The politicians won't let them. They're going to try and keep them from defaulting at all costs. So by the time it does get forced out, it is going to go with one hell of a bang!aster wrote:I reckon the Euro will be stronger without Greece. They are simply just a nuisance and a burden at present, I think things would be much better if the decision was made to dump them. The only issue is that it's never been done before because nobody could have envisioned that a country would fraudulently falsify data on an official, national level, and that an entire nation would rather riot than work.
But when you deal with such people, the only way is... out! Time to stop the bailouts and tell Greece to "walk the plank..."
aster wrote:I think the Sterling came under a well-planned "attack" in a sort of currency war that the other side won - it certainly was a sign that the power of speculative capital that can be focused to target a region, country or particular currency would be a major worry in the future...
Yes and still the French and Germans did not take this into account when devising the euro. How foolish could they be!?
Oh and I believe that the way the £ got shot out of the ERM was due to the unrealistic structure of the ERM. Hedge funds knew the UK Treasury was obliged to support the £ within the ERM, so it became a no brainer to short it. You can't blame the hedge funds, rather the stupid ERM rules that they exploited.
Honestly I wonder what goes through a German's mind when he fills out his tax declaration nowadays. Somewhere in the back of his mind he must surely be asking himself, "I wonder how much of that is going straight to the Greeks?"
I read that the UK sneaked through a Statutory Instrument this week increasing funding to the IMF by £9bn. That's the equivalent of 1.5p on income tax. That went through with no debate, no vote, nothing. Much of it will end up in the PIGS. How are the people in the UK protesting against that? (answer, not at all)
While over there (when they're not rioting) I can just picture someone partying, getting drunk, and laughing himself silly - flinging a vacuum cleaner over his back and singing "WHO YA GONNA CALL?"
I recall tabloid headline from last year. 'We'll bail you out in return for Corfu' [or similar ]
A few guys chatting in the Fed caused the credit crisis, so it's quite plausible that a few guys on a forum could bring down the Euro!!JR8 wrote:You could just about imagine a comedy film where a bunch of guys chatting on a forum accidentally cause the downfall of the euro
The films title could be Downfall 2 ...
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