It's official - Greece has been declared in default

[GliderGuider]

Greece declared in default ahead of knife-edge referendum

Greece was officially declared in default today, injecting even more urgency into a make-or- break weekend referendum that new polls suggested was too close to call.

The fund providing Greece’s financial lifeline declared “an event of default by Greece”.

The European Financial Stability Facility added, though, that it had decided to not immediately demand repayment of its loans – a step that analysts say could have triggered sudden “Grexit”, or Greece’s exit from the eurozone.

The news will come as a fresh shock to Greece’s 11 million people, and will hang over two major, rival rallies taking place in Athens today seeking to galvanise ‘Yes’ and ‘No’ support for Sunday’s referendum.

[GliderGuider]

1. Council of State rejects appeal to cancel referendum, vote will go ahead

Council of State rejects appeal to cancel referendum, vote will go ahead

By Associated Press July 3 at 12:08 PM

ATHENS, Greece — Greece: Council of State rejects appeal to cancel referendum, vote will go ahead.

That's all there is.

[itsrobert]

2. When is Germany going to pay back the money they stole from the Greeks during WWII?

Germany is the ones that defaulted.

[MannyGoldstein]

3. That's different

Somehow

[pennylane100]

4. I did not know about that.

Is it a legally recognized debt by the European community. That would seem to make Merkel somewhat hypocritical when insisting that Greece lives up the the terms imposed on Greece for repayment of their debt.

[HooptieWagon]

5. Germany paid 115 million Marks to Greece in 1960.

They forced Greece to loan them 465 million Reischmarks at 0% interest during the war. I don't know conversion rate. Greece claims that payment (the 115m) was a down payment, Germany insists it was a full payment. More recently, Germany says its surrender to US, Russia, Britain, and France didn't include Greece, they owe no reparations to Greece.
It looks to me like Germany owes something to Greece. However, I doubt a payment is going to permanently solve Greeces financial woes.
https://en.m.wikipedia.org/wiki/German_reparations_for_World_War_II

[Liberal_in_LA]

6. kick

[hifiguy]

7. Forced austerity is like repeatedly bleeding a patient who already has anemia.

Presumably once there is no more blood in the body, a cure has been effected.

The only problem being that the patient is already dead.

The only cure is to remove the leeches and start pumping some blood back in and leaving it in the body.

[jamesartist]

8. It

seems like all their trouble started with the Olympics. Not sure if that really is a good decision to have the Olympics in your city. You have to be pretty well off and manage it well to pull it off. Athens never struck me as that type of city.

[GliderGuider]

9. Well, the games did originate there...

But no, their big troubles had little to do with debts from the Olympics. Just an ordinary Olympic-sized national debt run up by bankers and politicians.

[jamesartist]

10. The

banksters and the politicians were instrumental in the Olympic planning. It was one of several projects that turned into a debacle. I remember it was the most expensive Olympics to that point, so there was nothing ordinary about it. That huge, built walkway was largely abandoned. The newly constructed facilities like the stadia fell into disuse. They basically built a multi-billion dollar airport and transportation system for three weeks of traffic. They did not even get the tourism afterward because tourists were getting better bargains in other places in Europe.

I did misspeak when I say their troubles started with the Olympics because this stuff does not happen overnight. The abandoned facilities were just the most visible sign.