Greece Gives Municipalities Till Year 4144 To Pay Off Debt

YouKnowWhatIMeanLike

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Greece basically gave three municipalities a generous half a billion euro debt write off by extending debt owed to the state and the social security funds another 2,129 years. Three blind men, sorry three ministers made this decision back in April 2015. So here is another Greek attempt to solve the problem with money in Greece.

Municipalities given till year 4144 to pay off debt | Business | ekathimerini.com
 


Fractional Reserve

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Greece basically gave three municipalities a generous half a billion euro debt write off by extending debt owed to the state and the social security funds another 2,129 years. Three blind men, sorry three ministers made this decision back in April 2015. So here is another Greek attempt to solve the problem with money in Greece.

Municipalities given till year 4144 to pay off debt | Business | ekathimerini.com
aren't governments hilarious .they are full of weally weally smart fookers
 

Feckkit

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Greece basically gave three municipalities a generous half a billion euro debt write off by extending debt owed to the state and the social security funds another 2,129 years. Three blind men, sorry three ministers made this decision back in April 2015. So here is another Greek attempt to solve the problem with money in Greece.

Municipalities given till year 4144 to pay off debt | Business | ekathimerini.com
Probably a better solution than most petunia
 

Polly Ticks

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Not doable.

(Disclaimer: I supported the campaign for it to be extended to infinity.)
 

gleeful

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You know that the US gave the UK 100 years to pay off the World War 2 debt, and the UK is still repaying money owed due to the Napoleonic wars. Ireland sells 100 year government bonds.

This is all quite normal.
 

Fractional Reserve

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You know that the US gave the UK 100 years to pay off the World War 2 debt, and the UK is still repaying money owed due to the Napoleonic wars. Ireland sells 100 year government bonds.

This is all quite normal.
Lord god almighty this is a couple thousand years , it's really the same as what they are doing anyways they will never pay it back .Greek politicians are do this in their own country with muni's , it mean they have no intention as country paying back anything ever to bond holders , Ecb , IMF etc etc
 

Fractional Reserve

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You know that the US gave the UK 100 years to pay off the World War 2 debt, and the UK is still repaying money owed due to the Napoleonic wars. Ireland sells 100 year government bonds.

This is all quite normal.
You know the Us and friends forgave Iraq sovereign debt as odious
 

mossyman

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Lord god almighty this is a couple thousand years , it's really the same as what they are doing anyways they will never pay it back .Greek politicians are do this in their own country with muni's , it mean they have no intention as country paying back anything ever to bond holders , Ecb , IMF etc etc
Good on em!
 

YouKnowWhatIMeanLike

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You know that the US gave the UK 100 years to pay off the World War 2 debt, and the UK is still repaying money owed due to the Napoleonic wars. Ireland sells 100 year government bonds.

This is all quite normal.
fair enough 100 years but paying 5% of their budget for the next 2,129 years in interest? who is ripping off who here?
 

gleeful

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Lord god almighty this is a couple thousand years , it's really the same as what they are doing anyways they will never pay it back .Greek politicians are do this in their own country with muni's , it mean they have no intention as country paying back anything ever to bond holders , Ecb , IMF etc etc
Whats your point?
 

gleeful

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fair enough 100 years but paying 5% of their budget for the next 2,129 years in interest? who is ripping off who here?
If you are pushing it out past a human lifespan, what difference does it make whether its 100 year, 1000 years or never? Its for future generations to re-evaluate.
 

Fractional Reserve

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Whats your point?
My point is government debt is never paid off , it's just rolled over until is becomes unserviceable , the same is now happening in the Muni's in Greece.What I am saying is the Greeks have no intention of paying off any debt .
 

mossyman

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If you are pushing it out past a human lifespan, what difference does it make whether its 100 year, 1000 years or never? Its for future generations to re-evaluate.
Exactly as Keynes said "In the long run we are all dead". Its obviously a way of lessening the burden on them now. The future will sort itself out.
 

mossyman

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Would you ask your kids or grand kids for a loan
But that is exactly what Governments do all the time. They borrow money today for things like education and infrastructure which will have to be paid back in the future. The hope is that the economy will keep growing so the debt as a percentage of GDP will diminish. That is how France ran a deficit for 40 years. It just kept rolling over the debt. Its only when the debt goes above 90 percent of GDP and the economy stops growing that it really becomes a problem as we saw in the recent financial crisis.
 

Fractional Reserve

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But that is exactly what Governments do all the time. They borrow money today for things like education and infrastructure which will have to be paid back in the future. The hope is that the economy will keep growing so the debt as a percentage of GDP will diminish. That is how France ran a deficit for 40 years. It just kept rolling over the debt. Its only when the debt goes above 90 percent of GDP and the economy stops growing that it really becomes a problem as we saw in the recent financial crisis.
The thing is , it's pure lunacy in today's digital money and floating exchange .Governments should be stopped from borrowing and money should be printed to service what you are on about under strict guidelines.the interest on the debt is absolutely killing economies and working people when there is no need for it.Everything today with currency is to do with confidence it goes up and down .
 


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