June 14th, 2011
08:49 AM GMT
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(CNN) – Greece has hit another low point in the 18 months since its debt problems worried global markets and even threatened the existence of the European Monetary Union.

On Monday, Standard & Poor’s – one of the ‘big three’ credit ratings agencies – cut the ratings of the troubled Mediterranean nation three notches to CCC with a negative outlook. That makes Greece the least credit-worthy country rated by the credit agency and signals the belief that Athens will default on its debt payments.

So if Greece is the worst, who is the second worst? According to the S&P, these are the top 10 nations least likely to pay back debts :


1. Greece             (CCC rating)
2. Jamaica           (B-)
3. Ecuador           (B-)
4. Pakistan           (B-)
5. Grenada           (B-)
6. Fiji                      (B-)
7. Belarus             (B)
8. Argentina        (B)
9. Belize               (B)
10. Ghana            (B)

The good news for Greece: Unlike Ecuador and Argentina, it hasn’t recently defaulted on its debt. Ecuador defaulted in 1999 and in 2008; Argentina defaulted in 2001.

S&P’s revised rating comes a week after another Big Three ratings agency, Moody’s Investors Services, downgraded its rating on Greece, saying the nation has a 50-50 chance of defaulting on its debt. (However, Moody’s rates Ecuador even lower than Greece.)

But the risks for the financial world are much larger with the Greek situation, because of the pressure it puts on the 17 nations united under the euro currency. A default from Greece is bound to rekindle fears of possible defaults from other euro nations, like Portugal and Ireland, and reignite the debate on whether the eurozone can survive.

Last year, Greece got $145 billion in aid from the EU and IMF to make its debt payments. Greek press is reporting the country now will seek an additional $58 billion.

Why? To borrow cash in the form of bonds, the market is demanding 25% interest payments for a two-year loan.

On Tuesday European ministers will gather to discuss possible solutions to the ongoing Greek drama. As CNN’s Emily Reuben explains, Germany wants private sector to take a hit with a “soft restructuring,” for example, which will extend Greece’s repayment dates. ECB fears any kind of prescribed restructuring could broaden the crisis.

“We are advising them to have a voluntary scheme (to reduce debt) and to avoid schemes that would trigger a credit event or selective default or default,”  Jean-Claude Trichet, head of the European Central Bank, told CNN’s Richard Quest.

The Greek Ministry of Finance, meanwhile, says the reduced rating “ignores the intense consultations taking place currently between the (the ECB and European Commission) and the IMF aimed at designing a viable solution that will cover the financing needs of Greece in the coming years.

“The Government remains determined to implement the difficult policies required for Greece to exit the crisis.”



soundoff (96 Responses)
  1. Jaan

    "... because of the pressure it puts on the 17 nations united under the euro currency."
    The number should be 18 because Estonia joined Eurozone in January.

    June 14, 2011 at 9:33 am |
  2. Jaan

    Sorry, my math was incorrect. There are 17 countries. Including Estonia...

    June 14, 2011 at 9:37 am |
  3. Fritz

    The first mistake was to allow Greece into the EU, the second mistake was to allow them to adopt the euro.

    The EU would have been better off if they had been a bit more restrictive about membership and a bit more serious about transparency. It is too late now. The EU is doomed.

    June 14, 2011 at 9:54 am |
  4. John

    This rating is not realistic...this is a war brought upon us by our good friends in the USA and Germany in order to force us to sell them our natural resources, simple as that. The same good friends selling us weapons to fight "our enemies" the Turks who by the way sell the Turks those same weapons in order to protect them from our insignificant CCC rating country. It is these same good friends who have established our puppet government c.o. Bilderberg Group (of which our outstanding Prime Minister is a strong member). Listen people, Greece will not default on their loan. If they do this it will be the end of the Euro concept as we know it. They don't want this until they have sucked up the natural resources from the remaining countries w/ in the Euro zone so don't look for them to default any time soon.

    June 14, 2011 at 10:51 am |
  5. ian stevenson

    It really is a disgrace to europe & the rest of the world as to how the greeks et al have conducted themselves since joining the eurozone just a great big piggy bank to keep on & on basically stealing the euro money. And now they have to pay back they act as if everybody else is against them. I personally hope that this will be a lesson to all that greed & laziness does not pay.

    June 14, 2011 at 11:54 am |
  6. Wolfgang

    What the heck are you talking about, John? What century are you living in? The Greek are lazy, extremely corrupt and like to many societies today want everything for free.The Germans carry the largest burden in this bailout and all the Greek can do is complain and go on strike (as if that would help). Just shows, any socialist welfare state must get the funds from somewhere to pay for all this. Greek will not be the last country to run into trouble. Most other countries tax the crap out of their citizens, but only as long as they let it happen. Should be an interesting decade ahead of us.

    June 14, 2011 at 12:12 pm |
  7. Yorgos

    I am glad John that you are, realistic. There is only one problem in Greece which contains all others. Greeks don't want to face their own problems in all sectors and levels. It is our last time of being able to turn around and make the big change in our society. Good luck to all of us.

    June 14, 2011 at 12:17 pm |
  8. Miguel Angelo

    Has far has i can see UE is finish, i'm portuguese so i fell the same problems that affect the Greeks, there are a bunch or people in the public or private sector wasting public money and gaining a LOT from it, and the other suckers are here to live in poverty and paying the bills. And no one (at least in portugal or greece) is arrested.

    Right now the UE Goverments and not REAL Democratic goverments, we are all ruled from a central point in Belgium... ou more specificly in BERLIM !, there is no point in voting since everyone is busy asking form permission from the outside (IMF ; UE ; etc), and mutch more dangerous, people exib in several ways (violence or peacefuly look at spain and portugal) that they do not agree and nobody cares ! our rules are deaf !!!.

    Currently UE is no longer a league of nations, it's a empire were some people rule (mostly german) and live the "good" live in a golden chair with all the luxuries and the other (most) just pay the bills. Democracy is kindy forgothen.
    Never the less UE Burycricy keeps forgetting that this are not states of the EUA but are proud nations with century, so it's my beieve that it woun't be long before a coutry revolts it self agains the UE. Nationalism is not dead ! not by far.

    One last thing... Germany is punishing the Greeks but one little detail.... Germany invaded Greece during WW2, they detroyed much of the country, killed many greeks and stole money/gold from the greek banks !!... after WW2 germany never payed war compensations, and never returned the stolen money/gold (they remain in german banks), the money that germany ownes the greeks is more than enough to pay all deps.

    June 14, 2011 at 12:46 pm |
  9. scndnv

    I'm so surprised.

    June 14, 2011 at 1:12 pm |
  10. observe

    Germany should be made to return the loot. The Greeks should go to Germany and get their money back.
    I follow debates about racisim in the western world and calls for africans and asians to go home. The westerners forget they are paying for the cirmes of htier fathers who looted the african and asia countiries with their colonial powers.
    the loot was used to build the successful western world we have today. so the offsprings of these countirs years later have emigrated to the western world. so the Germans have a lesson to learn from this. Return the loot or face the offsprings of the Greeks in future.

    June 14, 2011 at 1:58 pm |
  11. Neo

    USA should be on top of the list!

    They have the highest debt of all nations and by far not the highest income. But well all big rating agencys are american, what to expect of them..

    June 14, 2011 at 2:07 pm |
  12. someone

    let us pray for them

    June 14, 2011 at 2:09 pm |
  13. Tony Blair

    The euro was a non starter. It was obivious the northern european powers were going to take the weight of the southern european countires who have no industrial base & a cafe culture. How long will Germany take the weight of being drained by these southern banana republics before it pulls out & re adopts the Deutchmark. Like any intelligent power would. The quicker the european state reverts back to a trading zone & not a federal state the more chance some of it may have in surviving economically. The tony balir happy clappy days of sing along are over.

    June 14, 2011 at 2:14 pm |
  14. Epsilon

    It seems that the present situation in Greek erconomics is the best thing happen in this country during the lasst 40 years.
    No government so long was able even to try to restructure the Soviet model of Greek economical life.
    Unions and other clients of the political parties were -still are- the bigger problem for any modernization of the economy.Any government trying to take measures to the correct direction was colapsing by the power of these -always same – people.Now, under the treat of a bankcruptcy, may be is an oportunity this or the next government to suceed some substantial changes in the system.

    June 14, 2011 at 2:25 pm |
  15. ANTONIS

    PERSONALLY I BELIEVE THAT CONCERNS THE ALL WORLD THE PROBLEM OF GREECE THAT IS OWED IN THE CORRUPTED POLITICAL SYSTEM AND THE CONSEQUENCES WILL SEE HIM IN THE ALL PLANET.THE FALL OF CULTURES IN THE PREVIOUS MILLENIA RATHER THE HIMSELF WILL BECOME ALSO ΤODAY. IS PROVED AND HAS [GRAFTHEI] IN THE HUMAN HISTORY

    June 14, 2011 at 2:36 pm |
  16. Epsilon

    It seems that the present situation in Greek erconomics is the best thing happen in this country during the lasst 40 years.
    No government so long was able even to try to restructure the Soviet model of Greek economical life.
    Unions and other clients of the political parties were -still are- the bigger problem for any modernization of the economy.Any government trying to take measures to the correct direction was colapsing by the power of these -always same – people.Now, under the treat of a bankcruptcy, may be is an oportunity this or the next government to suceed some substantial changes in the system.

    June 14, 2011 at 2:38 pm |
  17. Turk

    Hi, Im a Turk. I would like to buy a Greek island or 2 for a reasonable price if you are interested in.

    June 14, 2011 at 2:51 pm |
  18. Seb

    I m sorry but what happened to Greece isnt a tragedy, it s a logical conclusion to years (decades...) of mismanagement. It s not like it happened overnight.

    Now the problem we hear the most about is tax evasion. While this is certainly true to some extend, it s easy to blame it on Greeks being lazy. Granted they dont have the same industrial/commercial power than some other countries, but I think most Greeks love their countries and work as hard as anyone else. The problem is the governing bodies, wasting public money.

    Germany and France dont have any interest in "sucking" Greek ressources (what ressources to begin with? Greece isnt exactly Saudi Arabia or Russia). They do however need Greece to remain stable enough. The EU is the only way for European countries to survive vs China,India and the USA. It may go against our history (endless wars), and may look like it s not democratic, but it is the ONLY way at the moment, as sad as this sounds.

    But it s easier for the government of Greece and Portugal to blame it on Germany and on the complex mechanisms of the EU, as few people will be able to deny those claims. Keep in mind those governments put you in this situation in the first place, not Germany or France or anyone else! They just want your support for the next elections, dont fall for this!

    June 14, 2011 at 3:15 pm |
  19. Tallgrid

    It's time to take the EU and brake it up, it's getting out of hand. A former communist ( Portuguese ) is ruling this empire and we, the Norther Europeans, are ending up paying for it. Forgetaboutit, brake it up, close the borders and sent these Brussels gangsters home, we don't need this BS.

    June 14, 2011 at 4:23 pm |
  20. Yorgos

    This is a message to our friend from Turkey.
    This is the kind of thinking which has made our human kind reach this point. God bless you! And I hope some day you make your islands three.

    June 14, 2011 at 4:35 pm |
  21. Hellas

    Turk ...ugly people like Turkish cannot buy sth so beautiful like our islands...Secondly you would be tge worst of all in economy if the European union would want you to be a part of them but they don't want you for thoysands of reasons!!The most important??you were , are and will be soooooo uncivilized and looooow as a nation!yoyr history can show only cruel violence..people who were killing like animals in the jungle in order to achieve the target! Greeks never did that only with braveness and proudness and intelligence!!!!we invented and offered invaluable rules all over the world!! So better close your mouth and find sth clever to say instead of making such a discusting humour that only stupid people can make!!!

    June 14, 2011 at 4:35 pm |
  22. Hellas

    Most of the nations are lazy and stupid...so dont talk about greeks and laziness...greeks work and built not only o e but more houses by themselves ..sth that nobody does..Everybody found the chance to say the worst things about Greeks...check in tge abroad What Greeks do or are!!!!all are very important people and never went to a country as immigrants to kill or steal in order to
    survive !!!!Albanians and si many others have the worst reputation everywhere...Dont talk about Greeks like they are the worst they will never be the worst bwcause they are clever,brave and proud carrying on their back Massive history!!!nobody and nothing can erase these!!!!

    June 14, 2011 at 4:45 pm |
  23. desert voice (troubledgoodangel or Nathanael)

    As I have written today in other places, the time has come for the world to forgive all debts, as commanded in the Bible. Instead, the banks and billionaires keep handing individuals and nations a rope, so that they can hang themselves! This is immoral, inhumane, and illegal! The time has come to heed the Bible and do the right thing, which is to cancel all debts every 7 years!

    June 14, 2011 at 4:45 pm |
  24. desert voice (troubledgoodangel or Nathanael)

    No nation is "guilty" because she is poor! Guilty are those who have engineered the European Union in such a way, that it is now imploding! Lets go after the heads of the Union, not the poor nations that were dragged into this deal against their will with many false promises!This goes also for all individuales who have been straddled with enormous debts because they couldn't sustain monthly payments! The whole capitalist system is at fault!

    June 14, 2011 at 4:51 pm |
  25. kostas

    ok, lets see some facts here. how much money germans own to Greece as a reimbursement for the 2nd world war damage? answer: at least 200 billion. if you consider the gold it was stollen the amound will be more than 300 billion euros! Now Dear Europe (France-England-Germany etc.) why u dont give back to Greece all the archeological tressure that is stollen and all the money you earn in your museums? Dear Europe, for all this Dept, Greek people are not rensponsible. At least 90% of it is odious dept...But lets say that Greece owns that money. You have to know that Greece can pay 10 times the dept, tommorow morning from the natural resources that has in the Aegean Sea, but there is one condition. Europe has to provide us army to support our borders , because Turkey , next minute will invade Greece because they said that if we use our right (by the sea low) to do this , they are going to attack Greece. Dear Europe. You forgot your History and from where your name derives....Dear Europeans, u have to know that our polititians are corrapted and they are all members of the Bilderberg Group (USA & GERMAN POLITICAL AND ECONOMICAL UNION). All this deapt was made from them. And why u keep saying that Greek people are lazy? Recent studies show that Greeks are very hard workers (more than the average point of Europe and German people). So Europe stop the hipocracy. Germany u r only intresting of buying in very low prices all the property of Greece. Today it was anounced that a German company bought the power suply company of Greece for 2,4 billion euros. this company just before 1 week was officially estimated from the biggest european realtors for 17 billion!!!! SO CUT THE CRAP!!!

    June 14, 2011 at 5:06 pm |
  26. desert voice (troubledgoodangel or Nathanael)

    As I have written today in other places, the time has come for the world to forgive all debts, as commanded in the Bible. Instead, the banks and billionaires keep handing individuals and nations a rope, so that they can hang themselves! This is immoral, inhumane, and illegal! The time has come to heed the Bible and do the right thing, which is to cancel all debts every 7 years!

    No nation is "guilty" because she is poor! Guilty are those who have engineered the European Union in such a way, that it is now imploding! Lets go after the heads of the Union, not the poor nations that were dragged into this deal against their will with many false promises!This goes also for all individuales who have been straddled with enormous debts because they couldn't sustain monthly payments! The whole capitalist system is at fault!

    June 14, 2011 at 5:34 pm |
  27. Fred Capio

    tragedy? what tragedy – a tsunami is a tragedy or an earthquake. this is simply overspending and a dysfunctional economy and government. whether you like it or not – greece is a gangster state and all economists who suggest to lend more money to this country should be held personally responsible. do not lend more money to greece and the euro will recover very quickly. continue lending money to greece (and other incompetent counties) and the euro is finished. mark my words.

    June 14, 2011 at 5:46 pm |
  28. Lauro Silva Brazil

    Unfortunately the real culprits for that calamitous situation are at a large and awaiting new opportuniyies.

    June 14, 2011 at 7:17 pm |
  29. Tomas

    It is simple management and business economics. I think we can all accept the fact that all countries goverments and simple citizens are controled by what the banks decide.
    From the moment that the EU has given banks the power to decide which country is good and which not , the bank wants money ... so .. they rate Greece with the lowest possible economic factor. Greece spirals even moreout of control in terms of economics . What is left ? the bank comes and claims the land and businesses at 0 price. Basically Greece will become the very first country to be ruled by a bank . Literally . Now some may say , well , Greece might be better off that way than as it is now , however , if one takeover works today , then tommorow , the banks might decide that the UK kepping the Sterlin as currency is a threat to their plans. So slowly but surrely , another crisis will hit . The sterlin will fall , the bank will step using the EU commision as a front to "Save" the UK , since its is one of the EUs biggest economys and then it will start over again , salvation , negative growth factors , and so on ...
    The only reason there has been no such previous record of a debt bailout is because , its not the history of the world we should be looking at , its businness takeover technics history . How do you take a businness over ? , devaluate it m buy it up at minimum cost , and re-sell ... more is to come in the years ahead

    June 14, 2011 at 8:12 pm |
  30. Jeshurun

    Hi all and peace unto you. My name is Jeshurun. It has been given to me by God. The Lord has ordained me as one of two end of days witnesses (prophets). In November 2011 God called me. The Lord led me into the mountains of Washington state; before he was done with me I found myself walking down a body of water dragging the soles of my slippers along the stones; close to the end of this walk were two witnesses and their dogs; at the end of this walk the Holy Spirit instructed me to say this, "it is done". Those three words appear twice in the book of Revelation. I did not know that then. The walk lasted from sunrise until sunset. The walk is biblical. May 24 2011 the abomination of desolation was set up. On July 11 2011 blessing will be received. The beast spoken of in the book of Revelation will arise out of Iran. Folks what we are witnessing in this world is the end of time. People if you have Jesus Christ in your hearts you are going to fare just fine through this; continue in your faith and press into the word. If you do not have Jesus in your lifes I beg of you to seek him out. He is not far from any of us. He is quick to hear and quick to heal. If you refuse to believe in God and his Christ I am sorry but you have been deceived. Better is over folks. If you are waiting for better you wait in vain. I am sorry and I know that it is hard to hear, but we knew it was coming the word told us that. walk in Christ..I love you all, God loves you more..watch and pray always..our redemption is at the doors..

    Jeshurun

    June 14, 2011 at 9:50 pm |
  31. Fadi

    Hey Turk, why buy an island when you can just conquer the whole country like ur ancestors the Ottomans did when they plunged the whole eastern mediterranean into middle ages for centuries? Did you forget about the Turkish Lira debacle, not long ago? Quit being arrogant about Greece.

    June 14, 2011 at 10:25 pm |
  32. Greek

    Hi, I am a Greek. My response @Turk (an ancient one)....

    http://en.wikipedia.org/wiki/Molon_labe

    June 14, 2011 at 10:35 pm |
  33. Marcos

    It's so strange to see this happening in Eurozone...So weird to see those countries fighting each other in order to figure out how to take Greece off the hole in which it is...Linving in Brazil these days, I remember that only in recent years I am not living in a situation like that!!!

    June 15, 2011 at 12:13 am |
  34. Greek Abroad

    It is amazing for me to see the amount of denial that my fellow Greeks are in, regarding their present situation.
    1. Greece "cooked the books", in order to get into the Eurozone. Everyone seems to have forgotten that part
    2. The politicians, from both parties, who cooked the books, borrowed billions and spent even more, are the very same politicians in office today
    3. The Greek people who are out parading, demonstrating and blaming "the government", are the very same Greek people who voted for this government and its predecessors.
    4. NEWSFLASH!!! The dictatorship ended nearly 40 years ago. Everything that has happened since then, Greeks have brought onto themselves without any help from the CIA, Turkey, Germany, or any other boogey men they want to talk about.

    Finally, let's talk about ANCIENT Greece. I wish today's Greeks would spend as much effort on developing their work ethic, cleaning up corruption, and implementing reforms in MODERN Greece, as they do in reminding the rest of the world that they are the cradle of democracy and somehow are owed a free pass for being lazy and corrupt.

    You know what? You're right.... Once upon a time, Greece invented democracy, science and, appropriately enough, theater. Great... What have you done in the last 2,500 years, with that legacy?

    You cannot expect to live off an ancient legacy forever. So, get off the streets, get to work, pay your taxes, stop the "fakelakia" corruption, and accept the fact that the rest of the world doesn't owe Greece anything, for what was accomplished 2,500 years ago.

    June 15, 2011 at 2:36 am |
  35. lol

    This is what happens when you bail the banks, not the people.

    FF to the USA being on that list when they can no longer fake it by creating nonexistent money

    June 15, 2011 at 4:53 am |
  36. evad2011

    S&P is not a credible organization they could not predict that the great USA would have floped

    June 15, 2011 at 5:13 am |
  37. evad2011

    and why is jamaica behind Greece the Jamaican Government hasa 18 month SBA (Stand by Aggrreement) with the IMF and has never defaulted just goes to show that S&P is not credible

    June 15, 2011 at 5:15 am |
  38. Paul Johnston, PhD Economics

    Greece politicians lied their way into the Eurozone with the help of Goldman Sachs and U.S. and European Bankers in a blatant conspiracy. They hid the extent of Greece’s financial mess before being admitted and then bought time by issuing bonds that they had no idea about how they would ever pay back. They gave government employees huge pension and health benefit packages that could never have afforded before the bond issuance. They collect less then 15% of the taxes they should. Egregious tax cheating in Greece is a way of life with no consequences. They simply don't function with the same work ethics and financial ethics as the rest of the Eurozone. Whatever EU, IMF funds are given them will not work, but only continue to be stolen, mismanaged, wasted and lost down the drain. Why do you think there are 100,000s of thousands of Greek citizens in the streets protesting their country's corrupt leadership?

    June 15, 2011 at 6:09 am |
  39. Paul Johnston, PhD Economics

    The REAL TRUTH is there are NO COUNTRIES anymore, ONLY CORPORATIONS who buy and OWN OUR POLITICAL PARTIES & LEADERS worldwide. The only answers is– REVOLT!! & STOP VOTING FOR THESE SAME CORRUPT POLITICAL CRIMINALS! - Obama, Sarkozy Merkel, Cameron are included in this secret financial cabal!
    STAND UP NOW PEOPLE - BECAUSE THEIR PLANS ARE TO MAKE SLAVES OF YOU!!!

    June 15, 2011 at 6:22 am |
  40. dimos

    europe is a greek word ,so somebody tell me why all europian countries vote for this name if greece is nothing in europe?
    please be sirius, democracy born in greece and many countries in the world fight for that!!!!
    learn something usefull democracy=ΔΗΜΟΚΡΑΤΙΑ europe=ΕΥΡΩΠΗ.
    and something else if we want we can stop the olympic games if we dont give the olympic flame from olympia..
    and we can survive read our history and you will undestand..

    June 15, 2011 at 8:31 am |
  41. Athanasia

    Wolfgang you say that Greek are lazy.

    Have you ever worked with Greeks? i am working every day the last 10 years with people from abroad from many countries and i can tell you for sure that Greeks are not lazy. Do you know how many hours Greek people are working? Maybe you are reffering to a specific part of population (like civil servants) but all countries have lazy people, haven't they?

    You also say that Germans are carrying out the main part of bailout; do you know how much money Germany own to Greece? You should find out first.

    June 15, 2011 at 11:29 am |
  42. Dervid

    Some of the comments here about Greece's debt are really uninformed. Watch Max Keiser's report about the bankers and their swindle on Greece. Corruption is to mainly blame, but it isn't the Greek people - it's their PM. Watch: http://www.youtube.com/results?search_query=Max+Keiser+on+Greece&aq=f

    June 15, 2011 at 12:05 pm |
  43. Rena_Hellas

    where is USA on the debt list?

    June 15, 2011 at 12:15 pm |
  44. Rena_Hellas

    ρε παιδια μη τους δίνετε σημασια σε οτι γραφουν...ελεος πια με τον καθε ξενο ανεγκεφαλο που γραφει..ισα ισα που τους δινουμε τροφη για σχολια...

    June 15, 2011 at 12:23 pm |
  45. Melina

    i really need to see where exactly USA stands and German too. Both of them have murdered and killed millions of people, especially Germany (responsible for 2 world wars ).Also Germans have a very week memory when it comes to debt...need to remind the savages how much money they own from the wars?
    It took very litlle time to forget they were nazi and after that that half of them were communists............

    June 15, 2011 at 2:40 pm |
  46. Frank . Sweden

    Dear Greek friends. Stop be provokated by stupid people like some Germans (the creators of Hilters and 2 world wars) or some ignorant Turks !
    Be proud and as the friend above wrote above MOLON LAVE !

    June 15, 2011 at 2:44 pm |
  47. EuropeEllas

    Funny all this 'Crisis' started when it seemed a likely-hood the Dollar would lose it's global grip. I still think the Dollar will fall but the US is bringing as many people down with her. Just create a global economic MESS. The Greek Debt and others like it is laughable compared to what the US debt is. So what do they want a war to sell more weapons...to make more money what is the plan here dear "Great USA' ??

    June 15, 2011 at 4:16 pm |
  48. El.Ge

    One by one the domino's parts will fall one up on the other. The present Economy system is sick and slowly but steady becomes vulnerable. Argentina, Ireland, Spain Greece and others... to come... are the signals of the disease. The system has a casual contamination. The roots of the "blind dragon" are falling. The truth is out there and apparently calling. Change OR Die.

    June 15, 2011 at 4:34 pm |
  49. Andy K

    The IMF have been trashing countries and lives for years. Great to see Europe waking up to that. #Solidarity to the people of Greece.

    June 15, 2011 at 4:44 pm |
  50. geco

    So... curtain for the old political system in Greece. Lets see what kind of political situation will come out of this
    It is amazing however that there is a politician who had actually predicted the current situation , had actually tried to do what it was necessary to put economics of the country in order and all the socialists and union leaders prevented with strikes, demonstrations etc etc. THIS WAS in 1990s and K Mitsotakis was Prime Minister against all the PASOK anecenphalic monkeys. History , his story READ 1990s Newspapers and you will understand !

    June 15, 2011 at 4:49 pm |
  51. ellinida ellinida

    Greek Coalition Government Things to Do List: 1. TOP DOWN REFORMS, 2. CLEAN UP CORRUPTION ALL THE WAY DOWN TO LOCAL GOVT. 3. IDENTIFY CROOKS, GET COMPENSATION, PUNISH FAST. 4. FIND MEANINGFUL TAX EVASION THA MAKES A DENT 5. REVIEW BUY-OUT FOR BAIL-OUT FOR REAL AGENDA 6. STOP RAKING UP THE LOANS. 7. REALLY CUT SPENDING: WELFARE+HEALTH+CRIME=REFUGEE PROBLEM TRUMPS DEFENSE, TRANSPORT, ENVIRONMENT, PUBLIC WORKS. 8 IDENTIFY DEBT PROBLEMS AND TARGET POLICIES DIRECTLY NOT GENERAL OVERAL SWEEPING TAXES & SALARY CUTS. 9. GREEK CHURCH $$$/LRGST UNTAXED LANDOWNER 10. 14 MILL TOURSIS x $20/ 11. SPECIAL EMERGENCY LEVY ON ALL IMPORTS INCL EU (goes back to their banks anyway) 12. DEBT FORGIVENESS s/b ur platform 13. PR is a good idea. 14. PREACH PUBLIC SERVICE - serving the will of the people for the good of all not the few.
    Your welcome.

    June 15, 2011 at 5:30 pm |
  52. kjhvcxn

    Greece is the country not Greek.

    June 15, 2011 at 5:34 pm |
  53. Mobelus

    Well now ... the 5 largest Funds in the world finnaly got what they craved for.... they stepped their foot in to Europe to make an absurd amount of money with leveraging their funds.... Dont you wonder why Soros came in a flash trip in Athens ...?? You are all so flippin naive... they achieved what they wanted , they made money against the Euro , they levereged their profits without caring what happens to the people... thats the new kind of war ... its not made with tanks and bullets , its made with futures options and bonds.....

    June 15, 2011 at 5:35 pm |
  54. CC

    The greek mistake is that the greek politician did not claime back the money and the greek gold that the germans took from greece in 1940, before destroying the country. About 1 trilion euros now...
    The Italians gave to Greece 12 islands (Rhodes and other 11) as a payback for the disasters they did.
    What did the Germans pay until now?
    Are they ready to pay back the one trilion? If not, at least they must claim from their banks to reform the greek dept they hold by 100%

    June 15, 2011 at 8:28 pm |
  55. Raf

    Dear Greek people, instead of write here so many bla-bla-bla please do something with your country I mean with your economy, all of you, do something and all of us immediately will say you- thanks a lot. Please stop euro crizis or close the EU door with other side.

    June 15, 2011 at 8:30 pm |
  56. CC

    To dear German people who dont think...

    It is so simple,
    You felt to conquer the country 70 years ago, and we will not let u conquer it now!
    Unfortunatelly, you will continue to pay for your vacations!
    haha

    June 15, 2011 at 8:39 pm |
  57. Hallaz

    I have 5 Euros to spare. Kiss my Turkish azz. Just like you are sucking up to IMF, ECB, and all those agencies. First rule is get along w/your neighbours, not your religious friends. At the end of the day, you are kissing their azzez.

    June 15, 2011 at 9:34 pm |
  58. Nuno

    Soutern countries are banana republics full of ignorant retards that vote into power currupt mafia groups
    Their main interests is watching soup operas and footbal on tv
    Ignorace and iliteracy rage and rule
    Nothing is produced and the apt and bright have to emigrate because they aren't alowed to do anything
    I'm Portuguese and I ASHAMED of this garbage country

    June 15, 2011 at 9:41 pm |
  59. kostis

    when someone lents me 100.000 dollars i have a big problem because i need to pay it back. When someone lends me 100 billion dollars then i dont have a problem. My lender does!!!

    June 15, 2011 at 10:11 pm |
  60. Rayso

    I have nothing against Greek People. But Greece has always been a spoiled child of Europe. They should have Turkey join the EU instead. But its too late now, Turks do not want to join

    June 15, 2011 at 11:34 pm |
  61. medine

    greece should be isolated from european union immediately and should be taken under guarantee. should be treated separately. otherwise the disease may spread all over Europe. greek people are not accustomed to hardships. I think this is the whole problem. they get used to always be protected.

    June 16, 2011 at 1:51 pm |
  62. Tasos

    I would like to know how much money we loaned all years and how many we paid!
    Especially to Germany.

    June 16, 2011 at 2:03 pm |
  63. solitman

    So funny about the german people... They had Europe finance the unification of the Germanies and now snub other countries' misfortunes...Not to mention recent corruption and bribe inquiries of big german firms in many countries. Also, euro has been a misfortune as well as a miscalculated venture from the start. And don't pull and greek laziness crap... cause of greeks are lazy, why did the irish need a bailout?

    June 16, 2011 at 2:35 pm |
  64. Sith

    Nothern Europeans never realised that the only thing standing between them and chaos (Mongolian Turks) is Greece. Plus, Greece made you everything you are. Before your anchestors met the Greeks, life in nothern Europe was at least barbaric. Goths (Germans), franks and pagan british were living like animalls or worst. You know how to read & write thanks to the greeks, you know sanitation thanks to the Greeks, you know medicine, science, culture, philosophy & arts thanks to the Greeks. You have a name and an identity thanks to the Greeks. If you deny Greece, you deny civilazation. We – the greeks – have survived worst through history. We will be present for eternity. It is our destiny. We will always be europeans because the word "europe" is an acient greek word. Now, it is your time to choose. Do you want to remain europeans or become barbarians like the turks and the nazis?
    PS.
    IBetter be lazy and corrupt than a hard worker who creates Aushich, Birgenau and Dahau.

    June 16, 2011 at 2:46 pm |
  65. Tasos

    I believe we paid 3 times, at least the money we loaned!
    We are tired to pay 200 years Europeans and US.

    June 16, 2011 at 2:49 pm |
  66. Ben

    I side with neo and Paul Johnston
    neo, you're right: America should be at the top of the list.
    We americans may be rich but we're so deep in debt that its ridiculous for our financial institutions to be rating foreign countries.

    Dr. Johnston, you hit the nail on the head. Greece should have never been let into the euro zone. But now what do we do?

    June 16, 2011 at 2:50 pm |
  67. Domination

    What is the USA plan? Well the first REAL issue is there are far too many people living on the planet. The second REAL issue is the growing gap between the educated and non-educated. The last REAL issue is the majority of people on this planet allow corrupted relegious leaders to make their decisions. Now – What is the USA plan? There is no plan... There is no secret plan to dominate the world or make it a better place – there is no plan at all.... NOBODY would like a plan that really addresses the real issues the world will have to deal with over the next century. The population needs to be controlled, the resourses need to be shared, the dependence on relegion needs to be ended, and the great education divide needs to be removed. Anybody got a plan for those?

    June 16, 2011 at 5:41 pm |
  68. taxed

    I wish the article had said what happened to the countries, Ecuador and Argentina, and their people when the countries defaulted.
    Also, who took the loss? Bond holders, banks, other countries? Who?

    June 16, 2011 at 6:57 pm |
  69. Dave

    This no different than what is happening in the USA, it's the result of being run by a bunch of GREEDY morons who lack common sense and logic.

    June 16, 2011 at 7:19 pm |
  70. PJ

    The Greeks must be very proud. They are the least likely in the World to repay their debts. Shame on them.

    June 16, 2011 at 7:28 pm |
  71. ttruth2

    *****Greek Abroad is spot on and saved me a thousand words....Greeks: stop being lazy and entitlement crazed winers and living off the very distant past......anyone seen the national productivity #s for Greece? now you understand their problem....no free lunches

    June 16, 2011 at 7:36 pm |
  72. Jim

    To say Greeks are lazy is a strong mischaracterization; and coming from a German it reflects the common German stereotype of being racist and bigoted, to say the least. I am Greek. All the Greeks that I personally know, work no less than 40 hours a week. Most work 50-100 hours a week; myself included. I take two weeks vacation every year, unlike my German friends who take over a month vacation every year, and my life revolves around work and family. Greeks here in the USA, though they are a small minority, are well off financially and have among the highest incomes and highest levels of education than just about anyone else. And yes, we pay more than our fair share of taxes. Germany and western Europe historically have gained there wealth and stature by invading and using a 'divide and conquer' mentality. Does Greece need changes? Empatically YES. But it doesn't need foreign powers dictating monetary policy.

    June 16, 2011 at 7:38 pm |
  73. Jim

    Germany's biggest fear is that Greece will abandon the Euro and bring back a devalued Drachma- the most common sense solution for Greece, and the worst scenario for Europe.

    June 16, 2011 at 8:03 pm |
  74. Voltairine

    The entire world should default. Let it happen. It’s good. Those that will suffer the most by a global default are those that are most responsible for having made this happen in the first place; big business and the filthy rich did this and its time for them to pay. Your governments, having thus become free of the tyrannical corporatism that corrupted them, can then turn their attention back to serving the needs of the people where it belongs, and not pandering to big business and the richest one-tenth of one-percent of the population.

    June 16, 2011 at 8:19 pm |
  75. old native american

    Global economy/ one global government (UN) = total bankrupcy for everyone in the world; handwriting is now on the wall. Look @ how the power is shifting everywhere in the planet !!

    June 16, 2011 at 8:22 pm |
  76. Voltairine

    Wow the censorship...I mean the "moderation" sure takes a long time around here.

    June 16, 2011 at 9:56 pm |
  77. Voltairine

    The entire world should default. Let it happen. It’s good. Those that will suffer the most by a global default are those that are most responsible for having made this happen in the first place; big business and the filthy rich did this and its time for them to pay. Your governments, having thus become free of the tyrannical corporatism that corrupted them, can then turn their attention back to serving the needs of the people where it belongs, and not pandering to big business and the richest one-tenth of one-percent of the population.

    NOTE: I'm posting this again since the "Moderators" are still "moderating" it for some reason.

    June 16, 2011 at 11:12 pm |
  78. giorgos

    Long-live Greece.... they will overcome any adverse condition!

    June 17, 2011 at 1:11 am |
  79. GWB

    BELIEVE ME, IF GERMANS, ITALIAN'S AND MANY OTHERS ;HATE GREEKS ITS IS FOR A REASON. GREEKS ARE PARASITES,THEY DON'T WORK!! ,. THE DON'T DO ANYTHING,.DON'T PAID NOTHING,.THAT IS WHY
    ARE WORST LOSERS ON THE PLANET..

    June 17, 2011 at 4:09 am |
  80. Benan

    Well, as a person who has Greek origins, I can not say that Italians and Germans hate Greece, but i was reading the commends and i`m so sorry for those who unfortunately criticized Turkey here and compare Greece withTurkey for absolutely on the topic which has no similar relation with the situation of Greece right now... Guys, I`m sorry but first, you should compare yourself with these top ten countries, not with Turkey...And second, please stop accusing other nations and just try to find a solution, himmm, for example , stop lying, and be realistic!!!!

    June 17, 2011 at 11:34 am |
  81. Paris

    I am surprised that GWB's comment is still here. It reminds me a copy-paste of what Germans were saying 70 years ago (although I think you are either Turkish or from just north of the Greek border) about another group they didn't like. Change the word "Greeks" in that comment and you have an automatic deletion due to racism. But I guess its fine to talk about that for the Greeks, it is the trend anyways....

    June 18, 2011 at 12:18 am |
  82. Tasos

    Greece pay every year more than 70 bilions $ for the the <>, we pay in order Europeans & US have big salaries an be happy, we have a word here for men like you <>.

    June 18, 2011 at 1:45 pm |
  83. Stavros T.

    As everywhere else in Europe, in Greece, Ireland and Portugal there are good and bad workers, good and bad companies. The sovereign debts of those countries are a completely different story and stem from public mismanagement, government corruption, massive tax evasion and excessive exposure to toxic financial products from abroad. Heavy speculation from rating agencies and other market operators seeking huge gains from struggling economies have done the rest. There is an even bigger problem that has long been undervalued... Southern Europeans have been paid not to produce and instead import, thus benefitting exporting countries from central Europe. In Portugal and Greece, for instance, whenever someone exceeds the EU quota for milk production, the produce has to be destroyed. Fishing companies have been dismantled, farms have received large funds to withdraw, so that the big central european markets would thrive. The principle is: the north gives the south a lot of money, saying: "take these billions as a loan and stop producing; you can use this money to import from us". If a country ceases production how can it ever pay its debts? Thank God there are many southern europeans who did not stop producing, who did not get the EU bribes, who did not respect the EU quotas, who did not apply to EU funds. Portugal has lost its agriculture and fishing prime, but it has not lost time and embarked on high-tech industry innovation: electric car batteries, wind-power systems, solar panels, aerospace software and other solutions. Some companies already yield nice profits, but most pay taxes abroad, so the Portuguese debt sees no help from these industries. And this brings us back to the beginning: the system needs to be revised.

    June 19, 2011 at 4:13 pm |
  84. Mike

    I cant take listening to Germans complain about Greece anymore. Seriously, when you call Greeks lazy its kind of like saying that you are jealous of the lifestyle and the weather! I have lived in Greece and have family there. Every single one of my family members works well over 45 hours per week. If laziness is to say that after a hard days work Greece has beaches that you dont have in Germany or northern Europe in general, and that Greeks will enjoy their beaches, then hats off! Hard working Greeks that have been in the workforce for years do not deserve German arrogance! God bless all the money that went into Germany after WW2 to rebuild. Greece's problems have to do with years of bad politics and political turmoil. Its hilarious how German banks own a part of Greek debt, yet in order to receive more aid, Mrs. Merkel needs Greece to buy 50 German made submarines!! If you think that Germany and France have no interest in Greece paying back its loans, then wake up. the interest rates are very large to miss out on!!! I think Germans are angry that Europe doesnt speak German today, if not for Greece during the great war, that may have been true. And at the end of the day, did Europe not know of Greece's debt woes? did we all wake up one day and see that Greece owes billions of euros? The European leadership recently admitted to faulty political practices in regards with dealing with Greece's problems. Not to say at all that Greek politicians are not to blame!! they are the first to blame! but dont discuss about how the average person is affected by this crisis. you have no right to speak about the hard workers that cant even pay their rent or mortgage and have the audasity to call all greeks lazy. Auf Fidazen

    June 20, 2011 at 2:57 pm |
  85. arno

    Pfff Greeks should look at themselves instead of blaming the rest of the world. Unbelievable. The rest in Europe is paying for them. Too bad the germans didn't support the Netherlands to stop the Greeks from joining. Historical mistake and therefore I don't feel sorry for the Germans at all. Check your history.

    June 20, 2011 at 6:10 pm |
  86. Yunus

    I am Turkish, and I am really hoping to Greece get rid of the their debt asap and recover their economy, because it is a chain reaction if they collapse we all follow, and I do not really understand why people just being a racist ash. Turk/German/France whoever we are we have responsibility to each other. Please guys stop being a racist. and pray for Greece People.

    June 20, 2011 at 6:22 pm |
  87. savvas

    Dont usaly comment but here it goes,
    As a greek who leaves abrod i am ashamed of the situation (the worst country on earth according to some in regards to money).
    Okay, i am ashamed and this should have never happen- but

    Can anyone of you here tell me how and when America would pay??????? and please, dont forget to say with what????

    June 21, 2011 at 8:07 am |
  88. zerdss

    People need to learn how to spend money wisely.

    June 22, 2011 at 12:42 pm |
  89. islandcynic

    Write off the debt. Change the leadership and stop corruption.

    June 28, 2011 at 1:53 pm |
  90. Dimitrios

    Fritz To return them due by the Germans in Greece for the loan they took from us the period of German occupation, and also war reparations, and then do not owe anything. Mr. Turk would do well if he has the courage and bravery (I say if you have) come to get the two islands that wants to keep the money for ice cream now has heat. We do not sell anything

    June 30, 2011 at 2:28 pm |
  91. Dimitrios

    Yunus, Thank you for all Greeks

    June 30, 2011 at 2:31 pm |
  92. Michael Phillips

    All that gold on bottom of the Mediterranean and if the Greeks were not such a pain someone would actually tell them where it is for a finder’s fee. Just think about 8 or so tons not the 18 tons of gold the Greeks like you to believe but what really is of value is some of the antiquities that the Greek government wasn’t able to hide from the Germans. The Germans and the Italians participated in various digs around the country. The last amount of wealth in gold, silver specie and historical artifacts left Greece about 2 months before the Germans pulled out. They were loaded on to three ships with one of the vessels leaving a couple of days earlier. The other two left the same time at different times. I know the first ship to leave made it to its destination but the other two were not so lucky. I know they really did not find that much on the fairy tale of Phantom X because it simply isn’t true. I do on the other hand wonder if the Greeks would pay for such information if that person knew where it is was down to the longitude, latitude, minutes and seconds.

    September 2, 2011 at 8:26 pm |
  93. Michael Phillips

    All that gold on bottom of the Mediterranean and if the Greeks were not such a pain someone would actually tell them where it is for a finder’s fee. Just think about 8 or so tons not the 18 tons of gold the Greeks like you to believe but what really is of value is some of the antiquities that the Greek government wasn’t able to hide from the Germans. The Germans and the Italians participated in various digs around the country. The last amount of wealth in gold, silver specie and historical artifacts left Greece about 2 months before the Germans pulled out. They were loaded on to three ships with one of the vessels leaving a couple of days earlier. The other two left the same day at different times. I know the first ship to leave made it to its destination but the other two were not so lucky. I know they really did not find that much on the fairy tale of Phantom X because it simply isn’t true. I do on the other hand wonder if the Greeks would pay for such information if that person knew where it is was down to the longitude, latitude, minutes and seconds.

    September 2, 2011 at 8:28 pm |
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