They'll get made an example of and their landing will be nothing like Argentina or Iceland. The climate for this kind of shit is entirely different now.
Greece - A New Hope
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Zastlyn
Peasant
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Can you guys suggest any sort of reading for beginners about this sort of national level economics. I'm trying to follow "no" vote and after reading a couple of different articles I still haven't any fucking idea about if this is a good or bad thing. It's very interesting but I feel like economists don't agree either.
Hoss
Make America's Team Great Again
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I'm not sure what your driving at. Criminals in Chicago get get less sun because they're always lurking about in dark alleys? I really don't think the difference would be noticeable. Criminals can spend plenty of time in the sun when they're not actively plying their illicit trade.
Most economists won't teach you much -- they're largely worthless. If you want more than lip service on a broad overview concerning the different ways to approach this, start with below:
ohkcrlho
Silver Baronet of the Realm
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Those stray dogs are treated by the city. They vaccinate and sterilize them and release them in the city. If you were paying attention, most of them (if not all) had colour dog tags.
In Istanbul, it's cats everwhere.
Lleauaric
Sparkletot Monger
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iannis
Musty Nester
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Xequecal
Trump's Staff
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Germany is the China of Europe. They lent Greece that money so Greeks would have the money to buy German products and thus allow Germany to maintain its massive trade surplus. The German government is almost as complicit in this crisis as the Greek one.
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Get the book "Austerity: history of a dangerous idea" by Mark Blyth. Looks at the causes of the financial crisis, in Europe and USA and why so many countries are ideologically committed to austerity.
You can also find a lot of lectures he gives on YouTube, they distill the book into hour long lectures and are decent introductions
It would be better to frame the vote as a choice between a bad and a worse thing. Whichever way they voted, the Greek people are screwed; at least this way they get the slim satisfaction of giving the Eurozone the finger.
No-one really knows how this is going to play out now. It's a collision between economics and politics.
Economics would say the creditor countries have to write off a substantial amount of what the Greeks owe them but Eurozone politics don't allow them to do that (the IMF has a more realistic view as revealed by leaked reports over the weekend). Having spent months detailing how feckless the Greeks have been with the money lent to them the Europeans would now have to explain to their voters that a large part of that money will never be repaid. The risk to the Eurozone politicians is that their own voters might finally begin to ask exactly why so much of their money was given to a country even after it became clear that country was an economic basket case, and who made those decisions.
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Found a DL link for the book Varoufakis wrote: The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy
http://www.a-puntes.net/arc/VAROUFAK...l-minotaur.pdf
http://www.a-puntes.net/arc/VAROUFAK...l-minotaur.pdf
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Found a DL link for the book Varoufakis wrote: The Global Minotaur: America, the True Origins of the Financial Crisis and the Future of the World Economy
http://www.a-puntes.net/arc/VAROUFAK...l-minotaur.pdf
http://www.a-puntes.net/arc/VAROUFAK...l-minotaur.pdf
The National Bank of Greece has the ability to print Euros. Actually doing that without agreement would cause problems a couple of orders of magnitude beyond where we're at right now. For an idea of what would happen look up Yugoslavia in the 90s when inflation reached 8.51?10 ^ 29 % per year, and apply that across the EU.
Origin
Molten Core Raider
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The National Bank of Greece most definitely doesn't have the ability to print Euros or any currency. Maybe their central bank does though.
And using Yugoslavia as an example of what can happen is retarded. Yugoslavia, more importantly Serbia, was under heavy sanctions and involved in a war. Greece is not...
Oops, the Bank of Greece is the central bank of Greece and not the National Bank of Greece! But the Bank of Greece certainly can print Euros; most Euros are printed by the national banks of various countries.
I was merely using Yugoslavia as a reference as to what can happen when you lose control over who prints your currency. The North Koreans, for example, print about $1 billion fake US currency a year; the Germans printed counterfeit British pounds during WW2 to an extent that undermined the currency, although not until after the war was over.
If it was even suspected that Greece was illicitly printing Euros to pay it's bills it would crash the Euro as a currency.