Bankruptcy

[poliphilo]

What would it look like for a country to go bankrupt? Greece already has civil unrest, with cabinet ministers being chased down side streets,  policemen being set on fire and the prospect of years of economic hardship to come. Would bankruptcy look any worse than that? Politicians talk about saving the country as if it was in danger of being bulldozed off the map, but what I think they're talking about is saving themselves.  They might indeed have to retreat abroad to spend more time with their Swiss bank accounts (so sad)- but the country of Greece- proud Hellas- with its mountains, islands, people and ancient monuments would still be there.

So Greece- or a country like Greece (it could be Britain the way things are going)- says "OK, I'm bankrupt, now sue me." What happens next?

Comments

[methodius.livejournal.com]

They don't even have to raise the taxes on the rich, just collect the unpaid taxes that the rich have been evading for years. But the EU and the IMF want to lend them money (the media call it a bail out, but it seems to me that that is increasing the debt, and therefore more likely to sink the boat than make it float) and demand that it be paid back by collecting it from the working class and thepoor, and not from the fat cat tax defaulters.