I love how Greece got the "bail out" money and then immediately payed it to the IMF and ECB. What to buy with the remaining 20 euros....
Even if European nations are not sure whether they won the showdown, Greek officials readily acknowledge that they lost, saying they believe they were made an example of so that other European nations would not dare elect their leftist allies. That is amazing isn't it?
Just to provide some perspective for the size of the 'Greek Problem': Greece has a population of about 11 million people. That is about equal to the population of the state of Ohio, and puts it at number 10 on the list of EU countries by population, on a par with Belgium, the Czech Republic and Portugal. Germany has a population of about 80 Million people making it the largest EU country by population. https://en.wikipedia.org/wiki/List_of_European_Union_member_states_by_population The per capita GDP in Greece was $29,635 in 2010 (probably less today). For Germany $47,589 . For the US Per Capita GDP is $53,041, For the UK $41,787. Per Capita GDP in China is $6,807, for Russia $14,611. China has a population of 1.357 billion, Russia 143.5 million. https://en.wikipedia.org/wiki/List_of_sovereign_states_in_Europe_by_GDP_(nominal)_per_capita
Barely things calmed down with China and Greece, Puerto Rico debt crisis is coming. Any ideas on that? Might be US own Greece.
Puerto Rico is a US territory: https://en.wikipedia.org/wiki/Puerto_Rico Puerto Rico is long overdue for a plebiscite to determine it's status. In the meantime it is neither here nor there. Is Puerto Rico the US's Greece? To the extent that it has debt it cannot pay yes, otherwise no. http://www.businessinsider.com/no-puerto-rico-is-not-our-greece-2015-7
Greece's debt (as a share of its economy) is more than double Puerto Rico's. As a matter of arithmetic, Puerto Rico's case for relief is weaker. Puerto Rico's challenge is to get economic growth up more than to get debt down.
I am convinced that they will burn through the cash and go tits up. The only saviour a bankrupt has is when someone keeps constantly covering his debts, but if you keep borrowing more, then HELLO?
A compendium of articles from The Economist re. the Greek crises: http://www.economist.com/greekcrisis