Reply #16

In the discussion thread: Greeks withdraw $894 million U.S. in cash out of bank accounts [View all]

Wed May 16, 2012, 11:51 AM

dmallind (10,437 posts)

16. Argentine govt budget is 17% of GDP, Greek 40%

And every peso the Argentine government has borrowed has come from intergovernmental loans - mostly the pension fund. They know ine int'l credit market won't loan to deadbeats. How is Greece going to fund its much higher budget? They don't have anywhere near the tradeable resources or output Argentina has, and tourism will hardly be stable when the currency is worthless, inevitable social unrest is rampant, and anybody selling to tourists will be very likely to demand hard foreign currency at unofficial rates.

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55 replies	Author	Time	Post
Greeks withdraw $894 million U.S. in cash out of bank accounts [View all]	hack89	May 2012	OP
Going their own way. I hope it works out. nt	DCKit	May 2012	#1
Getting out of the Eurozone makes more sense than getting beaten down by EU banksters. n/t	davidwparker	May 2012	#49
the greek economy is already crushed	rdking647	May 2012	#2
Well they could change their constitution and allow taxation of their shipping billionaires and they	grantcart	May 2012	#3
Suspect the shipping billionaires did a Romney long ago. Without income, what taxes on the others?	freshwest	May 2012	#4
All income from shipping, all dividend income and all capital gains on Greek Stock exchange have no	grantcart	May 2012	#42
Thanks very much, now I see why some in Europe are mad at them. They have been portrayed as victims.	freshwest	May 2012	#48
to add to the problem is that a lot of the money that is invested and that will disappear if Greece	grantcart	May 2012	#51
I am starting to see similar things here. We're all connected, it's both a blessing and a curse.	freshwest	May 2012	#55
The creation of a new currency is what triggered the Argentinian fiscal crisis	hack89	May 2012	#5
That doesn't work either	gmpierce	May 2012	#7
Argentine govt budget is 17% of GDP, Greek 40%	dmallind	May 2012	#16
+1	davidwparker	May 2012	#50
Time to confiscate and sell some of the billionaires land holdings.	denverbill	May 2012	#6
That solves nothing in the long term	hack89	May 2012	#8
Just that would be worth it.	salib	May 2012	#10
The REAL Atlas IS shrugging.	Psephos	May 2012	#41
Perhaps they could seize all their assets if they tried to leave	4th law of robotics	May 2012	#9
Hardly need to be so complicated	salib	May 2012	#11
A) we're not going to invade Greece, no matter what they do with their property	4th law of robotics	May 2012	#12
They'll simply stop using the Euro and use their own currency	harun	May 2012	#19
The U.S. dollar is the world's reserve currency.	former9thward	May 2012	#27
That has it's own problems.	4th law of robotics	May 2012	#36
I wasn't actually saying it was a solution. Just more nonsense and fake solutions.	harun	May 2012	#40
Gotcha	4th law of robotics	May 2012	#46
Wow, fill us in on the conservative talking points	salib	May 2012	#32
That wealth is leaving Greece at a breakneck speed as we speak.	hack89	May 2012	#13
Some are "trying their hardest to protect their moeny" more than others	salib	May 2012	#33
If the Greek people really cared to make something good out of it	hack89	May 2012	#34
So, I guess that is a "no"?	salib	May 2012	#38
There is no sense of unity that I can see	hack89	May 2012	#39
the Greek constitution protects all income from shipping from taxes.	grantcart	May 2012	#43
Talk like that is whats driving people to empty their bank accounts..	Maine23	May 2012	#47
That's only 3.88 times what Mitt Romney is worth.	Suji to Seoul	May 2012	#14
That much money every day will add up fast. nt	hack89	May 2012	#15
That's $70 per capita.	L. Coyote	May 2012	#17
Prudent move. If Greece moves back to their own currency there'll likely be a major devaluation. n/t	PoliticAverse	May 2012	#18
Current tax receipts are less than current government expenditures	FarCenter	May 2012	#20
The other question...	Xolodno	May 2012	#21
If they are smart they would get the money out of Europe	hack89	May 2012	#22
lol nt	jakeXT	May 2012	#24
There is a good reason yields on US treasuries are so low. nt	hack89	May 2012	#25
I suspect...	Xolodno	May 2012	#26
There has been a surge in demand for US securities.	hack89	May 2012	#28
So many believe that the US is still a safe haven....	Xolodno	May 2012	#29
The rest of the world is on much shakier ground then we are.	hack89	May 2012	#30
I don't have that kind of faith...	Xolodno	May 2012	#31
Michael Hudson: Banks Weren’t Meant to Be Like This	jakeXT	May 2012	#35
ECB Cuts Off Operations With Some Greek Banks	jakeXT	May 2012	#23
Umm ... oops?	Nihil	May 2012	#52
Anyone should get your money out of the Greek banks ASAP	AngryAmish	May 2012	#37
There are some serious idiots	Thrill	May 2012	#44
I don't think anybody is running anything. nt	hack89	May 2012	#45
Short term it will be painful, but 18 months after leaving they will be just like Iceland	Katashi_itto	May 2012	#53
It took Iceland 3 years and billions of international financial assistance	hack89	May 2012	#54

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