ATHENS, GREECE – Countries in Europe and around the world are slipping in Greece, figuratively and literally. Here’s the latest 411.
The Greeks asked for another European Union bailout, but they don’t want the International Monetary Fund involved, because of the strict economic measures the IMF insists the Greeks implement.
The IMF thinks that’s the best way to get back its $1.7 billion without breaking knees.
The Greeks say they can’t pay the money without another bailout from the European Union.
Most finance people don’t think a Greek default will crash the global financial system, because Greece is in debt to big European institutions and other Eurozone countries, not private banks.
No matter what happens after midnight, Greek banks may stay closed to prevent people from withdrawing all of their cash. Greeks can only get about $67 from their ATMs right now.
But the Greeks are in high-cotton compared to the Puerto Ricans. That country’s $73 billion debt is no better than junk, and not the good kind in the trunk.
Now, Gov. Alejandro Garcia Padilla wants Uncle Sam to let Puerto Rico file for chapter nine bankruptcy, a protection reserved for cities and other municipalities.
Puerto Ricans are part of the country’s problems. Many have come to the US mainland to find jobs and better opportunities. With fewer people to pay taxes, there’s less money to pay debts, which leads to even fewer opportunities, and even fewer Puerto Ricans in Puerto Rico.