just what happens when a country defaults on their debts? Greece Nears the Precipice, Raising Fear
So many countries are having economic problems so serious that there is a risk that the countries themselves will have to declare bankruptcy. What can actually happen when a country declares bankrupty? There's a few things that intrigue me about this.
First, the countries are in the situation their in due to the financial system, which is tied to the political system. In the words of so many people, 'Hello?'.
Next is the problem of personal debt. Greece has tried to institute austerity measures only to be greeted with protests from people who want all the luxuries they're used to. Of course. So would we, probably. Besides, governments always 'talk the talk' but they never get serious themselves about austerity. Take a look to see if any member of a government in any country is doing without. And to see how much of the people's tax money they're wasting for their own gratification. I can't blame the people for protesting.
Third, I'd really like to see what would happen if China called in the U.S. debt that they carry for them. Now THAT would be interesting! (Sorry. I guess that's just mean-spiritedness on my part. But I'd still like to see what would happen and how it would play out.)
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