Is the end nigh for the Euro? [vol. 3]

[anonymous-user]

Gaz. said:

Smollet said:

Greece as far as I'm aware is still a member of NATO so that might cause a few problems.

Would they care? They've just told the EU to do one so what's stopping them leaving NATO and getting into bed with Putin?

I doubt the US will take kindly to losing a NATO ally on the edge of the middle east. Getting into bed with Russia would surely invite joining them in economic sanctions at a time they can least afford it.

[Steffan]

Luke Warm said:

Reports the referendum will have to be called off as banking situation critical. PM to address the nation later.

fking shambles.

Indeed. Is there a link to these reports please?

Situation is confused but it seems probable that the Greek banks will remain closed after the referendum. Syriza have lost control of this matter. Unsurprisingly given the daft Socilist policies they are proffering. Regrettably I think the time for the continuance of this nonsense has long passed Greece by.

Any more money thrown at this by the EU will simply be thrown away by the Greeks. The time has come for all concerned to face reality. Greece is now in default after a very expensive five year bailout by the EU. This is not a recoverable position.

Managing the default must now be the priority for both Greece and the EU. And that will cost the EU a lot more money. Practically Greece is too close to mainland Europe to be allowed to wallow in awful dire straits. But the fact is that Greece never could afford to be within the Euro and EU and probably never will be able to rejoin that union.

[anonymous-user]

Luke Warm said:

...banking situation critical...

No st! Anyone think they have actually done anything to prep the banks and payment systems for a new currency or even, you know, done anything as crazy as photocopying a few drachma?

[Mermaid]

fblm said:

Luke Warm said:

...banking situation critical...

No st! Anyone think they have actually done anything to prep the banks and payment systems for a new currency or even, you know, done anything as crazy as photocopying a few drachma?

We are talking about Greece.....

[Luke Warm]

Steffan said:

Indeed. Is there a link to these reports please?

http://www.telegraph.co.uk/finance/economics/11709...

[confused_buyer]

Steffan said:

Any more money thrown at this by the EU will simply be thrown away by the Greeks. The time has come for all concerned to face reality. Greece is now in default after a very expensive five year bailout by the EU. This is not a recoverable position.

In fairness to Greece, for all their massive mistakes, very little EU money has been thrown at them. A large amount of EU money was thrown at German and French banks which just happened to go via the Greek Government's account. They then charged Greece interest on this and had to lend them money to pay the interest...

The real culprits are the Greeks and greedy European banks from 2002-2008. Only one has had to pay a price.

[Beati Dogu]

fblm said:

I doubt the US will take kindly to losing a NATO ally on the edge of the middle east. Getting into bed with Russia would surely invite joining them in economic sanctions at a time they can least afford it.

Or the return of the Truman Doctrine - defeat of the Greek Communist forces and Marshall Plan aid. I'm sure the IMF & EU would like that too.

[Walford]

Steffan said:

Indeed.

Managing the default must now be the priority for the EU

Keeping Russia and China out must now be the priority for the EU

[Mermaid]

Walford said:

Steffan said:

Indeed.

Managing the default must now be the priority for the EU

Keeping Russia and China out must now be the priority for the EU

But only after their credibility, ego trumps everything.

[Mark Benson]

Walford said:

Steffan said:

Indeed.

Managing the default must now be the priority for the EU

Keeping Russia and China out must now be the priority for the EU

This and keeping the project going is all they care about. Greeks will still be int he Euro next week, under even more onerous terms.

[RYH64E]

confused_buyer said:

In fairness to Greece, for all their massive mistakes, very little EU money has been thrown at them. A large amount of EU money was thrown at German and French banks which just happened to go via the Greek Government's account. They then charged Greece interest on this and had to lend them money to pay the interest...

The real culprits are the Greeks and greedy European banks from 2002-2008. Only one has had to pay a price.

I don't know how to embed the link, but this made me laugh.

https://twitter.com/alepouda/status/61445108300448...

[kev1974]

look at these scenes
http://www.dailymail.co.uk/news/article-3145621/Sh...

They're crowding the banks because they don't have ATM cards. Relied up till now on a dodgy untraceable cash-based society instead, with all the tax return benefits that brings.

Read this morning about restaurants and service providers now insisting customers pay in cash, again likely so that a proportion of it stays off the books.

Come on, sort the basics out. Want to be a proper part of Europe then start using banking and accounting and tax systems like the rest of us have to do.

[RYH64E]

kev1974 said:

Read this morning about restaurants and service providers now insisting customers pay in cash, again likely so that a proportion of it stays off the books.

Don't you think it might be because any money paid into the bank or by credit card can't be withdrawn by the service provider? And if they do get the money out it might be in the form of an IOU from the Greek Government or New Drachma.

I'd want paying in cash as well, proper cash, EUR, GBP or USD.

[maffski]

kev1974 said:

They're crowding the banks because they don't have ATM cards. Relied up till now on a dodgy untraceable cash-based society instead, with all the tax return benefits that brings.

Or, alternatively they're just people who use over the counter banking. And haven't been able to for nearly a week.

[craig7l]

Many views in here on reducing the social costs in Greece... Rightly so.... But cutting is only one side of the coin....I could tackle trying to convince a Greek or Portuguese that they had to work for longer but I wouldn't even bother trying with productivity ........to help the utter imbalance of the public / private sectors and competing and selling across europe.
Even the spaniards pick 5 buckets of oranges per man per hour.!! (Non donkey power)

The only way forward long term is competitive devaluation and currency that suits a nations culture or we will talking the same next year..

[NicD]

At last, an Indie article that makes sense, even more, is spot on!

http://www.independent.co.uk/voices/comment/get-of...

[Gandahar]

To cut a long story short they had a history of very bad practices and now that the European Wonga has got upset they don't want to pay the piper.

That's not letting off the people who lended them this money off, they are the ones to blame, due to pure greed based on bonus payments. So everyone is to blame, and now all options stink.

Normally it'd be boom and bust and boom again, and people forget the bust. Now it might be boom and bust. Bust for a long time.

Stop fecking lending too much money and therefore stop stoking bubbles. But no, that doesn't make individuals rich.....

Edited by Gandahar on Wednesday 1st July 20:02

[Gecko1978]

Eh what?

[anonymous-user]

Gandahar said:

To cut a long story short they had a history of very bad practices and now that the European Wonga has got upset they don't want to pay the piper.

That's not letting off the people who lended them this money off, they are the ones to blame, due to pure greed based on bonus payments. So everyone is to blame, and now all options stink.

Normally it'd be boom and bust and boom again, and people forget the bust. Now it might be boom and bust. Bust for a long time.

Stop fecking lending too much money and therefore stop stoking bubbles. But no, that doesn't make individuals rich.....

Edited by Gandahar on Wednesday 1st July 20:02

You edited that? Did it make even less sense before.

[Blib]

NicD said:

At last, an Indie article that makes sense, even more, is spot on!

http://www.independent.co.uk/voices/comment/get-of...

He agrees with me that the return of the Drachma is the least worst solution.