What happens when a country Defaults on their Foreign Debt or gets a Bailout to avoid Foreclosure? 4


Lets look that the Bailout deal struck today to attempt to save Greece from Financial disaster.

  • EU – European Union
  • ECB – European Central Bank
  • IMF – International Monetary Fund

The second bailout for Greece will avert imminent bankruptcy and Greece will stay in the Eurozone.

The deal comes in two parts:

  • Investors take a huge loss of $142 Billion Dollars (A loss of nearly 55%)
  • Greece will receive 130 Billion Euros in new loans. But before that can happen they have to implement 3 Billion Euros in spending cuts.
  • To add, they will get an interest rate reduction to reduce the debt by another 2.8%

The price you pay

  • The EU, ECB and IMF places permanent monitors on the ground, in Greece. Basically they are permanently setting up shop inside of Greece and therefore infringing on the sovereignty of Greece.
  • A separate account will be setup to ensure that priority is placed on paying those debts thereby placing them above the Government working in the best interest of the country and it’s people.
  • The Greek Government will no longer have a say in how it manages its budget and honestly, the country. The parties involved will handle that for them.
  • Minimum wage is to be slashed by 22%, pensions between now and 2015, 150,000 public sector jobs will be obsolete, meaning that many people without jobs.

Similarities to Belize

  • We owe a huge foreign debt that is apparently on the brink of defaulting.
  • Greece heads to elections in April, Belize in a matter of days.
  • In late 2009, the new government of Prime Minister George A. Papandreou announced that it had discovered that its conservative predecessor had falsified budget figures, concealing a swollen debt that was growing rapidly in the wake of the global economic meltdown. Sound like the last decade or so in Belize?

Can you say looking into the future of our Jewel? I know I can.

I believe that we have been purposefully led to this point in our country’s history. I know many think that the theories are just that, but look around you and see what’s happening. Something terrible is looming on the horizon and many will not even notice because they are so distracted with all the noise going on around them.

My suggestions?

  • Take your eyes off the tube, leave the Jersey Shore behind.
  • Start paying attention to who you are voting for in politics and not American Idol or other related shows.
  • Learn your history, visit your library and learn what are your Constitutional and Legal rights.
  • Start to seek out the truth. Far too long have we depended on others to tell us what we want to know, we must re-indoctrinate ourselves to be self-reliant. This is what has us in the shit hole we are today.
  • Start to pay attention to our health. Start a backyard garden, find ways to live off the grid (infrastructure).
  • If you can, buy a gun, learn to hunt, clean, prepare, store and cook your kill.
  • Take some self-defense classes. Preferably, mixed martial arts and hand to hand combat.
  • Start looking out for others in your community. When shit hits the fan, the only way we will make it is by relying on others.
  • Learn and teach your children what to do in the event of an emergency.
  • MOST IMPORTANT:  Start to open your eyes, read between the lines. Look at the forest for the trees not just the forest, you’d be surprised at what you find.

 

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4 thoughts on “What happens when a country Defaults on their Foreign Debt or gets a Bailout to avoid Foreclosure?

  • Darius Martinez

    Interesting C B, this does not look good for Belize, and for Barrow to be making these reckless statements is unbelieveable, but i guess he is throwing red meat no pun intended to his base, but it will come back to haunt him, the sad thing about it, he has already fortified himself in the States and can easily take a flight out leaving us to wallow in a mess he has created, i am surprise the business community is not crying bloody murder, let us hope they are just waiting for March 7 to send him a strong message.

    • FiWeBelize Post author

      Agreed.
      I hope that the next Government steps back and looks at the forest for the trees and really plan the next move. Quite honestly; what I would like to see, is for all these promises and projects put on hold and a one liner manifest be put on the table:

      Stop all spending, focus on fixing the current issues and then move one from a clean slate. We need long term plans to be put in place but our politicians seem to only have short termed abilities. They plan only for the terms they are expecting to serve while the nation needs plans to take it into the next 50 years.