The Greek Debt!

[a99az]

There’s a great deal of speculating as to what will happen if the Greeks default on there debt.

But surly if the Greeks don’t want to accept the 50% right down deal put forward by Europe and decide to leave the Euro and who knows even the European Union.

That won’t make any difference, the fact remains they owe a great deal of money. It’s then the problem for the banks to enforce repayment, or recover the debt in the best way they can. Is this not the normal way banks do business?

Surly the banks didn’t lend them money that they can't recover. If they have, then I would call it reckless and the banks (not the people) should get them selves out of trouble.

Many people think that when they put money into their bank account it’s safe. That some how the bank will give you your money back, should you ask for it. But in fact this is far from the truth. When you place your money in the bank, it’s a loan to the bank, should they lose it they have no real obligation to give it back to you, maybe they lent to much to someone ( like the Greek Government). You must then seek to recover your loan to the bank in the best way you can. But remember, if they lose it all you may not be able to recover it. Yes I know you are going to say that the banks must hold in deposit xyz, and that the governments insist you should be able to withdraw what you deposit, or most of it. But the fact is you could lose everything.

So what to do, its a bit of a conundrum. I only keep a very small amount of money in the bank for day to day running, eg paying a couple of standing orders for power and water.

I own every thing I have and owe no one. The banks hate people like me, as they make nothing out of me, no debt = no interest = no profit for the bank.

Ie'd place Bank Managers, Lawyers, and Second Hand Car Dealers in the same boat, then sink it.

[bkkjames]

I think we cross that bridge when we come to it. I would be more worried about the Thai Economy at this point.

[farang000999]

There really is very little to worry about the Thai economy. Unless your house is flooded I mean and then that is just your own personal economy. Once the water goes away it will be business as usual. The situation in Greece is much different. The Greek people have just gotten the news that their previous life style was based on credit cards, those cards are now cancelled. Default or take the bailout life will not resemble the past for Greeks for quite a long time. Why? Because they don't produce enough.

[Payboy]

Got to admit that those Greeks have been a major pain in the arse for me since I had to learn the Pythagoras theorem.

[Semper]

Ie'd place Bank Managers, Lawyers, and Second Hand Car Dealers in the same boat, then sink it.

You forgot insurance companies.

[bkkjames]

I just ordered greek for dinner tonight!

[cdnvic]

Not Thai related