Maybe Greece Should Go Bankrupt
cato-at-liberty.org
Maybe Greece Should Go Bankrupt
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Re: Maybe Greece Should Go Bankrupt
#2The article keeps talking about how civil servants are overpaid, which I don't think is true. There are too many of them, but they aren't particularly well paid; the average is around €20,000.
Re: Maybe Greece Should Go Bankrupt
#3From http://www.ft.com/cms/s/0/f90bca10-1679-11df-bf44-00144feab4...
On reflection, it is appropriate that the fiscal crisis of the west has begun in Greece, the birthplace of western civilization. Soon it will cross the channel to Britain. But the key question is when that crisis will reach the last bastion of western power, on the other side of the Atlantic.
The IMF recently published estimates of the fiscal adjustments developed economies would need to make to restore fiscal stability over the decade ahead. Worst were Japan and the UK (a fiscal tightening of 13 per cent of GDP). Then came Ireland, Spain and Greece (9 per cent). And in sixth place? Step forward America, which would need to tighten fiscal policy by 8.8 per cent of GDP to satisfy the IMF.
Re: Maybe Greece Should Go Bankrupt
#4The article keeps talking about how civil servants are overpaid, which I don't think is true. There are too many of them, but they aren't particularly well paid; the average is around €20,000.
In America many civil servants are overpaid when you look at total compensation. The amount of retirement that needs to be paid is ridiculous and most govs didn't actually set aside money to pay it.
Re: Maybe Greece Should Go Bankrupt
#5Cato will never go bankrupt 'cos the wingnut welfare don't stop.
Re: Maybe Greece Should Go Bankrupt
#6Cato will never go bankrupt 'cos the wingnut welfare don't stop.
Flagged. This is not Reddit.
Re: Maybe Greece Should Go Bankrupt
#7The article keeps talking about how civil servants are overpaid, which I don't think is true. There are too many of them, but they aren't particularly well paid; the average is around €20,000.
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Re: Maybe Greece Should Go Bankrupt
#8What exactly does it mean for a country to go bankrupt?
Do the creditors get the assets?
If a chinese construction company is owed money for a government project do they get part of the country?
Re: Maybe Greece Should Go Bankrupt
#9Re: Maybe Greece Should Go Bankrupt
#10What exactly does it mean for a country to go bankrupt? Do the creditors get the assets? If a chinese construction company is owed money for a government project do they get part of the country?
It just means they default on the loans. The creditors only get what the country chooses to give them (if anything), which is usually negotiated with some eye towards balancing the country's interests against the harm to their future ability to get loans if they screw the creditors too much. See: http://en.wikipedia.org/wiki/Default_(finance)#Sovereign_def...