Possibility of a Greek default in next week

wow - Greece behind Rwanda!

I'd love to know who came in between us and our cross Tassie mates, but taking to long to download. Suspect some northern European guys (Denmark, Sweden etc) and a bit of Asian (Hong Kong, Singapore) ... but I could be wrong again - sigh - so hard being wrong so often ... :eek:
 
Denmark
Finland
Sweden
Singapore
Norway
Netherlands

Gotta love those honest Scandanavians.

Singapore might be more of a case of the punishments normally fit the crime, and then some.

The Dutch make great clogs and ride goofy bikes, so I can see why they are just above us.
 
I could give you a bunch from Spain. Specifically from the city council that my husband used to sit on. Bribery, assault, threats, misappropriation of funds, jobs and contracts given to family and friends, etc., etc. And I can guarantee the same sort of stuff goes on at all levels, all over the country.

So which part of Queensland is Spain in?
 
Hardly a surprise to anyone, but here it is black on white - Greece officially makes the odds for a Euro departure well over 50%:

TSIPRAS SAYS GREEK RESULTS MAKES BAILOUT ACCORD NULL AND VOID
TSIPRAS SAYS GREEKS HAVE VOTED AGAINST BARBARIC BAILOUT
TSIPRAS SAYS WON'T JOIN A GOVT OF NATIONAL SALVATION FOR LOAN
TSIPRAS SAYS GREEKS HAVE ENDED PLANS FOR ADDITIONAL AUSTERITY
TSIPRAS SAYS TO REDISTRIBUTE TAX BURDEN, DEVELOP GROWTH PLANS
TSIPRAS SAYS WILL STICK TO PRE-ELECTION PLEDGES
TSIPRAS ASKS VENIZELOS, SAMARAS TO RENEGE PLEDGES IN WRITING

And here it comes

GREECE'S TSIPRAS SAYS WANTS INTERNATIONAL COMMISSION TO INVESTIGATE IF GREECE'S DEBT IS LEGAL
TSIPRAS SAYS MUST BE MORATORIUM ON GREEK DEBT PAYMENTS

http://www.zerohedge.com/news/greek-left-coalition-leaders-says-bailout-accord-null-and-void
 
As an illustration of British Euroscepticism.



Or our very own Nigel Farage in the European Parliament...

So as I said, a lot of British reporting on the EU is often rather biased. :eek:

From what I'm hearing in the less extreme branches of the media, the expectation is that Hollande will broadly follow the same policies as Sarkozy did prior to the election. A lot of the rhetoric was simply hollow electioneering promises.

I wasn't a great fan of Sarkozy, though I've got a French friend who rated him. That said, my friend thought he was always trying to be too clever in negotiations, and that sometimes bit him.

In Greece, the largest and second largest parties have both failed to assemble a coalition, and now the third placed is trying its luck. The most likely outcomes are either a fresh round of elections, or a technocratic government.

Public opinion is still behind remaining in the Eurozone, though the news last night spoke of it potentially shifting due to the pain of the austerity package. Things sound really bad in Greece, and the nuclear option of re-adopting the Drachma is starting to lose its scariness since people are asking how much worse can it be?

There are problems in Spain kicking off too. Bankia, a troubled bank with significant exposure to the property market, has been partially nationalised. Robert Peston (at the BBC) is asking whether Spain is turning Irish.
 
Oh dear - the process Spain went thru is looking very familiar ... so called failed stimulus (non-stimulating infrastrucutre spending) and rising government debt ceilings ...
 
There are problems in Spain kicking off too. Bankia, a troubled bank with significant exposure to the property market, has been partially nationalised. Robert Peston (at the BBC) is asking whether Spain is turning Irish.
I don't think Spain will get as bad as Ireland, the big Spanish banks generally didn't recklessly lend to the same extent as Irish, UK & Icelandic banks which sent them under (smaller local banks did though), and only now some are needing government help following their property bubble collapse, but not the big three.

Of the top five banks with the biggest profits in the world at the height of the GFC (2008), three were Chinese and two were Spanish (Santander & BBVA)
 
Talk about timing! The domestic foundations of Germany's austerity stand have just taken what looks like a major blow right on the eve of Merkel's first meeting with Hollande (who I understand she's refused point blank to meet in person before).

The German Chancellor, Angela Merkel, has suffered a significant blow after voters in Germany's biggest state decisively rejected her austerity policies in a defeat that will weaken her on the European stage.
Read more: http://www.smh.com.au/world/merkels...ether-state-20120514-1ym1f.html#ixzz1uoNMFBN5

Of course, this probably changes nothing for how financial markets view sovereign debt risk in Europe in the short term. But it could be the start of a game changer for the roles of the ECB and IMF, which in turn might change market sentiment in the longer term. With Europe being arguably the scariest thing on the economic horizon for everyone, there's always hope!
 

I wonder though what this means in the context of greece.

Is it that people dont want to pay the bill for living well for many years?

Is it people are (possibly) deluded that there is a solution to the problem that doesnt involve them personally suffering any hardship (governments sending more)?

Are people sick of governments taking their money but not using it wisely?

I dont know the answers or the solutions to what is happening but I think know human nature pretty well and I think alot of the problems are because people are selfish and dont want to give up anything to help the wider community (country/continent). Throw in a splash of government using money poorly and you will have a disillusioned public that stubbornly refuses to give 'any more than they already do'
 
Look at it another way, MM.

If people have no jobs and no money, they can't buy stuff. If this happens to enough people across the region, the economy of Europe will shut down, and the rest of the developed world will very likely follow.

So, while it would be foolish to not make people pay their bills, it would be self-defeating to starve them to death in the name of doing so. The people must be allowed to eat while they pay back what they owe.

In other words, system-wide debt restucturing is necessary. Alone, however, this won't of course save the Euro. In the end only a United States of Europe can do that. But a stop-gap economic measure that could probably work until the politics in Europe catches up (i.e. in a generation or so) would be region-wide fiscal unification. Or until Europe just gives up the Euro project, of course.
 
But a stop-gap economic measure that could probably work until the politics in Europe catches up (i.e. in a generation or so) would be region-wide fiscal unification. Or Europe just gives it up, of course.

in for a penny, in for a pound, err... euro.

I doubt they have the appetite to go further into this
 
Yeah good points, its definately a difficult situation


In other words, system-wide debt restucturing is necessary. Alone, however, this won't of course save the Euro. In the end only a United States of Europe can do that. But a stop-gap economic measure that could probably work until the politics in Europe catches up (i.e. in a generation or so) would be region-wide fiscal unification. Or until Europe just gives up the Euro project, of course.

In the current day and age where many regions are (and some have) breaking away from countries and demanding independance I doubt we would see a unification of anything in europe.

I actually wondered a few months about it for the US, why they dont merge some states together but I dont think people can accept it and the complexities of laws for different states, which laws do you apply? In reality it could probably only happen if 1 state totally capitulates and says 'ok we will use your laws for everything' otherwise it would just be a loophole capital :)

crazy times
 
I actually wondered a few months about it for the US, why they dont merge some states together but I dont think people can accept it and the complexities of laws for different states, which laws do you apply? In reality it could probably only happen if 1 state totally capitulates and says 'ok we will use your laws for everything' otherwise it would just be a loophole capital :)

crazy times

Because Americans don't like big government at all. Each State is very autonomous and I think many Americans would fight tooth and nail if anyone tried to annex their State as part of any other or tried to impose laws upon it. Sure, that leads to 51 sets of rules and regulations about many things but that is the cost of freedom.
 
Back
Top