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<p>[QUOTE=&quot;medoraman, post: 1204346, member: 26302&quot;]But its not the same situation Cloud. The OP asked about Greece, not Iceland, and the Greek crisis is about sovereign debt, not bailing out banks. In the link I provided Iceland says their crisis is not the same as Greece. If Greece defaults on their debt, either they will seriously hurt the Euro, but instead I think they will be kicked out of the euro. This will enable the country to lower its drachma to inflate its way out, but hurting all of the pensioners and destroying savings. Bottom line, if greece cannot restructure their debt, (meaning payments and not forgiveness of debt), then I believe they are out of the Euro.</p><p><br /></p><p>Concerning a situation like Iceland, I completely agree with you that the banks should not have been rescued by the government, any more than our banks and car companies were. The only difference is our government policy led to a lot of the banks bad policies, (Fannie and Freddie), so our politicians were greatly to blame for the crisis to begin with.[/QUOTE]</p><p><br /></p>

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