Question: Is this a dumb idea/too risky?

I have a nice chunk of money saved up. Everything I have is paid off, have plenty in savings, ect. I have all my s*it in order. What are your thoughts on investing in Greek banks? I don't invest much and I have a little money to "play" (with the intent of making more) with. I was thinking going to Vegas but I would be interested in buying stock in a Greek bank and then waiting like 20 years for them to get out of hell they're in now. What are your thoughts? I keep thinking it over and I see it either as brilliant or a complete failure.
Thoughts?

Answer:

Investment banks made a lot of money selling junk bonds, which are risky bonds like Greece's. If Greece were to come within one night of defaulting, the European Union (and Wall Street) is under contractual obligation to bail it out, so the creditors would still get paid.

So here's what I would do. Research the poltiical news and see the likelihood of Greece getting bailed out.
If it looks good, you might just want to invest a little in it. Only invest the money in Greece that you can afford to lose. And, make sure you are getting an acceptable yield for the risk you are taking; beware also that the higher the yield you are getting in return for the bond, you are in fact making it more riskier yourself by increasing costs for the mortagee (something to think about).

But if the political arena looks bad, run away from Greece. The risk is too high for the return it provides.

Seems like a good plan with regretful risks

Your nuts. Greece has not changed its spending habits and cannot get debt under control
Better to invest in BlockBuster which has a chance of turning a profit.

Very dumb idea and VERY risky.

The current situation in Greece is somewhat similiar to what happened in Mexico about 25 years ago. The country went into financial crisis, after all sorts of attempts to fix things (like Greece is attempting now), the inevitable happened and Mexico defaulted. The currency became bunk and a new currency was coined.

Towards the end of the harsh part of the Mexican ordeal, two very interesting things happened. The president robbed and fled the country, and several of the major banks robbed and fled the country.

The same will happen in Greece. Maybe not this year, and maybe not next. If you invest in Greek banks, you're rolling the dice on which banks will stay and stick it out with the country, and which will up and run.

If you want to gamble like that, go for it. But if you go and gamble in Vegas instead, you'll still lose all your money but at least you'll have fun and get women and free booze too!