4th Centruy BC 10 Greek Municipalities defaulted. There have been other times since.
1932 was the last time.
Ok a bit of a difference in dates but it is fact.
What is also fact is that the Euro caused it'S own downfall. They all knew that Greece should not have gone into the Euro, but the ECB tried to force the UK's hand but it didn't work.
They did not and have not, met the requirements.
Now the UK is going to have to help bail them out as I said some months ago.
The very fact that the IMF is now helping means that there will be bonds that the UK govt will have to buy.
This will mean many billions of pounds taken from us, when we are trying to rebuild like everyone else.
The IMF also wants to build it'S insufficient fund up and is suggesting more funds to be paid.
UK contribution will be 4.5%. So if we take a minimum, the UK will have to pay between Stg 22.5 to 45 bln.
This is on top our debts of 80-100bln.
This of course MUST mean cuts in expenditure.
So expect higher unemployment !!!
1932 was the last time.
Ok a bit of a difference in dates but it is fact.
What is also fact is that the Euro caused it'S own downfall. They all knew that Greece should not have gone into the Euro, but the ECB tried to force the UK's hand but it didn't work.
They did not and have not, met the requirements.
Now the UK is going to have to help bail them out as I said some months ago.
The very fact that the IMF is now helping means that there will be bonds that the UK govt will have to buy.
This will mean many billions of pounds taken from us, when we are trying to rebuild like everyone else.
The IMF also wants to build it'S insufficient fund up and is suggesting more funds to be paid.
UK contribution will be 4.5%. So if we take a minimum, the UK will have to pay between Stg 22.5 to 45 bln.
This is on top our debts of 80-100bln.
This of course MUST mean cuts in expenditure.
So expect higher unemployment !!!
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