5 ms·

Its really hard to imagine anyone giving Greece even more money after a default to the IMF.

• roymurdock 12y ago
  Agreed. First line of the article: "Greece is drawing up drastic plans to nationalise the country's banking system and introduce a parallel currency to pay bills" The solution is for Greece to either (1) cash out of euros into another nation's currency for the time being or (2) create their own currency and start stocking the Greek banks with it. Not sure what kind of purchasing power a new Greek currency would have outside of Greece though. I'd say the more likely option would be for them to default, sell their remaining Euros for USD (further undermining the price and credibility of the Euro). Not sure if this is possible and it would likely get really messy.
  • kansface 12y ago
    What would be the advantage of owing dollars over euros when they control neither and dollars are gaining value?
    • roymurdock 12y ago
      Their debt (in euros) would be depreciating relative to the dollars they hold which would be appreciating.