You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Reply #20: That is not what is happening at all. [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Topic Forums » Economy Donate to DU
Indydem Donating Member (866 posts) Send PM | Profile | Ignore Wed Oct-05-11 05:22 PM
Response to Reply #16
20. That is not what is happening at all.
The Banks of Europe, both private and Central, loaned Greece money.

Greece cannot pay it's bills.

If Greece defaults, the banks (both private and central) will suffer enormous losses. The destruction of private banks will mean the depositors who gave the banks the money to loan will lose all their money and the economy of Europe will crash in a hurry.

Therefore, the EU has agreed to bailout GREECE (not the banks) to keep the economies and banks from collapsing. Greece must get their shit in line to receive the bailout. Greece refuses.

Germany being the strongest economy will shoulder the largest burden.

The problem originated with Greece and their cooking of their books to make themselves look like a sound investment when they were, in fact, not. Goldman Sachs allegedly helped with this UPON THE REQUEST OF GREECE. Goldman Sachs isn't getting any of this bailout because American banks are not exposed to the debt like European banks are.

The banks didn't make risky loans. They didn't try to make a giant profit. They aren't even asking for this bailout.

Are you really trying to insinuate that the financial institutions across the globe created this mess to lose a huge amount of money and then get a taxpayer bailout for a portion of it? That's just ignorant. All the companies you got bailouts lost billions in that deal, and many of them went out of business.
Printer Friendly | Permalink | Reply | Top
 

Home » Discuss » Topic Forums » Economy Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC