A Quote by Lucas Papademos
Greece could default on its debts and even exit currency bloc if it cannot deliver reforms.
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Greece's debts are all denominated in euros, but it isn't clear who holds how much of those debts. For that reason, the consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank.
By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds in their own currency never default, because they can always print money. Their currency may depreciate, but the risk of default is absent.
We do not want Ukraine to default. On the contrary, we need an economically viable partner. However, debts should be paid, and this includes state and commercial debts
Not raising the debt ceiling does not trigger a default, because we've got enough money to service our debts. Default is when you can't service your debt.
The best companies with the strongest credit ratings borrow like the United States: on a non-prioritized basis. This means that in the event of a default, all of their debts are of equal priority because lenders and creditors believe default is highly unlikely. And they spend considerable effort maintaining this status.
Following its recognition as a state in 1832, Greece spent most of the remainder of the 19th century under the control of creditors. The pattern started with a default in 1832. In consequence, Greece's finances were put under French administration.
There is a difference between strategic or technical default and default where you really don't have the economy to support the spending. We are not at that point yet. We could be. We could be, like some European nations.
We're not going to default. We just won't default. I mean, there are ways of not defaulting even if you don't raise the debt ceiling, and even if you don't fund the government.
When you're on the field, you've got to deliver. It doesn't matter what you potentially could deliver or what you might be able to deliver in future - you've got to deliver it there and then.
I've already lived through a default and it's very hurtful for society. No one could want a default as a solution.
Catalan society is divided. There's one bloc - which isn't a majority - that backs pro-independence parties. But there's also a bloc that doesn't, which favours the current state, the statute of autonomy, and either increased decentralisation or even increased recentralisation.
If investors avoid the Treasury market, we could be unable to pay off maturing securities, which would mean an immediate default. Market participants generally agree that even a brief default would create potentially catastrophic risks to the financial system, like the meltdown of 2008.
Greece wishes to be part of the eurozone, but it must, of course, go through with the necessary reforms to make this happen.
Well what would happen is that if Greece defaulted and couldn't pay its debts, all the Greek bonds that are held in other banking systems across Western Europe would suddenly have no value. You could as a knock-on effect create a banking crisis in Western Europe.
The Olympics were produced absolutely the same way from 1960 through 1988. It was always the Western World against the Eastern Bloc. You didn't even have to spend one second developing the character of any of the Eastern Bloc athletes. It was just good guys and bad guys.
Greeks have to know that they are not alone ... Those who are fighting for the survivor of Greece inside the Euro area are deeply harmed by the impression floating around in the Greek public opinion that Greece is a victim. Greece is a member of the EU and the euro. I want Greece to be a constructive member of the Union because the EU is also benefiting from Greece.
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