rallying behind the Government and asking : WHAT SHOULD I BE DOING TO HELP GREECE AND MY COUNTRY TO GET OUT OF THIS MESS..Greeks should be rolling up their sleeves, putting their thinking caps on and find ways to get out of this mess, without waiting to be spoon fed by the IMF and EU, looking at it as an easy way out..but the right wing opposition has a lot of clout and money coming from the Elite and also the mass media by it's side so is making huge propaganda waves.,.also the EU Commission is trying to FORCE the Greeks to vote YES TO AUSTERITY through it's blatant bullying tactics.. They are NOT looking at Greece as an equal partner of the EUROPEAN UNION..but as a slave now..Greece doesn't have to be in the EU to be a part of EUROPE lol..Greece is ITSELF THE CRADLE OF EUROPEAN CIVILIZATION lol.

[Miracal]

Greece asked for a two-year bailout from Europe, its third in six years. The bankrupt country is asking for 29 billion euros ($32 billion). After realizing that nobody has enough patience to deal with a dooming country at the moment, they decided to tell Greece that it isn't going to be an easy road down. Greece has FORMALLY DEFAULTED 1.7 BILLION DOLLARS.

[Scamc0p]

This was an up and down game Greece is playing 
Another slap on the wrist and give them more money. Little kids don't learn a lesson this way and just repeat their stupid mistakes=Stupidity of a nation.
Some banks reopened and now the US markets are rallying after this.
For shame economy of the world   

[Erdogan]

If Greece defaults, the consequences for Greece will not be so good. They will be kicked out of the euro zone for sure, which will limit their finances for a long time. They will exit from the global market as everyone smart enough to do business, won't do business with Greece as they would be stated incapable of paying back loans. Why would someone deal with someone who can't return their debts?

No matter what it's going to be "not so good" to not say disastrous. The austerity measures imposed by Merkel are beyond ridiculous. At the same time, if they leave, they are left in the wild. One of the positives of leaving tho, would be that tourism would potentially increase since everything would be so cheap. If they can keep things clean an in order that may be a source of profits.

Also if they print their own currency they would be competitive and would be able to produce more and do more exports as their production costs would be cheaper, so it's all up in the air at the moment. If they choose austerity then Greeks are imprisoning 5-10 generations into debt slavery which is a crime for their kids and their grandkids etc.. What Greeks should be doing now is rallying behind the Government and asking : WHAT SHOULD I BE DOING TO HELP GREECE AND MY COUNTRY TO GET OUT OF THIS MESS..Greeks should be rolling up their sleeves, putting their thinking caps on and find ways to get out of this mess, without waiting to be spoon fed by the IMF and EU, looking at it as an easy way out..but the right wing opposition has a lot of clout and money coming from the Elite and also the mass media by it's side so is making huge propaganda waves.,.also the EU Commission is trying to FORCE the Greeks to vote YES TO AUSTERITY through it's blatant bullying tactics.. They are NOT looking at Greece as an equal partner of the EUROPEAN UNION..but as a slave now..Greece doesn't have to be in the EU to be a part of EUROPE lol..Greece is ITSELF THE CRADLE OF EUROPEAN CIVILIZATION lol.

a) If they instigate a new drachma, and lock it to the euro, would not that be exactly the same as using the euro themselves?

b) if they on the other hand let a new drachma continually devalue against the euro, would not the savers, like the pensioners everybody weeps for, prefer to hold their savings in euro in this case? Or do you suggest it is good for pensioners to hold drachmas? Which money would go into hyperinflation first in this case, the drachma or the euro?

[Argwai96]

Cnn money is looking for a greek bitcoin story so if you know any one from Greece that has a bitcoin side story to share http://economy.money.cnn.com/2015/06/29/greek-bitcoin/?sr=twmoney630greekbitcoin1200tout

is most likely the best we could do so the Greeks could share their bitcoin story.