Troubled Greek Economy Is Being Left to Fend for Itself

[dkf]

ATHENS — No matter what happens in this weekend’s elections, Greece is rapidly becoming an isolated economy.

Carrefour, the giant French supermarket and retail group, said on Friday that it was selling its entire stake in Greece at a loss to its local franchise partner, so it could concentrate “on markets where it sees growth,” a spokesman said.

Coca-Cola’s operations in Greece were also downgraded by Moody’s Investors Service, which cited the increased likelihood that Greece could exit the euro zone. A day earlier, the French bank Crédit Agricole said it was ring-fencing its Greek operations to protect itself should that happen.

Two of the world’s largest import-export insurers, Euler Hermes and Coface, have recently refused to cover transactions involving companies in Greece, imperiling the import of basic goods.

http://www.nytimes.com/2012/06/16/business/global/greek-economy-is-being-left-to-fend-for-itself.html?pagewanted=all

[OneTenthofOnePercent]

1. This is what happens when borrowing is your primary monetary model year after year.

Pretty soon the well runs dry and the bookies call in your debt.

Sooner or later the world is going to decide that their money shouldn't be tied to the US Dollar and they'd be better off using another currency as standard. While they may or may not be correct that they'll be better off using another central currency... it's going to royally screw us and our inflated quality of living.

I'm not saying there's anything wrong with deficit spending but if your spending money you don't have, it had better be invested in GDP infrastructure or some other kind of investment with an ROI. Recently, Greece has been borrowing just to fund day to day government operations and social benefit programs... in other words, they've just been circling the drain.

[Zalatix]

3. China won't let that happen, they'll be RUINED.

America is responsible for a good 20% of their economy.

[Lambrecht98]

2. Spam deleted by Violet_Crumble (MIR Team)