Ecuador default: Fears grow that others will follow: Telegrah UK/ Washington Post

[giovonni]

Greeting's Avalonian's,

Ecuador default: Fears grow that others will follow;

here;
http://www.telegraph.co.uk/finance/globalbusiness/3759173/Ecuador-default-Fears-grow-that-others-will-follow.html

and here;
http://www.washingtonpost.com/wp-dyn/content/article/2008/12/12/AR2008121204105.html

[Dantheman62]

Wow he's got a 40 million line of credit from Iran, hmmm I wonder what George Green thinks of that? Also I see he's got a degree in Economics from the University of Illinois, hmmm again, an educated defaulter.

[Steve_A]

Hi Dantheman62,

I don't think George Green saw that one coming.

I can understand the economical reason for him to move to Equador. The writing is on the wall in Heathrow airport, with the HSBC advertising. How long would 1 million dolars last you if you retired in Sweden? 7 years. If you retired in Italy? 12 years. If you retired in the Philippines? 20 years. In Equador? Probably the rest of your natural born. :)

He should be very careful about taking large amounts down there with him, as life in South America is cheap. People will kill for next to nothing.

I think that Brazil will pull through this recession (it's now a depression in the US - three months of contracted economy in a row) as the economy of Brazil is made up of a whole variety of industries and low costs.

The Brazilian people seem to be very resilient as life here is a lot more difficult than the compartible comfortable life of the US or Europe. They have a lot less to lose, credit is already hard to find and very expensive so they are used to not having a plastic fall back.

Best regards,

Steve




Wow he's got a 40 million line of credit from Iran, hmmm I wonder what George Green thinks of that? Also I see he's got a degree in Economics from the University of Illinois, hmmm again, an educated defaulter.

[giovonni]

Yes, I agree with you Steve, Brazil should weather well, through this current Northern Hemispheric economic mess! Brazil, just needs to be cautious and prudent in its ongoing trade agreements, till a new world currency system is inplace? And which would have to reflect, a TRUE fair trading value of goods and services between nations?
I don't blame the small country's for looking for some debt payment adjustments relief, but this should be done with other fellow nations, in a unified appeal approach thru the World Bank (IMF). Those country's, that decide to breach contracts and agreements with any investors, risk economic turmoil, such as the likes of Somalia'> outcast nation status. OH Ecuador! ??? I was really counting on>:wall: crashing in at the last moment, at George's home though?? :nono: gio