Is the end nigh for the Euro? [vol. 2]
Discussion
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 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.
http://www.europarl.europa.eu/news/en/headlines/co...
May 17 is the International day against homophobia
Tits up indeed FFS
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.Is this a word?
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.
Guardian reporting shares in Spain's Bankia have been suspended after falling 30% on news that more than a billion Euros have been withdrawn since the bank was part nationalised. That worked well then.
http://www.reuters.com/article/2012/05/17/bankia-i...
http://www.reuters.com/article/2012/05/17/bankia-i...
Another word that I like, that fits with the euro/Europe is
Ozymandian
Link to meaning
http://m.urbandictionary.com/#define?term=ozymandi...
Ozymandian
Link to meaning
http://m.urbandictionary.com/#define?term=ozymandi...
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