PIIGS

Senior Editor Paddy Hirsch explains why problems with certain European countries sovereign debt could blow the house down.

Category:

Education

Tags:

• whiteboard
• marketplace
• paddy
• hirsch
• portugal
• ireland
• italy
• spain
• debt
• euro
• dollar
• economics

[AustrianAtheist]

Anti European propaganda. All other leading economies (USA, Japan) have more debts. I hate these US rating agencies, that still give a AAA to the USA, even when they have more than 13.000.000.000.000$ debts.

[CanoPinto]

XD, "PIIGS". BTW, the wellfare state is dieing. We know a lot what FMI means, I am brazilian and we got this so called "help" from FMI around 80´s. Europeans, say goodbye to your wellfare state.

[p220394]

@AustrianAtheist A portuguese commentator said, and i agree a lot: " the cold war ended. The problems of the soviet union were immediatly at sight, the problems of the US took long to be seen". We as europeans are now facing the problems the US created, we are paying for what another country as started. I am not saying Portugal, SPain, Greece, Ireland, Italy dont have fault in this matter, cause they/ we have. But this wouldnt have started if wasnt for the USA

[p220394]

@AustrianAtheist you´re right it is in fact a conspiracy against europe ( specially southern europe). An example: 1 week ago, the german minister of finances said to the portuguese minister of finances : " we can help you if you need another loan, cause you are making important and corageous measures". while we were having dinner i said to my family: " its good news, so we will have our rating cut in the next week" . two days after this , our rating was cut

[UnknownOconnor]

@troybrownrigg Well, the biggest problem is that the ECB is refusing to monetize debt like any other central bank. That in my opinion is suidical and crazy. I find these acronyms offensive where it feels like someone is kicking me in the teeth because I am bailing out European and American bondholders of Irish Banks. Our former finance minister Brian Lenihan guaranteed the Banks which bankrupted us - hope he rots in hell. I also hope our treasury bills remain at 4%.

[troybrownrigg]

Maybe the PIIGGS should start thier own money system all declaring bankruptcy at the same time and starting another FIAT currentcy system!

[troybrownrigg]

@UnknownOconnor sound to me their all in over thier heads. might as well have 3 G's in thier Germany for loaning money they will never see again! And a big F for france. standing for forget that investment!

[troybrownrigg]

@p220394 They can cut the rating but the US will print and cut more money! US debt is worth only the paper it's printed on! We print our way out of debt by devaluing the dollar on a regular basis!

[troybrownrigg]

I've bailed out many American companies! They went bankrupt I lost every cent invested in them! Therefore if these governments file bankruptcy it will be like GM. Which after bankruptcy made record profits of like 7.6 billion, enough to give it's employees like 7k each. Forget about those share holders that were wiped out . This is exactly what greece and the others should do, Wipe out the New World Order, which is nothing more then huge banks enslaving the poor! Let them file bankruptcy!

[p220394]

@MegaKiller10 Yeah in percentage terms USA has less debt than Greece but it has almost the same comparing to Portugal or spain or ireland or even italy ...And have you ever seen the agency rates cut US rate?? no cause they cant, they are controlled by the US government ( Barack Obama pratically expelled the guy who threatened to cut the US rate)

[p220394]

This guy forgot the part that the "piigs" are paying for a crisis that started in the marketplaces of wall street in 2008. So Greece isnt the real problem, the real problem is wall street and its lack of fiscal controll by the US State that led to the crisis of 2008.

And i like the way you americans are always putting apart ireland, when in fact ireland is really bad ( here in this video he is almost painfully writting the name ireland on the board and he says " horrified to say ireland")

[deejaynam]

Thanks for clarifying!