Greece rejects new loans as money runs out

By Aurélia End | AFP News – 9 hours ago

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ricky l • a second agoRemove

There are few things need to be put right :-
(1) Economic fundamental must be put right first - and thereafter create employment. If economic fundamental is not on sound footing - all patch work will just be a temporary patch and does not build a strong foundation for economic growth. Right economic fundamental - refer to right fiscal policies, right monetary policies, right investment policies etc.

(2) Corruption must be eliminated - to have sound financial system

(3) Debt must be honored - and if have problem paying back - should restructured the debt for longer term repayment. Otherwise, no one will provide further loan if debt can be dishonoured.

(4) Can consider pledging something of value to creditors - like carve out a piece of land as collateral to creditor for say 100 year for creditors to invest in - until loan is repaid or to get further loan - until the country has successfully repay all the debt, get the economic fundamental in place and create sufficient employment for its citizen.

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For eg. China has pledged Hongkong to Britain and Macau to Portugese as rental land for e.g 100 years, Greece can also carved out a part of the land as collateral or rental land for 100 years to repay the loan and borrow loan to get the economic fundamental right and re-start the Economy on the right footing.

In this way, a crisis to EU economy - which can impact the World Economy can be averted.