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hack89

(39,171 posts)

111. I am arguing that there is no comparison between the two situations

Thu May 17, 2012, 05:44 AM

May 2012

Last edited Thu May 17, 2012, 06:52 AM - Edit history (2)

Iceland was a domestic banking crisis - Iceland's government was in good fiscal shape with manageable debt and adequate reserves. Greece is a sovereign debt crisis - the Greek government is in horrible fiscal shape with unmanageable debt and no reserves.

Greece does not have the same options that Iceland had. They are much sicker. They cannot survive without borrowing more money. That was not the case with Iceland.

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Fast moving Events in Greece: Far left ascendant [View all] cthulu2016 May 2012 OP

Good luck, Greece. cali May 2012 #1

+1. Unprecedented financial waters here - the fall-out isn't going to just stay over there tho riderinthestorm May 2012 #2

Greece is just the tip, wait till Spain and Italy blow. The question's whether the banking scum will stockholmer May 2012 #4

I don't think gov's can or will have same reaction abelenkpe May 2012 #28

Syriza, for the win stockholmer May 2012 #3

You don't understand how much pain and chaos this would cause Greece now. randome May 2012 #5

Pain as opposed to what? The destruction the bankster oligarchy spreads is LITERALLY killing people. stockholmer May 2012 #11

Galactic size +1 nt stillwaiting May 2012 #12

count me in on that galactic size! +1 happerbolic May 2012 #23

'Tyrant'? randome May 2012 #14

Greece and its people did not cause the global financial meltdown.. girl gone mad May 2012 #76

Not all ills are equal cthulu2016 May 2012 #17

The glaring hole in your argument.. girl gone mad May 2012 #97

well... cthulu2016 May 2012 #106

The effects you described have already happened. girl gone mad May 2012 #107

Godzilla sized +1!!! Zalatix May 2012 #58

LOL! Rex May 2012 #18

Capitalist fear mongering propaganda tama May 2012 #40

Perhaps you can point to an example... randome May 2012 #42

There's no world economy tama May 2012 #45

Argentina. girl gone mad May 2012 #77

Argentina 2001. Last I checked, Argentina is doing just fine and coalition_unwilling May 2012 #82

One fundamental difference hack89 May 2012 #115

Iceland. Zalatix May 2012 #108

They embraced the international community to fix their problems hack89 May 2012 #114

Greece is in a state of pain and chaos right now. girl gone mad May 2012 #75

Those are fear tactics. The same tactics that failed in Iceland. sabrina 1 May 2012 #100

Go, Syriza, go! hifiguy May 2012 #7

that doesn't make any sense. What are they going to do? Print money? cali May 2012 #8

Again, look to Iceland, they seem to be doing fine all things considered. Lionessa May 2012 #16

Why do people always point to Iceland? former9thward May 2012 #50

Aside from the fact that Greece uses the Euro, the situations are comparable. girl gone mad May 2012 #79

Iceland borrowed billions from the IMF to fix their problem. They also are joining the EU hack89 May 2012 #62

Yes, they should. girl gone mad May 2012 #81

They implemented austerity measures to get IMF money. hack89 May 2012 #85

Iceland exited this IMF program girl gone mad May 2012 #89

Because it worked and it was no longer needed. hack89 May 2012 #91

Yes, they were able to exit and see a rebound in growth.. girl gone mad May 2012 #94

Do you read what you post? hack89 May 2012 #101

I have no idea what point you're trying to make. girl gone mad May 2012 #104

I am arguing that there is no comparison between the two situations hack89 May 2012 #111

BTW, Iceland actually increased its social spending.. girl gone mad May 2012 #105

No they can't hack89 May 2012 #113

One more thing.. girl gone mad May 2012 #109

it's how lincoln won the civil war. it turns out just fine most of the time. HiPointDem May 2012 #19

Eat well, sing and dance and live together :) tama May 2012 #46

Money also pays for research. randome May 2012 #47

Money controls academic research tama May 2012 #49

America was able to print its way out of recession to a large extent... girl gone mad May 2012 #78

We also inflated our way out after World War II. Zalatix May 2012 #110

Wow. Nt abelenkpe May 2012 #29

hell yes dana_b May 2012 #33

informative cthulu2016 May 2012 #37

Good program tama May 2012 #41

Now that's a platform i can get behind! Odin2005 May 2012 #56

Only in a perfect world free of willing slaves. nt Comrade_McKenzie May 2012 #66

And Tsipras' party is expected to do well, as I projected it would, after he forced the other party Lionessa May 2012 #6

What happens after they reject EU conditions? cali May 2012 #9

They will be out of the euro and will have to cthulu2016 May 2012 #10

As I posted on another forum on the Greek situation Berlin Expat May 2012 #20

This isn't what Nomura stated. girl gone mad May 2012 #86

And according to this Berlin Expat May 2012 #21

interesting cthulu2016 May 2012 #34

Germans will come into Greece for their vacations and spend money like it was water. JDPriestly May 2012 #35

While Greece is indeed a most beautiful country, I Berlin Expat May 2012 #36

So if the Greek people endorse Syriza's platform........ socialist_n_TN May 2012 #53

Essentially, yes; I believe that Berlin Expat May 2012 #70

Not so quickly! tama May 2012 #43

That...is interesting. randome May 2012 #44

The EU and the banks have already written off 75% of Greece's debt hack89 May 2012 #63

Not ECB and IMF and member states tama May 2012 #68

The ECB cannot go bankrupt. girl gone mad May 2012 #83

Who knows for sure, but Iceland seems to recovering from bankruptcy better Lionessa May 2012 #13

That's true. People keep saying that they aren't analogous cali May 2012 #15

The differences, IIRC from a recent thread... randome May 2012 #22

Exactly; the case of Iceland Berlin Expat May 2012 #24

Who actually owns Greek debt? German, French and American banks (and coalition_unwilling May 2012 #84

There's also a question of scale metalbot May 2012 #25

And a sovereign currency cthulu2016 May 2012 #27

Why can't Greece default and stay in the euro? abelenkpe May 2012 #26

Theoretically, yes -- but the entire eurozone would take a bath KamaAina May 2012 #30

"Moral hazard" tralala May 2012 #31

Yes, but in the same way the repugs passing a huge new stimulus plan is possible cthulu2016 May 2012 #32

Not while staying in the rules of the European Union muriel_volestrangler May 2012 #38

What good would that do? They'd still be broke and no one would lend them any more money badtoworse May 2012 #39

They would not be in debt slavery tama May 2012 #48

Is Athenian democracy really the best example here? cthulu2016 May 2012 #51

Not the best tama May 2012 #52

What would they pay salaries and pensions with? Drachmas? badtoworse May 2012 #54

You can believe in Mammon all you need tama May 2012 #55

I agree people don't stop living,... badtoworse May 2012 #64

I'm thinking of non-things like tama May 2012 #71

A quote I saw in a WSJ cartoon many years ago... badtoworse May 2012 #72

LOL tralala May 2012 #73

But severe poverty brings misery, death, violence and hopelessness. hack89 May 2012 #80

misery, death, violence and hopelessness are the human condition BOG PERSON May 2012 #88

Sounds like what the IMF and Euro banks had planned for ........ socialist_n_TN May 2012 #102

You are right that there will be misery regardless of what they do hack89 May 2012 #112

If Greece collects taxes in drachma, then.. girl gone mad May 2012 #87

How much will gasoline cost in drachmas? badtoworse May 2012 #92

But they will be free! cthulu2016 May 2012 #93

In the short run their currency will depreciate severely. girl gone mad May 2012 #95

Maybe we'll plan a vacation in Greece if they're not fighting a civil war badtoworse May 2012 #98

GO, SYRIZA, GO!!! Odin2005 May 2012 #57

Latest poll from Attica: Syriza 32% tama May 2012 #59

They need 40%+ of the seats, plus the 50 extra seats, to get a simple majority muriel_volestrangler May 2012 #61

I was thinking tama May 2012 #67

50% of Greek police voting fascists tama May 2012 #60

The armed forces of a country are ALWAYS the potential...... socialist_n_TN May 2012 #65

You're right about the military being the counterbalance. Something to keep in mind. n/t Raksha May 2012 #96

Yeah. If I were agitating in Greece, I'd be headed .......... socialist_n_TN May 2012 #103

Greece will be fine. Reports of its pending death are closeupready May 2012 #69

Under almost any scenario, the Greek people would be better off than the Iranians are FarCenter May 2012 #74

I agree, they will be alright.. girl gone mad May 2012 #90

In response to your "Personal Plea".. girl gone mad May 2012 #99