PhunkyMunky wrote::D Soros probably caused all of this

That complete snake (apologies to snakes) has been planning something like this for at least 30 years...maybe more. He'll be dancing a jig 24/7 when this goes down.

I'm hearing that the ECB, IMF and World Bank want about another trillion to tide them over for the current most critical default issues. But behind the scenes they believe it will take AT LEAST $10 trillion to keep the system from crashing.

World Bank may dissolve too, at some point and become another entity all together with the notion of one world currency.

Quick question...
when I default on my debt, such as a car or a house, I loose them. They get repossessed. When a business goes into default, say a store, they have to sell off all assets to pay creditors and they cease to exist. So, what actually happens to a country that defaults? Do they get taken over by another country they owe money to or do they just loose their country and get absorbed into the countries around them? OR does it not make any real difference at all (except they can't borrow any more money)?

i fear we'll not be getting any more feta cheese

WE WANT OUR GYROS!!!!

HP, when a Country Defaults, they become simply a collapsed country. They'll probably lose some assets, but definitely no more loans. Assets could include products they usually produce, gold if they have any, they'll sell military assets, things like this. But as for the country itself, it just becomes a very poor country.

When we default personally, we may lose that which we have, but they don't take our very life. We don't cease to exist. We're simply broke and can't borrow money. Same goes with a country.

Herbalpagan wrote:Quick question...
when I default on my debt, such as a car or a house, I loose them. They get repossessed. When a business goes into default, say a store, they have to sell off all assets to pay creditors and they cease to exist. So, what actually happens to a country that defaults? Do they get taken over by another country they owe money to or do they just loose their country and get absorbed into the countries around them? OR does it not make any real difference at all (except they can't borrow any more money)?

http://www.npr.org/2011/09/21/140658264/what-would-a-greek-default-mean-to-europe

Here's a discussion the Liberals on NPR had just before the previous Greek deadline ^^.
You might begin to see where the 1 trillion figure comes from and why 10 trillion might be the next hurdle. And further discussion below:

http://money.cnn.com/2011/09/19/news/international/greek_default/index.htm

I'm thinking LOTS of internal chaos (more and bigger riots etc), and possibly revolution/civil war(s). Sic Semper...'twas ever thus' History is unkind in these situations.

I've had the same question for some time, HP. My uneducated opinion is that the country who is owed the money takes it out in trade, purely my own logical thought. If you don't pay for your car, they retake it and sell it to recoup the loss. The difference is your responsibility. So if Greece owes the UK ten bucks, and Greece defaults, they get ten bucks' worth of Greece?(or olive oil, if you prefer something lighter)

BTW, please excuse my juvenile sense of humor.