If they auction off the Parthenon,

[myboynoah]

I say we give the whole place to Turkey and let them govern the Greeks.

[Solon]

I'll tell you this, though: Greece was one of my finalists when considering destinations for my honeymoon -- there was a house in Mykonos that I was looking at renting for the week -- but I decided against Greece and we're going elsewhere. The current situation has me feeling more and more grateful I didn't choose to go down that route. Who knows what the stability of the country will be like if this refinancing doesn't work out. And it's not like Greece has a stable history over the past century.

Mykonos is probably not the best place for a heterosexual honeymoon anyway. The best week of my life was spent on Naxos. It's quieter and cheaper than Mykonos.

I have a friend who's in Greece right now leading a study-abroad. She tells me that there have been lots of strikes with the proposed cuts to public-sector spending. It's really disrupted their travel this semester.

[Solon]

will CUF stake me the cash to put in a bid?

http://www.economist.com/business-fi...tures_box_main

Greece's sovereign bonds have been reclassified to "junk" status. Ouch.

Can CUF's financial whizzes inform me what a Greek default would mean for the Euro and for the US economy?

The bailout package isn't working so far: http://www.economist.com/blogs/freee...tures_box_main

Also, a nice graphic (linked in the article)

[byu71]

The bailout package isn't working so far: http://www.economist.com/blogs/freee...tures_box_main

Also, a nice graphic (linked in the article)

Wow, all I can say after that is I hope Utah hasn't loaned any money to California.

[happyone]

I say we give the whole place to Turkey and let them govern the Greeks.

Wasn't that tried for about 400 yrs?

[Moliere]

The bailout package isn't working so far: http://www.economist.com/blogs/freee...tures_box_main

THanks for posting. That take on the debt crisis is much more subdued than other reports from the WSJ and CNN. I like how they take into consideration the growth of the economies instead of just throwing up their hands and calling this the end of Europe.

I do believe the EU will be much more vigilant in watching debt to GDP ratios of member countries. There is nothing worse than running up a huge deficit for social programs and then asking a neighboring country to pay for them.

That picture shows how big of a mess this thing really is or could be if the economies of those countries don't grow as expected. Here's to hoping there is no double dip recession.

[beefytee]

I'm not that familiar with how government loans work.

When they say another country is owed X amount of dollars, are they talking about to the other country's government or private lenders from that country or both?

I can't imagine that Italy's dept to France is a loan simply from the French government. It has to be private lenders.

[Moliere]

I'm not that familiar with how government loans work.

When they say another country is owed X amount of dollars, are they talking about to the other country's government or private lenders from that country?

Other country's government. It's similar to China purchasing our treasury bonds. There are also many other investors that purchase governmental debt such as mutual funds, pension plans, companies, etc.

Looks like there is a lot of governmental lending going among EU partners.

[beefytee]

Other country's government. It's similar to China purchasing our treasury bonds. There are also many other investors that purchase governmental debt such as mutual funds, pension plans, companies, etc.

Looks like there is a lot of governmental lending going among EU partners.

Really? The French government can come up with 20% of its GDP to lend to Italy.

That is incredible!

[Indy Coug]

Really? The French government can come up with 20% of its GDP to lend to Italy.

That is incredible!

[Moliere]

Really? The French government can come up with 20% of its GDP to lend to Italy.

That is incredible!

Sorry, you are most likely correct although I can't find a link saying who the really owe the money to. It is most likely banks and other big lenders but I would still imagine the government's have some lending between themselves.

If I had money to blow I'd buy some greek bonds right now as my gut tells me they will get the funding they need, but it won't happen until the 11th hour.

[byu71]

Sorry, you are most likely correct although I can't find a link saying who the really owe the money to. It is most likely banks and other big lenders but I would still imagine the government's have some lending between themselves.

If I had money to blow I'd buy some greek bonds right now as my gut tells me they will get the funding they need, but it won't happen until the 11th hour.

Someone find out if the Greeks owe Goldman Sachs any money. If they do, Greece will be bailed out so Goldman can get their money.

[Uncle Ted]

Here is why a bailout for Greece most likely won't help them escape bankruptcy...

Vasia Veremi may be only 28, but as a hairdresser in Athens, she is keenly aware that, under a current law that treats her job as hazardous to her health, she has the right to retire with a full pension at age 50.

[...]

“People should be able to retire at a decent age,” Ms. Veremi added. “We are not made to live 150 years.”

[beefytee]

I'm really worried that the world economy is in deep doo-doo.

The UK is about to get a minority government (aka hung-parliament, aka stalemate) and their deficit to economic output is at around 12%. That is unreal.

The Greek ratio is at 9.3%. Granted the UK has a much larger economy and has much more leeway, but should contagion seriously set in in Europe the UK is in big trouble and that translates into the world being in big trouble.

http://www.canada.com/business/Britons+vote+under+gloomy+financial+clouds/2994129/story.html

[Uncle Ted]

I'm really worried that the world economy is in deep doo-doo.

The DOW is down over 700 and still over an hour before closing.