Bankruptcy Work for Those Can Say NO to Debt
- This topic has 0 replies, 1 voice, and was last updated 12 years, 5 months ago by .
Viewing 1 post (of 1 total)
Viewing 1 post (of 1 total)
- You must be logged in to reply to this topic.
Home › Forums › The Automatic Earth Forum › TAE Blog › Finance › Bankruptcy Work for Those Can Say NO to Debt
Why people hold out rather than declare bankrupt? In my humble view, they worry that they can borrow no more to maintain their standard of living. If a person cannot change his/her spending habit, declaring bankrupt put him/her into deeper troubles – now no $ and no one bother to lend.
Greek government runs a primary deficit which means even if all debt service is removed, Greek government still has deficit. If Greek government elected by people say NO to austerity, they need to figure a way to earn money through their hard labor. How can a nation with so many people vote and expect others pay for their universities, civil servants, …
Greek is not Iceland. If it wants to say no to EU bailout, ironically, it needs to take self-imposed austerity to cut down non prodsuctive (despite politically correct) sector dependency in the country.
Sorry, the comment form is closed at this time.