Archived Piraeus bank CEO says Greek banks will not open Monday (telegraph.co.uk)
submitted ago by redikulous
Posted by: redikulous
Posting time: 5.4 years ago on
Last edit time: never edited.
Archived on: 2/12/2017 1:51:00 AM
Views: 538
SCP: 48
48 upvotes, 0 downvotes (100% upvoted it)
Archived Piraeus bank CEO says Greek banks will not open Monday (telegraph.co.uk)
submitted ago by redikulous
view the rest of the comments →
[–] Shammyhealz ago
That's a dangerous line to walk, though. If they do declare bankruptcy, other nations will not want to loan them money afterwards, or if they do it will be at a high interest rate. And they will need money, because declaring bankruptcy still won't solve the financial issues that put them so far in debt in the first place.
[–] pilgrimboy14 ago
That's the way bankruptcy works. The current situation seems to be that the powers that be don't want to loan them money in a way that doesn't cripple them. So Greece has to choose being crippled or being crippled with overlords.
[–] Shammyhealz ago
The problem is that they're going to need money still. They haven't made the policy changes necessary to be fiscally solvent, and once they declare bankruptcy no one will loan them the money to tide them over until they make such policy changes. My takeaway from the articles is that the changes the creditors are asking for are going to be essentially necessary anyways.