If individuals mess up their finance then they go bankrupt, why not Greece. Okay it's not that simple but there comes a time (analogy - when a hand or leg get gangarin and the surgeon says that either we amputate or there's risk of other parts of your body getting effected, then you amputate to save the remainder) when drastic actions have to be taken.

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Not sure about Greece but when we default on our debts it goes to collections and makes your credit look like you were dating Kevin Federline.

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In these 'money wars' going on at the moment it's very difficult to tell unless you're one of the big pla<x>yers. The money is so intertwined ones not sure where the impact of the beginning of a Euro disolving would hit the hardest. One could say French or German banks and people would feel it the hardest because they have the most exposure to Greek debt, but then when you look into those banks dealings you'll find its lots of other peoples money involved. It's like a big house of cards ready to tumble. Thats why big pla<x>yers are forcing bailout packages on Greece. Old Soros just bought $2 billion worth of Italian bonds, from now bankrupt MF Global. Keep your eye on him, he's a big pla<x>yer and it seems he's on the team of keeping the union together. If they have to take their losses on Greece they will, but it's about much more than just money, it's about the power of a union. You read my story? 'The Plot'

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EP links don't work in EP for some reason lol...I'll take a look

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The PLot

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When Greece join EurUnion, they "receive" billion € to "reach" the way of live of other Eur country.<br />
What had they do with this cash ? : create more than 700,000 civil servant !<br />
How is it possible : son, cousin, nephew, friends rush into departments and government office and all theses sort of stuffs to " work ? ".<br />
Did You find that serious ?<br />
Before going into Eur, only 50,000 persons occupied theses office !<br />
Search the fault !<br />
- I live in Eur Union ! ;(

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The default would cause the major banks of Greece (which in turn hold Greek sovereign debt) to go bankrupt. As the Greek government cannot guarantee the deposits of the Greek banks, the deposits of these institutions would be wiped out. Greece's GDP would likely fall more than 15%, the value of its bonds will drop by 50-80%, Deutsche Bank and the major French banks have significant exposure to Greek debt, which would mean significant losses at these banks, and likely a need for government assistance.

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Someone recently asked what's the big deal about Greece? The reasoning went, Greece's economic output is about that of the state of Indiana--would the world be trembling if Indiana needed austerity measures?

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But we will be there tears in our eyes and money in our hands when Israel needs WMD's

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Not we won't--Israel already has them, has had them for about half a century. They stole the plans from the US. I forget where they got the fissionable materials from.

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1.8 billion in military aid annually, as for the WMDs, I was being scary and dramatic :)

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The weapons do that for themselves.

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liquidation the rest of the world get to fly there and take stuff we want for giggles... bags a beach

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Hahahahahahahahaha!!!

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