You just NEVER Know where RE Strategies can come in Handy......Ask Greece

[Danny N.]

If you've been watching the recent economic events in Europe, you'll have heard of the Greece debt crisis.
Apparently, the crisis was somehow averted because the Banks decided to take a "haircut" on the debt owed to them, a 50% Haircut!
Once I heard that, It just hit me that Countries are now using Real Estate Strategies to deal with their Economic issues. i.e. It seems to me Greece did a short sale on it debt, and it's Lenders accepted a Short sale.
The Lenders accepted LESS than what was owed to them as satisfaction of the debt.Someone must have negotiated that short sale on behalf of Greece. I'm just wondering if he had to go through some form of Loss Mitigation , but on a larger scale.
So I guess the Lesson is you never know where the strategies learned in Real Estate will come in handy!
Happy Investing