So what if Greece did go bankrupt?

Published On February 13, 2012 » 1083 Views» Politics

Waking up to the scenes from Greece, public reaction to the austerity measures erupting in violence and Greek MPs

March 25 - Greece Independence Day

March 25 - Greece Independence Day (Photo credit: Aster-oid)

passionately debating the actions needed to get the bailout fund from the EU.  My gut reaction was surely it is simple, they have to suck it up and deal with it, but is that right?

The basic question hit me, what would actually happen if Greece did go bankrupt?  Who would it really affect?  If you or I were to go bankrupt, we would be judged by the court to be bankrupt, your card is marked and it all gets sorted out and the people who are really worst off are your creditors.  So what is different for a country?  Personally I think that is it, it’s not about Greece per se, it’s all about Europe, and the fact that the Euro Zone can’t afford to let Greece fail.  If the Greek Economy fails, there is a real risk of a Domino effect across Europe.  The UK Government will need to really work hard to ensure we are not swept into the bailouts!

Though if the Euro Zone can’t let the Greek economy fail, they need to be aware that they seem to be going very close to breaking the heart of the country, and if that happens, what’s the point of the economy anyway?

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