Should the EU poor more money into Greece or let that dead-beat country go bankrupt?
- PixieLv 76 years agoFavorite Answer
Let them go belly up. This is what happens when you run out of peoples money.
- sophiebLv 76 years ago
I'd suspect they'd go bankrupt. Here like a business they could do a chapter 11 and reorganize. Lots of other countries are having the same problem. I wouldn't call anyone or any business or any country that goes bankrupt a "deadbeat". Just as there is a big difference for meanings for the word "stubborn' so are there different meanings for the word "deadbeat". I don't know that anyone (or any country) wishes to be in a bankrupt position. Even a strong leader that would put restraints well it would take many years to get out of a bad position, same as it would an individual who went bankrupt. The problem is that trust is lost. If a person goes bankrupt then if it's a chapter 7 then they're cleared of debt but no one (people) trusts them for 10 years, however they can go right out and buy a car. If a wealthy person goes bankrupt then their buddies pull them out of the rut, give them business, give them loans and they start up again, and repay when they can. But what do countries do? What we've seen in the past, well it takes at least 10 years of hard work to bring a country out of bankruptcy, IF there are cuts and diligence. If someone can't curb their spending then the problem is an individual thing and not a country thing. Too many individuals doing that can pull a country under. So don't you think Greece should start with their wealthy first (to pay up)?
- 6 years ago
"Europe" didn't lend anything to Greece: some European countries did, above all France, Italy and Germany. That said, I hope Alexis Tsipras will not pay Greek government debt at all. Indeed, it was not "the Greeks" that borrowed money, because, I'm sure, not all Greeks went to the bond market and issued the government bonds: "some" people did, and people are NOT supposed to pay for their governments mistakes. Should Germans pay for Hitler's crimes? I'm sorry for Italians, Germans and the French, but they must blame their governments, who lent their citizens' money, not the Greeks.
- 6 years ago
I think Greece is a lost cause. I think the EU is going to lose the 300+ BILLION Euros they loaned to Greece in the past. I would not loan them anything more.
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- StevenLv 76 years ago
To use a parlance we have heard a lot of recently.."Greece is too big to fail", too much has been poured into it, by French and German banks for them to fail...that I assume is the present Greek governments idea!!
- 6 years ago
Whoever lends somebody money should be able to control where that money goes. In Greece's case, it seems lenders turned a blind eye...were they naive?