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Did You Know That Apple Has Enough Money to Buy Out Greece?

Illustration of Greek flag  after being bought out by Apple.  (Image: Hermann Rohr)
Illustration of Greek flag after being bought out by Apple. (Image: Hermann Rohr)

What was meant to be a joke at an Apple investor conference a few years ago is actually not truly impossible. Apple’s accumulated wealth is about $194 billion—which they could actually use to buy out Greece.

Greece owes the IMF a debt repayment of $1.7 billion that is due by June 30. Take a seat and hold your breath—Greece has a public debt that totals up to $396 billion. Just to illustrate how much cash that would be, think of €2 billion, in €100 bills, filling one truck load.

 Greeks Rush ATMs After Referendum Called (Image:Screenshot/YouTube)

Greeks Rush ATMs After Referendum Called (Image:Screenshot/YouTube)

A bunch of Greek people spent the weekend withdrawing their money from the banks. The bank withdrawals were so severe that one-third of all Greek ATM machines ran out of cash, Reuters said.

According to Leonid Bershidsky at Bloomberg, Apple, Microsoft, Google Pfizer, and Cisco have a huge load of money, amounting to $429 billion between them. The biggest slice of that cash is kept outside of the U.S., apparently to avoid a 35 per cent tax hit.

Illustration of how many industrial pallets of $100 bills Greece owed foreign Creditors. (Image:Screenshot/YouTube)

Illustration of how many industrial pallets of $100 bills Greece owed foreign Creditors. (Image:Screen Shot/YouTube)

With just half of that money, Greece’s public debt could be cut by 70 per cent. According to Bershidsky, the remaining debt would be manageable for Greece.

As one hand washes the other, Greece could offer the five big tech companies a sugar coated tax deal. They could match the kind of deal Apple already has in Ireland, where it pays a corporate tax of not 10 per cent, not 5 per cent, but 2 per cent. That’s a total of 2 percent more tax than paying no tax at all. It should be noted, however, that Ireland’s standard corporate tax rate is 12.5 per cent, if you’re not Apple.

The Greek Prime Minister recently announced that the Greek people should vote whether they want to accept the deal proposed by foreign creditors.

The European “troika”—a.k.a IMF, European Central Bank, and European Commission—withdrawing from negotiations and saying that they would not give Greece any more bailout funds,”… led the ECB today to limit the liquidity available to Greek banks and forced the Greek central bank to suggest a bank holiday and restrictions on bank withdrawals,” Mr Tsipras said on Sunday in a televised address, quoted by the BBC.

With the European “troika” tap running dry, the Bank of Greece might have to eat sand. It won’t be able to extend up to €83 billion ($93 billion) in loans to the Greek banks to replace deposits withdrawn amid the turmoil.

Greece’s default seems to be a long anticipated event. Market experts had already speculated several years ago about what would happen if Greece were to default:

If Greece defaults on June 30, it might begin a cascade that could eventually get it kicked out of the Eurozone.

Will Greece become the first European ‘Hobo-Nation’?

It remains speculation—once Greece loses all trust from the big European Banking conglomerates, who would it turn to? What would be the collateral that Greece could offer if its only asset would be its real estate and literally it’s people?

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