Lake Erie Conservative

thoughtful discussion(s) about issue(s)

Posts Tagged ‘restructuring’

… Greece needs a U.S. – style Chapter 11 restructuring [#bankruptcy]…

Posted by paulfromwloh on Thursday,December 24th,2015

.. it is that simple ..

.. Greece got itself into one hell of a pickle . It needs to get out of it . But piling on debt on top of more debt is not going to do it ..

.. economic stricnyne from the I.M.F. will not work . What the I.M.F. usually insists upon is austerity , always austerity . It means budget cuts , but also major tax increases . It almost never asks for economic restructuring from the target country . Which figures ..

.. [h/t —]..
.. [link] to the blog post ..

.. the debt has to be written down . It is that simple . There is no other way around it , folks . Piling more debt on top of debt will not do it ..

.. Greece will need to undergo extensive economic reforms . The way that things are going now , Greece will undergo a very slow and painful economic death . Which is obviously something that they do not want . But they will have to do something about it ..

.. also , there will have to be asset sales . Greece cannot avoid it . There is waaay too much state involvement in the economy . It is strangling Greece , economically > Also , it is killing Gree in terms of its tax revenue …

.. whether Gree remains in the Euro is up to them . They know what they need to do .They just need to do it …


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