Life and Debt: A Greek Tragedy (merged)

[Torplexed]

Originally Posted by mapuc

What is there to believe ?

Are Greece on its way out of Euro and perhaps EU ? And thereby into economical collapse

Or will EU do anything to keep Greece "occupied" inside the Euro and EU ?


Markus

If you are hearing a lot of “coulds” and “mights” lately, it’s because after the people’s “No” vote, Greece is sailing into some seriously uncharted waters. What is certain is that there is much more ambiguity to come, since there isn't much historical precedent to go by.

To make matters worse, events will take an even more dramatic turn on July 20th, when Athens is due to pay the ECB 3.5 billion euros. If Greece misses that payment, the central bank will probably conclude that the state is bust and, because of the way the country’s banks are connected to the government, that they are insolvent too. That could mean that even tourists couldn't withdraw money from banks, killing tourism, and there goes the last frail, creaking prop holding what is left of the Greek economy up.