Is the end nigh for the Euro? [vol. 2]
Discussion
Will this actualy happen I wonder?
"In a letter obtained by Reuters Friday, the Federation of Greek Police accused the officials of "...blackmail, covertly abolishing or eroding democracy and national sovereignty" and said one target of its warrants would be the IMF's top official for Greece, Poul Thomsen "
"In a letter obtained by Reuters Friday, the Federation of Greek Police accused the officials of "...blackmail, covertly abolishing or eroding democracy and national sovereignty" and said one target of its warrants would be the IMF's top official for Greece, Poul Thomsen "
Crusoe said:
the worm that turned, police want to arrest the IMF head man in greece lol
Wow. Talk about drowning men being dangerous.reuters said:
In a letter obtained by Reuters Friday, the Federation of Greek Police accused the officials of "...blackmail, covertly abolishing or eroding democracy and national sovereignty" and said one target of its warrants would be the IMF's top official for Greece, Poul Thomsen
Gary11 said:
Somethings happening Greek Deputy foreign minister has just resigned,Greeks feel no economic future staying in Euro.
It would be most interesting to know where the Greek politicians are investing their own cash. And how many have remortgaged or sold their palaces. And where that cash is now sitting.
In unconnected numbered accounts outside Greece I suspect.
Only fools would leave their money in Greek Banks.
The scams on the Euro have worked very nicely for the Greek Hierarchy.
They will have their own money safely away. Outside Greece.
I do wonder when the EU will 'get it'. Greece is in the situation it's in because it does not have the political institutions to control tax/spending that are compatible with being in the Euro.
They can impose whatever 'bail out conditions' they like, but they will either be insufficient, or if they are sufficient the Greek public won't put up with it.
Trying to keep them in the Euro isn't possible unless Germany permanently pays for Greece's living standards, which it won't do.
I think Merkel wants them out now. If they leave like it looks they will, she can claim she did everything possible to keep them in the Euro, a winning situation for her.
They can impose whatever 'bail out conditions' they like, but they will either be insufficient, or if they are sufficient the Greek public won't put up with it.
Trying to keep them in the Euro isn't possible unless Germany permanently pays for Greece's living standards, which it won't do.
I think Merkel wants them out now. If they leave like it looks they will, she can claim she did everything possible to keep them in the Euro, a winning situation for her.
0a said:
I do wonder when the EU will 'get it'. Greece is in the situation it's in because it does not have the political institutions to control tax/spending that are compatible with being in the Euro.
They can impose whatever 'bail out conditions' they like, but they will either be insufficient, or if they are sufficient the Greek public won't put up with it.
Trying to keep them in the Euro isn't possible unless Germany permanently pays for Greece's living standards, which it won't do.
I think Merkel wants them out now. If they leave like it looks they will, she can claim she did everything possible to keep them in the Euro, a winning situation for her.
Da I agree with every word,They can impose whatever 'bail out conditions' they like, but they will either be insufficient, or if they are sufficient the Greek public won't put up with it.
Trying to keep them in the Euro isn't possible unless Germany permanently pays for Greece's living standards, which it won't do.
I think Merkel wants them out now. If they leave like it looks they will, she can claim she did everything possible to keep them in the Euro, a winning situation for her.
Particularly about the need for constant German subsidy if Greece is to stay within the Euro.
I also agree that Merkel has placed herself well in this.
But a lot of contributors tell me I am wrong.
I just cannot see the simple maths of Greek recovery.
They simply cannot achieve this IMO. But the EU seems to be determined that they can. Must be some very odd economics in Euroland.
0a said:
in the Euro isn't possible unless Germany permanently pays for Greece's living standards, which it won't do.
Yes it will, just like London pays for Cornwall and pays for Kingston on Hull. The Greeks will behave themselves just enough to avoid collapse if they have any sense.Now what Eurozone really needs is a good solid burst of Quantitative Easing to screw the whole thing just as effectively as UK. Come back Gordon Brown all is forgiven!
Ozzie Osmond said:
Yes it will, just like London pays for Cornwall and pays for Kingston on Hull. The Greeks will behave themselves just enough to avoid collapse if they have any sense.
I'll watch out for this. Certainly the Germans I know don't identify with the Greeks nearly enough to put up with such a permanant subsidy.1point7bar said:
Steffan said:
Must be some very odd economics in Euroland.
Competitive devaluation, the race to the bottom, might be the policy of this decade.0a said:
1point7bar said:
Didn't bother with his name then.
Mariliza Xenogiannakopoulou - wow!It's been all very well up to now voting the principles through in parlt to keep the IMF happy, then trotting back to the Ministry of Silly Soldier Costumes to sit back and do sod all about it. But now it seems like the Troika will actually make the Ministries sack some workers rather than just say they will, and actually cut wages rather than just cutting wage rates then promoting everyone up a salary band or two to compensate.
This labour pool idea they had about laying off public sector workers on half pay for a year. Some junior Minister was quoted recently in Ekathimerini as saying the plan "hadn't worked" and that there was nobody in the pool. Why? Because him and his colleagues had done sweet sod all about it! The useless t
ts can't even resolve the issues over licencing taxi drivers, whereby children of drivers don't have to pay to get a permit.The genie is fast coming out of the Greek bottle and socio-political forces will make it go pop next week!
The end of the Euro for Greece is nigh, the Govt will fall... Portugal next... then Spain... and then that's it! It's game over!
Ozzie Osmond said:
Now what Eurozone really needs is a good solid burst of Quantitative Easing to screw the whole thing just as effectively as UK. Come back Gordon Brown all is forgiven!
Can you explain why you think the Eu500BN LTRO and the ECB's bond purchases under the SMG of around Eu400BN do not count as QE? Thought not....
(BTW I agree QE is totally the wrong policy for the EZ just as much as it's wrong for the UK)
jonah35 said:
i can't see this working - even if greece and europe did agree on the new measures then the strikes/public anger would soon start and the agreement wouldn't get off the ground.
interestingly though, think about this.
They are arguing over cuts of around 300 million to get a loan of around 130 BILLION. Now, surely you can make cuts of a tiny amount to get the 130 BILLION. isn't it a bit like me saying to you "cut your expenditure next year by £100 and I will give you £10,000?"
Except you never get your hands on the £10,000; they keep it in a special account and use it to help pay off the £10,000 plus interest you already owe to their mates...interestingly though, think about this.
They are arguing over cuts of around 300 million to get a loan of around 130 BILLION. Now, surely you can make cuts of a tiny amount to get the 130 BILLION. isn't it a bit like me saying to you "cut your expenditure next year by £100 and I will give you £10,000?"
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