Is the end nigh for the Euro? [vol. 3]
Discussion
Here's an article that I was very surprised to read on the BBC site, basically saying that the € is doomed to fail. It must have slipped under some sub-editor's radar who will now be hauled before a panel of pro-EU lefties and punished!
http://www.bbc.com/news/magazine-33863913
http://www.bbc.com/news/magazine-33863913
Mermaid said:
Prince Philip said:
When is it Portugal's turn to have a bailout?
Before Portugal is next up, especially if/when bond markets turn. Bear in mind we've been in a 77 month bull run post-GFC and the EZ has done very poorly in the supposed boom times. How will the PIIGS fair when the cycle turns, as it always does?
Digga said:
Mermaid said:
Prince Philip said:
When is it Portugal's turn to have a bailout?
Before The Mad Hatter said:
It's always time for tea a bailout.
The EU is committing fraudulent misrepresentation in pretending, En Masse, that there can be a recovery within Greece. Whilst the EU are prepared to knowingly lend money to an already visibly insolvent Sovereign state, which is their current policy, over Greece, then this economic nonsense can stagger on for a while. But inevitably the truth will out and the EU will be shown to have been intentionally misleading the EU taxpayers to the tune of at least 500 Billion so far and steadily rising.
The inevitability of the economic fall of Greece is apparent to every reasonable enquiry directed at assessing the reality of the absolute apparent and total continued collapse of the Greek Economy. Year upon year, upon year, upon year. There will be consequences to such a visible and obvious crooked abuse of the trust and weath of the poor unconsulted EU taxpayers, who are going to be the fall guys in all of this.
Greece is not going to recover and the deeply damaging consequences will inevitably all fall onto the shoulders of the unsuspecting EU taxpayers. Because they are the only ones who can afford to pay for this EU mess. Unpleasant and unpalatable but, in the end, that is what this madness will cause. I think the credibility of EU will be significantly lowered, in consequence and as others have said, on here, the consequences will impinge directly onto the other failing states within the EU. There will be no winners within Europe in this.
Are we all seeing in real time the principle of too big to fail playing out? Too big as in the debt signed off too big as in globalisation and the potential contagion that would ensue.
The bail in option is a non starter as all those funds have long gone
I'm still predicting Germany joins the £zone and leaves France and Italy to stay in and suck it up. Also Republic of Ireland wanting to rejoin the UK Union and £.
The bail in option is a non starter as all those funds have long gone
I'm still predicting Germany joins the £zone and leaves France and Italy to stay in and suck it up. Also Republic of Ireland wanting to rejoin the UK Union and £.
Jeebus. Saw this on the Telegraph. What the fking fk. 2nd, 3rd and 4th largest guarantors France, Italy and Spain respectively. Utterly mad. It makes a kind of Alice in wonderland sense in that they are screwed if dominos start to tumble, but Christ, surely there must be some semi sober adults involved in this clusterfk, who wakes up in the early hours screaming in terror...
Greece is paying 3.2 billion Euros to the ECB today for its maturing bond. It got the money from the ESM. I wonder if the cheque went from the ESM straight to the ECB bypassing Greece entirely? On any logical basis this is debt monetisation.
Meanwhile Greek media outlets reporting Tsipras could resign later today with snap elections taking place on either 13th or 20th September.
And for a Friday afternoon chuckle http://newsthump.com/2015/06/25/greece-given-last-...
Meanwhile Greek media outlets reporting Tsipras could resign later today with snap elections taking place on either 13th or 20th September.
And for a Friday afternoon chuckle http://newsthump.com/2015/06/25/greece-given-last-...
^^^^^^^
Greece crisis: PM Tsipras 'to hold September election'.
http://www.bbc.co.uk/news/world-europe-34007859
Greece crisis: PM Tsipras 'to hold September election'.
http://www.bbc.co.uk/news/world-europe-34007859
Luke Warm said:
That's of course before the loony lefties of the various Syriza factions all turn on each other and make the current Corbyn/Labour spat look like the vicar's tea party. Tzippy really is a snake oil salesman of the highest order. I said on here back in January he was elected on a lie; to end austerity and stay in the Eurozone. So what will be his position this time? How will he spin it? This is going to be good...
Andy Zarse said:
Tzippy really is a snake oil salesman of the highest order. I said on here back in January he was elected on a lie; to end austerity and stay in the Eurozone. So what will be his position this time? How will he spin it? This is going to be good...
I presume that's why he's 'looking for a mandate' now - it's going to easier going with 'I've got you an 85bn euro bailout' vs 'This bailout is strangling us, I need a your support for Bailout 4'Although it might also be so that he can get re-elected before the IMF and Germany decide they can't come to agreement regarding debt relief and bailout 3 collapses.
Andy Zarse said:
Luke Warm said:
That's of course before the loony lefties of the various Syriza factions all turn on each other and make the current Corbyn/Labour spat look like the vicar's tea party. Tzippy really is a snake oil salesman of the highest order. I said on here back in January he was elected on a lie; to end austerity and stay in the Eurozone. So what will be his position this time? How will he spin it? This is going to be good...
This latest "Solution", will last, at best, for few months. Then the whole, Will Greece Fail? Can Greece Survive? Can the EU Sustain This Bail Out concerns will reappear, with a vengance and at full volume and in full force. This nonsense is never going to enable Greece to achieve economic recovery and Greece will therefre inevitably fall out of the EU and Euro. The steady decline of the economy of Greece over the last five years of this madness has already proved that, recovery by Greece is is just a dream. Just a question of how many more Billions will be wasted by the EU before reality is eventually recognised? In the end economic reality will prevail.
What then for the EU? Now that is a vexed question and becoming increasingly so as these flights of fantasy are explored by the EU. As others have said on here the position of Greece is steadily weakening not recovering. Nothing that the EU are doing will actually result in any improvement within the Greek economy. The EU can throw the money away by sustaining all the costs of Greece failing with EU subsidy enabling Greece to pretend to be in recovery. But Greece will not recover and there will be an awful lot of kerfuffle once the solvent EU states realise who's picking up the tab. They are!
Going to become a real problem for the EU and the EU have created the entire problem. Which the EU are going to fail to resolve. Dire Straits Indeed!
Edited by Steffan on Thursday 20th August 17:44
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