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Giant Communist Robot wrote: I read one opinion that it will take two decades for Greece to climb out of this hole.
Or overnight if they just default and walk away from their debt, a likelier scenario in my opinion.
Giant Communist Robot wrote: I think most of the Greek debt is held by European banks.
Greece has defaulted on its external sovereign debt obligations at least five previous times in the modern era (1826, 1843, 1860, 1894 and 1932)
The first recorded default in Greek history occurred in the fourth century
The Greek government told rebellious lawmakers on Saturday to back a deeply unpopular EU/IMF rescue in parliament or send the nation down "an unknown, dangerous path" to default and international economic isolation
Joachim Fels, chief economist at Morgan Stanley, in a note to clients repeated his assessment that policy makers shouldn’t rule out the “really, really bad scenario” of Greece leaving the monetary union.
A Greek default and traumatic ejection
Giant Communist Robot wrote: I've read that there is no legal mechanism for ejecting a nation from the treaty, but they may chose to leave voluntarily.
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