Is the end nigh for the Euro? [vol. 2]
Discussion
PRTVR said:
coyft said:
Greece 'will repay €436m debt today'
http://www.telegraph.co.uk/finance/financialcrisis...
Don't look like it's leaving today.
But where did it get the money from? Another loan maybe.http://www.telegraph.co.uk/finance/financialcrisis...
Don't look like it's leaving today.
but really another junkie feed.Gary11 said:
IMO its already decided they are out,with bigger countries owing more watching in the wings,putting the ifs and buts to one side could someone give an opinion on how the Euro will cope with being knocked 170bn at least and who will pay it back? I infer I suppose in my naivet that countries owing watching Greece walk away may follow suit.....perhaps the Germans will implode or somesuch??
What countries realisticaly in the Union are turning a profit apart from Germany? Even Hollands government collapsed last week it really does seem at last to be coming on top....A toast may be in order to the theiving lying scum such as Barbosa ,Rumpoy & la Garde and co as thay lay in the gutter where they belong,guilty of blatant financial sculldugery on a massive scale pursuing a self serving dream.I hope they rot you see this is what happens when the children run the sweetshop.
IMO it could be awful for Greece with the printing presses running flat out, hyperinflation, civil unrest (and i mean proper unrest not just a few banks burnt out). What countries realisticaly in the Union are turning a profit apart from Germany? Even Hollands government collapsed last week it really does seem at last to be coming on top....A toast may be in order to the theiving lying scum such as Barbosa ,Rumpoy & la Garde and co as thay lay in the gutter where they belong,guilty of blatant financial sculldugery on a massive scale pursuing a self serving dream.I hope they rot you see this is what happens when the children run the sweetshop.
On the other hand, if a default and devaluation is controlled properly as per Iceland then as you say there's nothing to stop Ireland and Portugal looking on enviously...
PS Isn't Barbosa a racing driver?
Do you mean Baroso the former Maoist?hornetrider said:
436m is chump change though isn't it.
Yes, unless you are one of the Greek public sector workers or pensioners who won't get paid in June as the coffers are now bare! They must be mad paying the haircut hold-outs who are all covered by CDSs anyway (or are idiots if they aren't).Andy Zarse said:
IMO it could be awful for Greece with the printing presses running flat out, hyperinflation, civil unrest (and i mean proper unrest not just a few banks burnt out).
Does the ECB have any choice?If the 'Project' was disassembled there would be no need for a Euro Central Bank.
The sensible approach would mean they self-extinguish.
They will double down on their previous failed bet and the Euro summit next month will most likely be a shining example of passing the buck down the slippery pole.
Andy Zarse said:
IMO it could be awful for Greece with the printing presses running flat out, hyperinflation, civil unrest (and i mean proper unrest not just a few banks burnt out).
On the other hand, if a default and devaluation is controlled properly as per Iceland then as you say there's nothing to stop Ireland and Portugal looking on enviously...
PS Isn't Barbosa a racing driver? Do you mean Baroso the former Maoist?
Sorry error whilst ranting,Baroso it is,I think Brasil is a good model to use (though are an emerging now overtaking economy) I would advocate perhaps an "new" currency altogether for Greece for Brasil the Rial was better as an alternative to moving the decimal point during hyperinflation,Iceland has come out the other side and now I think have a credit rating again.I think a "return" to the Dracma will have a further neg effect a new currency would be a new start rather than a devalued failure .On the other hand, if a default and devaluation is controlled properly as per Iceland then as you say there's nothing to stop Ireland and Portugal looking on enviously...
PS Isn't Barbosa a racing driver?
Do you mean Baroso the former Maoist?Blatantly nicked from another site (the site who's name we dare not mention) to summarize the position nicely:
[b]Greece is the daughter of a wealthy stepdad (Germany)
It's been using stepdad's credit card to go out partying and have lunches with Tessa and Phoebe and has suddenly hit the credit card limit.
Now the stepdad has told the ungrateful b
h he'll pay off half of the credit card but only if she gets a job.
She's sulking and saying she doesn't need him and she can make it on her own.
Greece is going to be a hooker before Christmas.[/b]
[b]Greece is the daughter of a wealthy stepdad (Germany)
It's been using stepdad's credit card to go out partying and have lunches with Tessa and Phoebe and has suddenly hit the credit card limit.
Now the stepdad has told the ungrateful b
h he'll pay off half of the credit card but only if she gets a job.She's sulking and saying she doesn't need him and she can make it on her own.
Greece is going to be a hooker before Christmas.[/b]
Excuse what may appear to be a muppet question but my grasp of finance is not great and there's much debate on here from what appears to be a knowledgeable basis....
We have a Euro account which we dip into to use as holiday cash - as the real world € value against the £ has been dwindling for some time now and the whole Greek 'thing' what's the verdict on when to change??
We have a Euro account which we dip into to use as holiday cash - as the real world € value against the £ has been dwindling for some time now and the whole Greek 'thing' what's the verdict on when to change??
Ranger 6 said:
Excuse what may appear to be a muppet question but my grasp of finance is not great and there's much debate on here from what appears to be a knowledgeable basis....
We have a Euro account which we dip into to use as holiday cash - as the real world € value against the £ has been dwindling for some time now and the whole Greek 'thing' what's the verdict on when to change??
Personally, I wouldn't hold Euros.We have a Euro account which we dip into to use as holiday cash - as the real world € value against the £ has been dwindling for some time now and the whole Greek 'thing' what's the verdict on when to change??
Ranger 6 said:
Excuse what may appear to be a muppet question but my grasp of finance is not great and there's much debate on here from what appears to be a knowledgeable basis....
We have a Euro account which we dip into to use as holiday cash - as the real world € value against the £ has been dwindling for some time now and the whole Greek 'thing' what's the verdict on when to change??
IMO the euro may well lose a bit more value against the pound, but it has already fallen from near parity to 1.25 and might even strengthen if Greece exits without it leading to armageddon. The wider question is will the euro collapse completely, again imo, if it does then we will all have bigger problems than losing a bit of holiday cash! I've got about 30k euro in a UK based company bank account, I think it is safe enough and am leaving it there for the time being. I would prefer to use it to pay European suppliers in euro rather than suffer the transaction costs of paying in Sterling.We have a Euro account which we dip into to use as holiday cash - as the real world € value against the £ has been dwindling for some time now and the whole Greek 'thing' what's the verdict on when to change??
slow_poke said:
Blatantly nicked from another site (the site who's name we dare not mention) to summarize the position nicely:
[b]Greece is the daughter of a wealthy stepdad (Germany)
It's been using stepdad's credit card to go out partying and have lunches with Tessa and Phoebe and has suddenly hit the credit card limit.
Now the stepdad has told the ungrateful bh he'll pay off half of the credit card but only if she gets a job.
She's sulking and saying she doesn't need him and she can make it on her own.
Greece is going to be a hooker before Christmas.[/b]
Rubbish analogy in my opinion.[b]Greece is the daughter of a wealthy stepdad (Germany)
It's been using stepdad's credit card to go out partying and have lunches with Tessa and Phoebe and has suddenly hit the credit card limit.
Now the stepdad has told the ungrateful b
h he'll pay off half of the credit card but only if she gets a job.She's sulking and saying she doesn't need him and she can make it on her own.
Greece is going to be a hooker before Christmas.[/b]
The Greek people aren't being bailed out (high interest loans is not a bailout), the banks and the bond holders are and the Greeks people have to pick up the tab with interest on because the banks are socialising their reckless gambling and losses on to them .
The Greek people are seeing very little of the 'bailout money' as its going straight to the banks and the bondholders.
Would Greece be in this situation if it didn't have to bailout the banks and bondholders??
Would Germany and France and who ever else lent money to the Greeks be up s
t creek if they didn't force Greece to take on the debt of the failed banks and bondholders losses?Follow the money..........
Sump Scraper said:
Rubbish analogy in my opinion.
The Greek people aren't being bailed out (high interest loans is not a bailout), the banks and the bond holders are and the Greeks people have to pick up the tab with interest on because the banks are socialising their reckless gambling and losses on to them .
The Greek people are seeing very little of the 'bailout money' as its going straight to the banks and the bondholders.
Would Greece be in this situation if it didn't have to bailout the banks and bondholders??
Would Germany and France and who ever else lent money to the Greeks be up st creek if they didn't force Greece to take on the debt of the failed banks and bondholders losses?
Follow the money..........
But Greece have effectively maxed out their credit card on crap, all that's happening now is the equivalent of getting an overdraft from one bank to pay off a credit card debt to another. It may be the bank's fault for lending to them in the first place but it's also the debtor's fault for taking on the loans.The Greek people aren't being bailed out (high interest loans is not a bailout), the banks and the bond holders are and the Greeks people have to pick up the tab with interest on because the banks are socialising their reckless gambling and losses on to them .
The Greek people are seeing very little of the 'bailout money' as its going straight to the banks and the bondholders.
Would Greece be in this situation if it didn't have to bailout the banks and bondholders??
Would Germany and France and who ever else lent money to the Greeks be up s
t creek if they didn't force Greece to take on the debt of the failed banks and bondholders losses?Follow the money..........
RYH64E said:
IMO the euro may well lose a bit more value against the pound, but it has already fallen from near parity to 1.25...
This bit has meant the value has dropped in £000s so far.... I suppose my real question is how much further could it go and what's the implications if the € does collapse?Ranger 6 said:
Excuse what may appear to be a muppet question but my grasp of finance is not great and there's much debate on here from what appears to be a knowledgeable basis....
We have a Euro account which we dip into to use as holiday cash - as the real world € value against the £ has been dwindling for some time now and the whole Greek 'thing' what's the verdict on when to change??
Peston, ZeroHedge and some bloke earlier in this thread are all predicting the Euro strengthening after the Grexit.We have a Euro account which we dip into to use as holiday cash - as the real world € value against the £ has been dwindling for some time now and the whole Greek 'thing' what's the verdict on when to change??
You want to hold Euros in an account outside of the PIIGS. Everyone in the PIIGS will do this too, but the ECB will just make up new rules to allow it to fill the gaps in the balance sheets of the PIIGS banks.
Irish banks (AIB springs to mind) are already offering silly deposit rates on the fixed-term-don't-even-think-about-asking-for-it-back-in-an-emergency accounts. Risk/reward.
RYH64E said:
But Greece have effectively maxed out their credit card on crap, all that's happening now is the equivalent of getting an overdraft from one bank to pay off a credit card debt to another. It may be the bank's fault for lending to them in the first place but it's also the debtor's fault for taking on the loans.
Loans that they took out and could afford to pay and were paying until the whole financial st storm hut creating mass unemployment meaning they lost the ability to pay the loans.If the banking system had stayed healthy, would these same Greeks not still be servicing these loans?
The bent bankers and bent politicians have ruined the economies all over Europe,that is a fact and to blame the people of these country's is shocking.
Over 25 million people unemployed in the eurozone, is that their fault?
The greed of the few have ruined it for the many.
Ranger 6 said:
This bit has meant the value has dropped in £000s so far.... I suppose my real question is how much further could it go and what's the implications if the € does collapse?
No one knows how much further it could go, if I knew I would have given up the day job long ago. If the euro collapses completely it'll be time to stock up on canned food and buy a shotgun.Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff