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/g...ll-follow.html

and here;
http://www.washingtonpost.com/wp-dyn...121204105.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

Originally Posted by 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.

[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> crashing in at the last moment, at George's home though?? gio