Debt is not a guarantee of future payments in full. It is a risk that creditors take, in hopes of being paid back.
http://www.businessinsider.com/greece-referendum-result-and-the-meaning-of-debt-2015-7?r=UK
April 19, 2024
Debt is not a guarantee of future payments in full. It is a risk that creditors take, in hopes of being paid back.
http://www.businessinsider.com/greece-referendum-result-and-the-meaning-of-debt-2015-7?r=UK
“This is how capitalism works. The fact that it took a democratically elected government whose own offices are adorned with posters of Lenin, Engels, and Guevara to teach this lesson to Germany is astonishing.”
Amazing that with “government whose own offices are adorned with posters of Lenin, Engels, and Guevara” (not any economists) they went for the “free market” and “capitalism”, eh? Does this make them traitors to the people who democratically elected them? Or is what they did OK as long as one can blame capitalism.
What’s democratic capitalism and the free market? Here in Mendocino it’s called medical marijuana industry.
If you read this wiki breakdown about Greece’s bailout you may see simularities between CA, US, and Greece with a glaring difference in CA and the US sell weapons to Greece, which spent the money building a bigger armed force/government.
https://en.wikipedia.org/wiki/Greek_government-debt_crisis