Greece snap elections - 25th Jan

[Welshbeef]

hornetrider said:

I wonder where we'll be with all this in 12 months time, as the Greek rhetoric is pretty strong. Any predictions? Grexit, default and back to the stone age drachma?

Cheap Rakia ouzo feta olive oil and super cheap holidays.


Maybe pick up a large villa with pool for the price of an annual golf course membership fee.

[Esseesse]

Hmmm, if Greece defaults and returns to it's own currency, should the government encourage it's people to spend all of their Euros on gold (and other value-holding imported physical assets) before doing so?

[Welshbeef]

Thing is anyone in Greece with any savings must be crushingly stupid if they have not moved their savings to a bank in another Euro country ie Germany.

[Yazar]

Greece has a IMF payment to make next week, which it may not be able to pay.

Greek official said:

“We are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,” said a senior official.

http://www.telegraph.co.uk/finance/economics/11513...

Greek emergency plan said:

“We will shut down the banks and nationalise them, and then issue IOUs if we have to, and we all know what this means. What we will not do is become a protectorate of the EU,” said one source. It is well understood in Athens such action is tantamount to a return to the drachma, even though Syriza would rather reach an amicable accord within EMU.

[Octoposse]

Yazar said:

Greece has a IMF payment to make next week, which it may not be able to pay.

Greek official said:

“We are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,” said a senior official.

http://www.telegraph.co.uk/finance/economics/11513...

Greek emergency plan said:

“We will shut down the banks and nationalise them, and then issue IOUs if we have to, and we all know what this means. What we will not do is become a protectorate of the EU,” said one source. It is well understood in Athens such action is tantamount to a return to the drachma, even though Syriza would rather reach an amicable accord within EMU.

Interesting juxtaposition of quotes . . . the single 'advantage' (to the Greek state) of leaving the Euro is exactlty that of defaulting on its debts to its internal creditors - the people.

Instead of a pension, unemployment benefit, state salary, bank deposit guarantee, etc, paid in a hard currency, the state pays it in toilet paper. It's effectively the same as a 60/70/80/90% 'haircut' of wages overnight, just by sleight of hand and thus - marginally - less politically suicidal.