Ha ha!!JR8 wrote:'A Greek, Portugese, Irishman and German are in a bar.
The German pays for all their drinks.....
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The BillyB, Aster & JR8 roundtable!
Ooh look, the Telegraph have started a 'rolling' news item on Greece/euro. They last did this for Tunis and Cairo...
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'Latest
15.31: As the euro teeters closer to the psychological mark of $1.40 against the dollar,
Kathleen Brooks, research director at Forex.com argues that any signs Europe will allow Greece to go to the wall would unleash a rout that could see the single currency fall like a ‘house of cards’.
http://www.telegraph.co.uk/finance/econ ... -live.html
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'Latest
15.31: As the euro teeters closer to the psychological mark of $1.40 against the dollar,
Kathleen Brooks, research director at Forex.com argues that any signs Europe will allow Greece to go to the wall would unleash a rout that could see the single currency fall like a ‘house of cards’.
http://www.telegraph.co.uk/finance/econ ... -live.html
Hindsight is a great thing, but I have always been very against the principal of a 'one size fits all' economic region. To my colleagues amusement, I told them years ago that it only takes a few issues in one Country, market negativity takes over and multiplies the whole problem in a big ripple effect.
A few big European banks have big euro exposure, they start selling off securities, word gets round in the markets, rumours slip out to the public that a few European players have the potential for huge losses in the future - cue hysteria, mass panic selling, fund withdrawals, more panic and bang - the E.U is pushed back years by way of re-building and recovery.
A few big European banks have big euro exposure, they start selling off securities, word gets round in the markets, rumours slip out to the public that a few European players have the potential for huge losses in the future - cue hysteria, mass panic selling, fund withdrawals, more panic and bang - the E.U is pushed back years by way of re-building and recovery.
[url]http://www.cityam.com/news-and-analysis ... n-bros[url]
Alister Heath, editor of CityAM (a free financial paper over here in London) is always pretty much spot on the money. I have read his column for years and can count on the fingers of one hand the amount of times I disagree with him, well worth a read every day (his column appears online as well as per above link
.. Greece is on borrowed time now.
Alister Heath, editor of CityAM (a free financial paper over here in London) is always pretty much spot on the money. I have read his column for years and can count on the fingers of one hand the amount of times I disagree with him, well worth a read every day (his column appears online as well as per above link
.. Greece is on borrowed time now.
Edit to add snarky comment:
'Save us from this tragedy of our own making, we demand it!
Last edited by JR8 on Sat, 18 Jun 2011 1:33 am, edited 1 time in total.
Gotta love this, people out on the streets rioting against having to work. 
Wish I had a Greek credit card in my pocket. Spend, spend, spend away right up to the limit. Cry, moan, wander the streets in protest... and wait for someone else to pay off the bill. And then go back out and spend some more!
Works every time.
Wish I had a Greek credit card in my pocket. Spend, spend, spend away right up to the limit. Cry, moan, wander the streets in protest... and wait for someone else to pay off the bill. And then go back out and spend some more!
Works every time.
Bye bye Greece, bye bye euro!
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Q Does the Greek situation make the collapse of the euro inevitable?
It raises major existential questions for the euro project – and not merely because the straitjacket of euro membership has so limited Greece's options in responding to the crisis. The major counter-argument to the euro was that it is impossible to have a currency union without a fiscal union. In other words, without a central authority with the power to tax and spend, it is impossible to get an area as large as the eurozone pulling in the same economic direction. And that was what came to pass: over the past decade and a half, Greece and many Mediterranean neighbours (not to mention Ireland) have borrowed and spent too much while Germany has saved too much. The idea that such divergent economies could issue currency that was supposedly worth precisely the same value everywhere is unfeasible.
It is difficult, in economic terms at least, to imagine the euro surviving in its current state – particularly because Greece's problems are shared by other countries. Granted, the euro is a political project. But the scale of anger in Berlin at the prospect of having to transfer billions to its Mediterranean neighbours purely to safeguard the euro project is such that it makes stark the question of whether there really is the public will to keep it alive.
http://www.telegraph.co.uk/news/worldne ... ng-on.html
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Q Does the Greek situation make the collapse of the euro inevitable?
It raises major existential questions for the euro project – and not merely because the straitjacket of euro membership has so limited Greece's options in responding to the crisis. The major counter-argument to the euro was that it is impossible to have a currency union without a fiscal union. In other words, without a central authority with the power to tax and spend, it is impossible to get an area as large as the eurozone pulling in the same economic direction. And that was what came to pass: over the past decade and a half, Greece and many Mediterranean neighbours (not to mention Ireland) have borrowed and spent too much while Germany has saved too much. The idea that such divergent economies could issue currency that was supposedly worth precisely the same value everywhere is unfeasible.
It is difficult, in economic terms at least, to imagine the euro surviving in its current state – particularly because Greece's problems are shared by other countries. Granted, the euro is a political project. But the scale of anger in Berlin at the prospect of having to transfer billions to its Mediterranean neighbours purely to safeguard the euro project is such that it makes stark the question of whether there really is the public will to keep it alive.
http://www.telegraph.co.uk/news/worldne ... ng-on.html
Yeee-haw.... ride em cowboy!
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'Alan Greenspan warned a Greek default was "almost certain". Speaking in the US, the former boss of the Federal Reserve said the chance of Greece being unable to repay its debts was "so high that you almost have to say there's no way out".
http://www.telegraph.co.uk/finance/econ ... treat.html
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'Alan Greenspan warned a Greek default was "almost certain". Speaking in the US, the former boss of the Federal Reserve said the chance of Greece being unable to repay its debts was "so high that you almost have to say there's no way out".
http://www.telegraph.co.uk/finance/econ ... treat.html
Comment on blog.... hilarious....
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'And so the farce continues for a little while longer. Meantime Sarkozy comes out with the most OTT statement you'll likely hear.."Without the euro there is no Europe and without Europe there is no possible peace and security"
Looks like we're in for a war then...
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'And so the farce continues for a little while longer. Meantime Sarkozy comes out with the most OTT statement you'll likely hear.."Without the euro there is no Europe and without Europe there is no possible peace and security"
Looks like we're in for a war then...
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