The current default payment of Greece to the IMF, is supposedly $1.8 billion. I would love to see the contract Greece signed with the IMF, when the loan was granted, as the IMF has the reputation of being a loan shark, and a destroyer of nations who dared to sign up with them for money. I’d bet the terms are very much "Loan Shark" in their requirements. How much was Greece loaned? The media fail to publish the amount. Why not realize that the IMF’s money comes from CONTRIBUTIONS from its members? The US, is by far the largest contributor to the IMF. Why not waive the payment, since the IMF got the funds from contributions, and save Greece?
Puerto Rico has a debt of $72 billion! Far more than Greece, and a fraction the size. Puerto Rico says their debt is ’unpayable,’ and it probably is. Then we have Italy, Portugal, Spain, and Ireland with huge debts. Probably to the IMF? All these debts of these nations, are a direct responsibility of, or and caused by politics and politicians who love to spend, spend, spend, with nary a thought of a balanced budget. Re-election is the goal, and what better way to garner votes, than to give money away? The phrase "What you tax you get less of, and what you give away, you get more of," and that of course means workers vs. welfare recipients.
Welfare recipients make a lot of money, and do nothing to earn it. In America alone, welfare recipients receive huge handouts per year, compared to honest workers. In Hawaii, a welfare recipient can receive $60,590 per year on welfare. In D.C., that capital of fraud, it can be $50,540 per year, and Massachusetts also $50,540. The lowest state, South Carolina, for welfare payments, is $21,910 per year. Contrast that with the average teacher’s salary of $40,050, or an American soldier in Afghanistan, with a salary of $39,000. Why work, when you can do much better by going on welfare? Millions have made just that choice, and drugs and crime have blossomed like the flowers in spring.
No, I did not forget about the largest debtor in the world, and that is the United States of America, with current debts of over $18,288,000,000,000! That doesn’t count the $200 trillion already committed for future Social Security, Obamacare, etc payments. Obviously, this is like Puerto Rico’s microscopic debt of $72 billion…’unpayable.’ It can be paid with monopoly money in the future, which is what the dollar already is, since it is worth a penny of what it was worth less than a hundred years ago. Inflation, caused by paper monopoly money, means that debts can be legally paid with constantly debased dollars. Maybe Greece doesn’t realize that America donated far more to the IMF, which loaned it to Greece, than Greece owes the IMF. Maybe The US should instruct the IMF to forgive Greece’s debts, since we have GIVEN the money to the IMF, which LOANED it to Greece?
I have no doubt that Greece brought its bankruptcy on itself by means of corrupt politicos, and just as the huge debts of Italy, Portugal, Spain, Ireland, Puerto Rico, and the biggest corrupt politicos of all time, the Congress of the United States of America. Actually, probably all of the national debts in the entire world are ’unpayable!’ Because they have all been contracted with silly wars, foolish spending, welfare, and a total lack of the most basic concepts of economics. All the debts unpayable, except yours and mine of course, because we signed on the dotted line when we contracted for the loans and mortgages we owe for. I’d bet that all the world’s national debts which are ’unpayable,’ have no signatories on agreements to repay!