If Greece defaults, who takes the hit?

[s2art]

I have read that Greece owes something like 400 billion. Who holds that debt? I understand French and German banks hold approx 50 billion, but what about the rest?

[Soovy]

We all will.

It's the EU see? Their problem is our problem. The EU has finished the job Adolf couldn't.

[jdw1234]

http://www.mindfulmoney.co.uk/wp/shaun-richards/an...

[Digga]

jdw1234 said:

http://www.mindfulmoney.co.uk/wp/shaun-richards/an...

the article said:

During the most recent Troika
“check-up”, supposedly the Troika employees visited certain central
tax offices. The situation they found there was pathetic – not only revenue
targets were missed by considerable margins, but also, [b]the State refused to
refund / pay VAT returns to businesses[/b] – for many, many, months. When the
Troika employees asked “Why are you not returning VAT to businesses?”
they got the response “Aren’t you glad? More funds are recorded as being
available in the state coffers!”

And that is just ione example of why the black market is so rife and people in the private sector are so mistrustful of the state.

[Andy Zarse]

Digga said:

jdw1234 said:

http://www.mindfulmoney.co.uk/wp/shaun-richards/an...

the article said:

During the most recent Troika
“check-up”, supposedly the Troika employees visited certain central
tax offices. The situation they found there was pathetic – not only revenue
targets were missed by considerable margins, but also, [b]the State refused to
refund / pay VAT returns to businesses[/b] – for many, many, months. When the
Troika employees asked “Why are you not returning VAT to businesses?”
they got the response “Aren’t you glad? More funds are recorded as being
available in the state coffers!”

And that is just ione example of why the black market is so rife and people in the private sector are so mistrustful of the state.

Thanks for drawing this blog to our attention, I'm not sure why we haven't come across this happy little soul before but Shaun Richards is excellent!

I laughed at this bit in the cpomment section too.

When the first Greek Finance Minister, Alogoskoufis, attempted to talk Greece's way out of deficit-to-GDP ratio by requesting Greece's GDP to be officially raised by 25%, taking into account "the black market", including prostitutes, drug dealing, and corruption... The EU was "surprised and startled". Really? They then allowed a GDP raise of 10%, if I remember correctly, attributed (among others) to these, very dodgy, sources?

[Zod]

anonymous said:

[redacted]

That only helps the corporates if you do it before the sovereign rating gets cut to junk level. Too late for Greece now, but I suppose they could pull a stunt like that just to increase the overall debt figure to scare creditors.

[Durruti]

Well worth the read if you have 10 minutes

Where Citigroup think the bodies are hidden...........

http://www.docstoc.com/docs/77754835/Citi-Barber-i...

[Soovy]

Durruti said:

Well worth the read if you have 10 minutes

Where Citigroup think the bodies are hidden...........

http://www.docstoc.com/docs/77754835/Citi-Barber-i...

Jesus t1ttyfocking Christ.

40%?

[Durruti]

Belarus devalued by 56% only a day or two ago.....

Amazing what you can do when you have your own currency.

Although I imagine the Russians aren't too happy about it.