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I have a REALLY basic, probaby stupid question [View All]

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Home » Discuss » Topic Forums » Economy

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(730 posts) Send PM | Profile | Ignore

Wed Oct-05-11 11:17 AM
Original message

I have a REALLY basic, probaby stupid question

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I really have no knowledge about economics, how the economy works in reality, finance, world economies and finance, etc., but they interest me when conditions are like they currently are.

So, Greece and basically most if not all the world is in debt.

What will happen if Greece defaults?

What would happen if Greece's debts were just forgiven?

What would happen if ALL countries' debts were forgiven? I understand that some institutions, countries and people would "lose" money -- but no country's basic income is based on repayment of others' debts, are they?

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