PistonHeads.com Forum

Is the end nigh for the Euro? [vol. 2]

Is the end nigh for the Euro? [vol. 2]

TOPIC CLOSED
TOPIC CLOSED
Author
Discussion

Steffan

10,350 posts

140 months

Wednesday 16th May 2012
quotequote all
Andy Zarse said:
eharding said:
The Telegraph said:
16.33 The ECB has stopped monetary policy operations with some Greek banks as they haven't been successfully recapitalised, sources told Reuters. The ECB declined to comment.

It was unclear exactly how many banks were affected. One person familiar with the matter said four Greek banks' capital was so depleted they were operating with negative equity capital. According to its own rules, the ECB can't provide liquidity to banks in such a situation.
God what a mess.
Entirely correct and critically, entirely resulting from, the EU's group efforts.

It is a fact. A Piss up in a Brewery would be beyond the EU. Totally self inflicted, no disaster or tragic event involved, just old fashioned bad management.

The EU politicians are feckless, self serving, morons and the EU regulators are totally ineffective. There has been a crass lack of transparency, honestly and financial probity within the EU from the start. The game is not over yet.

By the time the EU are finished (??) there will be a complete destruction of all confidence in the EU, and any EU dealings. 150 million people will be thrown out of the EU, on their beam ends, and four Sovereign states will be in full blown default.

At which point a complete European restructure will be required and years of misery, complete penury and abject poverty will exist in a third of Europe.

I would like to see Sarkozy spin that and strut about. Sadly, he will be retired and on his secure pension, in foreign parts by then.

Mermaid

21,492 posts

83 months

Wednesday 16th May 2012
quotequote all
Steffan said:
At which point a complete European restructure will be required and years of misery, complete penury and abject poverty will exist in a third of Europe.

I would like to see Sarkozy spin that and strut about. Sadly, he will be retired and on his secure pension, in foreign parts by then.
In the global scheme of things, I doubt it will take long to normalise - just look around at all the the countries that have been ravaged.

It is morning when you wake up - and it seems they have all woken up.

Driller

6,687 posts

190 months

Wednesday 16th May 2012
quotequote all
Andy Zarse said:
PIIGS (alot)
redcard

Ha, you're so predictable biggrin

For the rest of the mess, you've got to love a bit of apocalypse haven't you? It really does look like it's going to st coffee

eharding

8,407 posts

196 months

Wednesday 16th May 2012
quotequote all
Andy Zarse said:
eharding said:
The Telegraph said:
16.33 The ECB has stopped monetary policy operations with some Greek banks as they haven't been successfully recapitalised, sources told Reuters. The ECB declined to comment.

It was unclear exactly how many banks were affected. One person familiar with the matter said four Greek banks' capital was so depleted they were operating with negative equity capital. According to its own rules, the ECB can't provide liquidity to banks in such a situation.
God what a mess.
Not the least of which is the ECB being so tight lipped about it - hardly inspires confidence.

There have been comments from various ECB figures over the past few days about the Emergency Liquidity Assistance not being available to insolvent Greek banks (but stating there weren't any which they deemed to be insolvent).

Now the word on the street this evening is that there may be up to four Greek banks which are now indeed deemed to be insolvent by the ECB - meaning they would instead have to seek liquidity assistance from the Greek Central Bank.

If all this means is that these dodgy banks end up with a lifeline from the ECB via the Greek Central Bank, rather than directly, then strictly speaking they will be as dodgy tomorrow as they were yesterday. Non-event.

But your average Greek punter, on hearing the news this evening that his bank might now be insolvent as far as the ECB is concerned (because no-one is naming names at the moment) is more than likely going to pop round to his local branch at sparrow fart tomorrow morning and try and withdraw whatever he's got left in there. If he leaves it until mid morning, he'll probably be too busy dealing with the effects of tear-gas, water-cannon and rubber bullets to work the ATM or try and write out a cheque to cash. Probably.

It might indeed be a non-event, but the whole lot is ready to go tits up at short notice.




turbobloke

76,150 posts

172 months

Wednesday 16th May 2012
quotequote all
eharding said:
It might indeed be a non-event, but the whole lot is ready to go tits up at short notice.
It surely is.

Advertisement

Mermaid

21,492 posts

83 months

Wednesday 16th May 2012
quotequote all
More QE probable in the US.

Gary11

4,105 posts

113 months

Wednesday 16th May 2012
quotequote all
"onomatopoeic"
Is this a word?

Gary11

4,105 posts

113 months

Wednesday 16th May 2012
quotequote all
Looks like the run has started,queues outside Greek banks this morning on news.

billynomates

2,099 posts

148 months

Wednesday 16th May 2012
quotequote all
eharding said:
Not the least of which is the ECB being so tight lipped about it - hardly inspires confidence.

There have been comments from various ECB figures over the past few days about the Emergency Liquidity Assistance not being available to insolvent Greek banks (but stating there weren't any which they deemed to be insolvent).

Now the word on the street this evening is that there may be up to four Greek banks which are now indeed deemed to be insolvent by the ECB - meaning they would instead have to seek liquidity assistance from the Greek Central Bank.

If all this means is that these dodgy banks end up with a lifeline from the ECB via the Greek Central Bank, rather than directly, then strictly speaking they will be as dodgy tomorrow as they were yesterday. Non-event.

But your average Greek punter, on hearing the news this evening that his bank might now be insolvent as far as the ECB is concerned (because no-one is naming names at the moment) is more than likely going to pop round to his local branch at sparrow fart tomorrow morning and try and withdraw whatever he's got left in there. If he leaves it until mid morning, he'll probably be too busy dealing with the effects of tear-gas, water-cannon and rubber bullets to work the ATM or try and write out a cheque to cash. Probably.

It might indeed be a non-event, but the whole lot is ready to go tits up at short notice.
Meanwhile those that govern are busy here

http://www.europarl.europa.eu/news/en/headlines/co...

May 17 is the International day against homophobia

Tits up indeed FFS



Steffan

10,350 posts

140 months

Wednesday 16th May 2012
quotequote all
Gary11 said:
"onomatopoeic"
Is this a word?
Yes the forms Onomatopoeia and Onomatopoeic are both used. Roar is an example. Sounds like the function it is describing.

The former is more common. Its a word I enjoy, (Sad) like Oxymoron.

I thoroughly enjoy the English language. It is the language of hero's and still quite unequaled. Unlike most of our other achievements.

Although worldwide it presence is down to America rather than England latterly.

davepoth

27,357 posts

111 months

Wednesday 16th May 2012
quotequote all
Caretaker PM is now in power in Greece, and taking pains to tell everyone there isn't a bank panic. Has he been talking to our government about how to cause a panic?

Puggit

36,798 posts

160 months

Wednesday 16th May 2012
quotequote all
June 17th also penned in for next Greek elections and the anti-austerity leftists are posed to win. They are promising a juggling act of ditching the loans but staying in the Euro rofl

turbobloke

76,150 posts

172 months

Wednesday 16th May 2012
quotequote all
All balls in the air fairly soon then, also known as a ballsup.

Keyser Soze

16,456 posts

103 months

Wednesday 16th May 2012
quotequote all
Puggit said:
June 17th also penned in for next Greek elections and the anti-austerity leftists are posed to win. They are promising a juggling act of ditching the loans but staying in the Euro rofl
Brilliant I land on 13th, luckily Rhodes, I hope luckily anyway

Andy Zarse

10,526 posts

159 months

Wednesday 16th May 2012
quotequote all
davepoth said:
Caretaker PM is now in power in Greece, and taking pains to tell everyone there isn't a bank panic. Has he been talking to our government about how to cause a panic?
As Sir Humphrey used to say, "Never believe anything until it is officially denied".

steviegunn

1,106 posts

96 months

Wednesday 16th May 2012
quotequote all
_Batty_ said:
Perhaps GIPSI's is better hehe
The order of exit?

(G)reece
(I)reland
(P)ortugal
(S)pain
(I)taly

wormburner

10,838 posts

165 months

Thursday 17th May 2012
quotequote all
Gary11 said:
"onomatopoeic"
Is this a word?
Plop! Tinkle! Slither!

hidetheelephants

12,794 posts

105 months

Thursday 17th May 2012
quotequote all
wormburner said:
Gary11 said:
"onomatopoeic"
Is this a word?
Plop! Tinkle! Slither!
Crash! Bang! Wallop! Thud! Crunch! Pow! Whaam!(copyright Roy Lichtenstein)

Puggit

36,798 posts

160 months

Thursday 17th May 2012
quotequote all
<boom> - the sound of the Euro imploding

Mermaid

21,492 posts

83 months

Thursday 17th May 2012
quotequote all
The £ looks attractive. and that's with all the issues we have.

TOPIC CLOSED
TOPIC CLOSED