Sour Economics: Greece Could be Auctioned by The Eu and The IMF
by The land where Olympics and the Marathon originated faces tough economic times and could be auctioned by the EU and the IMF if it doesn’t pay up its piling debts. To make matters worse, Germany and Netherlands want collateral before advancing any more loans to the land that gave us Plato. Who wants a piece of Greece?
Greek greatness of the past is no more
Now, this is interesting. Forget the splendor that marked the origin of everything in ancient Greece, modern Greece is in trouble and needs a resurrection of Sophocles, Plato and Aristotle, among other great minds to save it from…wait a minute, an imminent auction by the European Union and the International Monetary Fund. Here is an image showing the state of the Greek economy.
Image by infomatique via Flickr
The Greek economy is in shambles
The concept is easy. The EU and the IMF could give a small piece of Greece to each of the worlds richest men and help save it from its worst economic nightmare in years. The Greek economy has been bailed before but now faces another bleak future if nothing is done to combat what promises to be very tough times ahead.
Image via Wikipedia
Billionaires like Warren Buffet and Bill Gates should buy Greece
I envisage a situation where Warren Buffet, William ‘Bill’ Gates and many others could agree to give money to the troubled European Union country in exchange of an Island or two, the parliament, some ancient structures or even the state house itself, to try and pay up the debt accumulated from the EU and IMF.
Image via Wikipedia
IMF is afraid to lend it more loans without collateral!
It makes no sense to borrow when you don’t see the possibility of paying back. Greece has a funding gap that has been created by past loans from the IMF which is unable to pay back and wont pay however much pressured. IMF is unable to lend it once more if no guarantees are forthcoming from the EU which has in the most recent past been bailing it out.
Image by PIAZZA del POPOLO via Flickr
Germany and Netherlands are against additional funding from the EU
Some strong members of the EU like Germany and the Netherlands are against this latest trend of an ally falling behind schedule when it comes to debt repayment. Guess what they want before they can allow any more debt? They are insisting on collateral and when a government is required to give security before it can be lend money, things become irredeemably tough.
Image by PIAZZA del POPOLO via Flickr
Who will buy Plato’s homeland?
What will happen if the collateral is offered but the Greeks fail to honor their pledges? An auction! And that is why every Greek patriot should be very, and I mean very worried. Their country could be the first to be auctioned in modern times as they watch. For you my dear, watch this space for the latest on this economic saga gone sour!
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Post Commentmona rastogi
On June 1, 2011 at 7:19 am
good work
webseowriters
On June 1, 2011 at 7:38 am
a new war is comming up
Aiyanna
On June 1, 2011 at 8:12 am
If I am not mistaken Greece auctioned its treasury earlier in the month of May 2011. They should think of devaluation of currency and then bringing down everything else…
It is beginning, something that was predicted in the early 2000 that the Euro wouldn’t stand the test of time as it was artificially pumped to stay afloat to combat the pound… Constant borrowing to keep the reserves going for the one currency in Europe would prove to be a disaster as each country has its own pattern of economy and this doesn’t help in overcoming debt but actually gives rise to a hostile takeover in a monetary bid rather than using devaluation to bring back value into the money… Yes, prices will increase but in the longterm it would help in restructuring the debt…
Robert Heston
On June 1, 2011 at 9:01 am
In his book Confessions of an Economic Hit Man which first came out in 2006, John Perkins explains the predatory lending practices of the IMF and the World Bank. Greece may be one of the first to fall, but it’s the same problem hitting the U.S. economy too.
Raj the Tora
On June 1, 2011 at 9:02 am
Oh No! I hope it recovers. Such great country with rich historical treasures should not go into miscreant hands.
Inzimam
On June 1, 2011 at 10:35 am
nice share…
http://quazen.com/arts/dance/ballet-dance/
Michal Dorcak
On June 1, 2011 at 5:54 pm
Good article. I too see no point in borrowing when they cannot pay back. Collateral sounds like a good idea.
Guy Hogan
On June 1, 2011 at 8:28 pm
I am watching this story closely. Especially, since Portugal and Spain could be next.
SharifaMcFarlane
On June 1, 2011 at 10:23 pm
You never know what the future holds, eh. Or do we? Sometimes we make some bad choices-financial and otherwise. I don’t like to see Greece falling like this.