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

[petercampbell.livejournal.com]

Well, there was plenty of unrest during the Thatcher years, and what's coming up is likely to be much more severe for us economically. It'll be interesting to see whether it engenders a type of wartime spirit, or we get the countrywide equivalent of the Brixton riots.

[poliphilo.livejournal.com]

Thatcher chose confrontation. There were other options. This time there aren't. The hardship is going to be severe whichever party winds up running things. Thatcher made me angry, but don't think I will be as angry with a government I know to be acting under compulsion.