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Thread: Gone Bankrupt

  1. #1
    spoons
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    Default Gone Bankrupt

    Forgive my lack of understanding, but what does it mean if a Country goes bankrupt?

    Like Iceland for example. They went bust and after the initial commotion we never hear of them anymore?

    Does their country suddenly belong to someone else?
    Do they all get shot?
    Are we allowed to talk to them anymore?

    What happens?

  2. #2
    Regular Member HITFACTORY1403's Avatar
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    Quote Originally Posted by spoons View Post
    goes bankrupt?

    Like Iceland for example.
    ==============================================

    Doesn't the managing Director , put the frozen food company in his wife's name and start all over again again .

  3. #3
    Regular Member marktaylor's Avatar
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    Quote Originally Posted by HITFACTORY1403 View Post
    ==============================================

    Doesn't the managing Director , put the frozen food company in his wife's name and start all over again again .
    iceland ... bankrupt ....never !!!!

    bet that horse faced bird of the x factor is well unhappy

  4. #4
    spoons
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    Or do the rest of the worlds banks just shrug their shoulders and write off the debt making us lot pay for it on their behalf.

    If that is the case, at what point does the Country become 'unbankrupt' again ready to start its debt mountain again.

    I heard on the news the other day that a statistic was reached whereby every man, woman and child in this country owns on average £24,000.00 of the national debt.

    Cheeky barstewards passing the blame onto us like its our personal debt.

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    Didn't Iceland have a referendum to decide whether to pay the UK the money they owed & they voted no!!

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    I think they just start up a new country with a slightly different name like 'Icelands' in the same fashion companies do!

  7. #7
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    Default

    Excellent question, wish I had a good answer - maybe the Greece Premier can tell us.
    I wondered, with all this debt, and the tax payers bailing out the Banks, when we all start getting dividend payments....

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    In short the country has to adopt another currency to bring back stability and rebuild thier economy.

    ZImbabew did it a few years ago, they had inflation that was so high it was unmeasurable eg go to work bus fair was 1 million local currancy, work for the day get on the bus home and the fair was 7 million.

    they adopted the american $ knocked 9 digits off the current pricing models and then went from thier. They also identified a good few problems along the way eg cash machines didnt have enough digits for the local currency when it hit 6 figures then 7 then 8 then you get the idea.

  9. #9
    spoons
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    Quote Originally Posted by roswell View Post
    In short the country has to adopt another currency to bring back stability and rebuild thier economy.
    Oh I see...

    So Greece could have 'Chips' instead of Euro's... Greece Chips

    and Iceland could have the same but frozen Chips, which would be cheaper than anywhere else.

    I get the idea.

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    Correct, Greece could have its own chips or take on American fries first then after x months of being stable move to thier own chips and loose some weight.

    However thier is a bigger risk and some say planned out result.
    Greece leave the euro, the euro then becomes unstable anyway because X economys are negative and A economys are positive net result is Euro chips are to small to sustain themselves, the global option then could be to move to a global chip.

    The global chip would allow fixed pricing and complete globalisation but no one would be sure who`s chip it is, China would be a little hacked off due to all the hoards of chips they currently hold from all over the world known as the old valueless chips and net result probably be a change in global balance as CHina has positive stores of chips where the rest of the world think they have chips but actualy when they check the freezer its empty with just a I.O.U some chips China.
    Last edited by roswell; 3rd December 2011 at 00:28.

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