People don’t realize this but the root of that term is actually found in the Greek word for “volunteer”

(Reuters) – Greek Prime Minister Lucas Papademos said he will consider legislation forcing the country’s creditors to take losses on their holdings if no agreement can be reached in critical negotiations set to resume on Wednesday, the New York Times reported.

…Papademos said that if Greece did not receive 100 percent participation in a program in which bondholders would voluntarily write down $130 billion from Greece’s $450 billion debt, the country would consider passing a law to require the holdouts to take losses.

Seriously, why would anyone, anywhere, ever ever consider lending any of these countries a dime again?

Obviously politicians will quite merrily throw your tax dollars at them; that’s a given.

5 Responses to “Coercion”

  1. JeffS says:

    Technically, I believe that’s known as “stealing” or “theft”.

    And why would anyone loan ANY nation a dime should this go through? It’s a very bad precedent.

  2. major dad says:

    Wait till the IMF gives them some of our money, it’s gonna happen.

  3. mojo says:

    Hence the “fiat” in “fiat currency”…

  4. Mr. Bingley says:

    I thought “Fiat currency” was only accepted in Italy?

  5. Gary from Jersey says:

    This is the same Greece that just gave welfare to child abusers, so it makes sense.

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