By in Breaking News

Grexit 2015

June 17, 2015

Greece apparently has a debt to pay to the IMF (International Monetary Fund) and to Europe. But Greece has been floundering financially since, well, before even going into the European Union, and it looks like they are not going to pay up at this latest debt payment schedule.

Zoi Konstantopoulou, a speaker of the Greek parliament, has put together a committee which has released a report that notes the debt they supposedly owe to the IMF and the Europeans, is "illegal, illegitimate, and odious."

If things fall apart, Greece will undoubtedly leave the European Union, and the Euro dollar. This may not be a bad thing ultimately for Greece; think about what happened with Iceland when they restructured.

But now we are starting to see stories of Greeks running to their banks to take out whatever cash they do have and stuffing into any safe hiding holes they might have.

What I do know is that when we last travelled to Greece, we learned that going on the Euro did no favours for the Greeks, and everything had become lots more expensive, just as it had for other Euro nations. A little while back I recall being in a line at the grocery store and an Italian fellow was in front of me complaining he'd just come back from Italy and things were very bad because of the problems with the Euro.

So, the winds of change are upon us. I'll be watching to see how this plays out.


Image Credit » https://pixabay.com/en/bank-note-euro-bills-paper-money-209104/ by martaposemuckel

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Comments

xstitcher wrote on June 17, 2015, 9:21 PM

International Monetary Fund...okay, now I know what IMF stands for (as opposed to Impossible Missions Force).

MegL wrote on June 18, 2015, 2:01 AM

Iceland certainly seems to have done well with their problems after the financial crisis. They put the bankers in JAIL. Maybe a bit more of that is needed before another financial crisis looms!

cmoneyspinner wrote on June 18, 2015, 1:25 PM

Have been listening with half an ear to the stories about Greece's economy. My perspective is extremely simplified. To the Greeks, I say: “If you can walk on your own, you don't need crutches.” If the EU is needed as “crutches” to help them rebuild, then don't bluff and say you're going to leave when you know you're not! But if the citizens have a game changing plan and believe they can bounce back doing it their way … then go for it!! Human beings are resilient spirits. “Nations rise and nations fall. The human race survives them all.” Feel free to quote me. :)

Last Edited: June 18, 2015, 1:27 PM

KristinRavelle wrote on June 18, 2015, 1:51 PM

It may amount to pretty much the same thing :)

KristinRavelle wrote on June 18, 2015, 1:51 PM

I think that is EXACTLY what should be done here, and I hope everyone else follows Greece's example pronto.

KristinRavelle wrote on June 18, 2015, 1:53 PM

I think the whole Euro thing was really imposed top down and all the citizens ultimately had no say in things. The Greeks are a spirited people and deserve better than to starve out from under dictates from Amsterdam...

nitsbubb wrote on June 18, 2015, 3:02 PM

Your knowledge about your country and its debt is highly respected. If all the citizens are thinking the way you think, I am sure you will come out of your debt!