Greek debt written off.

Alan · Feb 21, 2012

http://www.bbc.co.uk/news/world-europe-17109044

Greece will get loans of more than 130bn euros (£110bn; $170bn) and have about 107bn of its debt written off.

In return, it must slash its debt from 160% to 120.5% of GDP within eight years and accept a permanent EU economic monitoring mission.

The country needs the funds to avoid bankruptcy on 20 March, when maturing loans must be repaid.

"The funds that are coming in are not staying in Greece, are not being invested in Greece, are not here to help the Greeks get out of this crisis," Constantine Michalos, president of the Athens Chamber of Commerce and Industry, told the BBC.

"It's simply to repay the banks, so that they can retain their balance sheets on the profit side."
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I'm sure banks will line up for Greek loans now. This will REALLY set a great example.:Mad: Should have just let the bastages default and gotten it over with.

Fishface1911 · Feb 21, 2012

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n2ratfishin · Feb 21, 2012

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Greek debt written off.

Alan Proud Infidel

Fishface1911 Master of Puppets.

n2ratfishin Well-Known Member

The national debt

What happens when the debt reaches $25 Trillion

National Debt

The Debt Ceiling Solution.

Debt Limits being determined by Buffoons

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