Greeks, what will you vote?

[nanarchy]

Nettles said:

nanarchy said:

If they didn't fear the default they wouldn't have put it to a vote, they are well aware of the catastrophic consequences and want to be able to say that the people made the choice to take the pain. Don't get me wrong, long term (in a couple of decades) they can come out of it far better and healthier, but the short term pain will be very real and very harsh.

Iceland defaulted, had a referendum on whether to pay back debts and the people voted it down.Iceland had a sharp recession lasting for a year or so but has been growing steadily since.It doesn't really matter though because it's not just Greece that has debt problems in the EU it's also Spain,Italy,Ireland,Portugal,Italy even France.Deutsche bank holding 54 trillion in derivatives.... the whole thing is completely fucked.

Iceland didn't default, the iceland privately owned banks did, they collapsed completely leading to a meltdown of their financial system and currency, the government had to nationalise the banking system and secure very large loans from the IMF. because of that iceland still has a massive debt to pay. Also it didn't recover in a year, it took about 4 before they started to grow again and they are still under capital controls.