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The new owner has to take over the Millions of Euros Loan taken by the airport.

If we look at the Greek GDP over last 15 years The GDP actually peaked in 2009 one year after the so called GS crisis. Even today at the height of the crisis they are at levels of 2005-2006. @pmaitra GDP growth figures do not tell the full picture especially when we are looking at developed...

Let us get something sorted out 1. No one forced Greece to join the Euro Zone. There were countries which despite being members of EC did not join the Euro. 2. Greece was not a state with high illiteracy, that the whole nation could be hoodwinked on joining the Euro. They embraced Euro whole...

Now for the Greeks the PM Alexis Tsipras has overnight become a villain and they are now questioning why was the referendum required in the first place?

so the this Greek PM was no different than all of the others before him. He went with the referendum only to implement all the reforms that his creditors wanted him to do so months back. In the end it was all about power and politics.

The Germans never wanted Greece to leave EU. That was the reason why they pumped Billions of Euros, precisely 78 Billion euros, in Greece so that it could stay in Euro zone. they will again bow down to Greece and refinance them again and most probably we shall hear 3 years down the line, WHY...

These bailouts that you have mentioned in your posts were done by their own respective Governments, not by the taxpayers of other countries, so do not compare yourself with them. that is a wrong comparison. Another line going around is that the oligarchs have benefited and they are the cause of...

@amoy very well written post. I can only hope that the parties involved will read your post.

you have mismanaged your economy and expect the Germans to write off debt due to some moral obligation. Was it to Greece no---- it was to the US.

Spain and Greece were both in similar situation and a couple of years back both the countries started taking austerity measures and to reform the economy. This year Spain promises to be the fastest growing European economy and Greece--??????

I am amazed at the audacity of the Greeks that they are playing the victim card here. Collapse of Euro will not have a major impact on Germany. They will go back to the DM which was stronger than the Euro and they will continue to be the economic powerhouse of Europe.

But the point is there was no major disagreement within Greece on joining the Euro. Nobody can force you to take on loans that is beyond your capacity to repay. I sympathise with the ordinary Greek citizens, the politicians have failed them miserably, even the present Premier.

Nobody forced Greece to enter the Euro. they could have stayed in the sidelines with their own currency like the English and the Norwegians. It was the lure of cheap money that drew them to cook their books and join the elite club. I do not understand the whole game of brinkmanship here. Going...

And who will trust them in the future. Let's face the fact Greece by sheer geography is a developed economy. In its own it will be at par with Pakistan or Zimbabwe.

A very nice article from Vivek Kaul on where the Greeks went wrong and what the Germans did right in handling their economy with a strong currency. The Greeks fiddled with their books, spent money beyond their means and made themselves uncompetitive in the global market while their bureaucracy...

This is one thing the French can definitely teach the world, how to live without resorting to huge debt.

Ideally IMO Eurozone should have included only Germany, France, Austria, Sweden, Norway and Switzerland. Maybe the Dutch also. This would have been a real powerhouse and these countries have stuck to a very strict fiscal discipline.

In a bid to make Eurozone a reality countries like the so called PIGS were allowed entry even when they did not meet the fiscal criterion. However these countries have nobody but themselves to blame for the mess they are in. They took advantage of the shield provided by a strong Euro and went...

if they leave Euro zone as they have been threatening to they will have no other option but to print notes in huge numbers. The Greeks have shown that they are not going to follow any fiscal discipline and the Government which tries to will get booted out.

They are already buying assets in Greece, one Amphibious landing craft, one port etc etc.. But the Greeks have gotten used to the easy life will be in deep trouble. I predict a hyper inflation like the ones we have seen in Zimbabwe if Greece exits Euro Zone. Their currency maybe Drachma will...