That's actually a very interesting way of looking at it ... when you consider you've got Greece, Italy, Spain, Portugal and potentially France (and all those other's I forgot like Turkey), all being held unsustainably high by Germany.
Possibility of a Greek default in next week
- Thread starter Tehanu
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That's actually a very interesting way of looking at it ... when you consider you've got Greece, Italy, Spain, Portugal and potentially France (and all those other's I forgot like Turkey), all being held unsustainably high by Germany.
Seeing as one of the main reasons for the Euro was to firmly establish and protect Germany's large Export economy I don't see that happening thank-you-very-much.
a German split from the euro would drive UP the Mark and hamper exports as the rest of the eurozone goes into deflation.
that's economic terrorism.
It's economic masochism the Germans are insisting the Spanish engage in.
Not really a choice. You have the industrious hard-working Germans on one end, compared to the freeloaders in the rest of Continental Europe who don't pull their weight and are enslaved by the ECB and their bankers. It's pretty obvious who's going to survive this.
wrong .. southern Europeans work much longer hours than Germans.
don't mean they are as industrious or efficient.
My point is that, either way, someone is going to lose ... so is it the majority (southern Europe) or Germany?
Methinks Germany has a better chance of pulling themselves out of a pickle than the rest.
Alot of interesting points of view on Insight last night, its a very messy situation with no clear solution, many people gave a specific change that would fix the problem but it was plainly obvious to me as an outsider that although those suggestions would help it would take ALL of the suggestions to be implemented to acually save the situation.
Could a government get elected and implement so much change? I severely doubt it.
I think they are going to go nowhere very fast as democracy is going to hamper any serious reforms due to a confused/distrustful public and more extremist parties saying what the public want to hear but not actually being able to fix any of the problems.
Could a government get elected and implement so much change? I severely doubt it.
I think they are going to go nowhere very fast as democracy is going to hamper any serious reforms due to a confused/distrustful public and more extremist parties saying what the public want to hear but not actually being able to fix any of the problems.
there'll be another round of printing yet, maybe 2, along with a covert round of currency swaps, nominal GDP targeting and intra-bank bond purchases just tp destabilise things further and squeeze more blood from the stone.
it'll be a revolution before anything happens of any meaning, and even then, expect the general public to lose. to envisage anything else would beto entertain delerious optimism.
it'll be a revolution before anything happens of any meaning, and even then, expect the general public to lose. to envisage anything else would beto entertain delerious optimism.
Greek Exit a done deal?
Read this on ZeroHedge - A German rag is reporting that a deal has been done that will push greece out of the Euro. Believable?
http://www.zerohedge.com/news/german-press-greek-exit-done-deal?page=1
Warning: Poor Google translation in part
Read this on ZeroHedge - A German rag is reporting that a deal has been done that will push greece out of the Euro. Believable?
http://www.zerohedge.com/news/german-press-greek-exit-done-deal?page=1
Warning: Poor Google translation in part
Greece is not being pushed out, they already told them they can shove their ECB EUs.
The Germans's bank system is bankrupt, the ECB is broke.
They have no choice but to accept some of Greece's requests.
If they don't Italy & Spain will follow and the EU is dead and Germany takes the loss.
Germany has much more to loose than Greece, Italy and Spain
The Germans's bank system is bankrupt, the ECB is broke.
They have no choice but to accept some of Greece's requests.
If they don't Italy & Spain will follow and the EU is dead and Germany takes the loss.
Germany has much more to loose than Greece, Italy and Spain
I recently read that the Greeks are withdrawing their money from the banks, with 700 million euros taken out in one day alone
Spain is also feeling the effect with 1 billion euros being withdrawn from Bankia, the troubled Spanish bank
There's a lot of cracks appearing, so more jitters for our market also
Spain is also feeling the effect with 1 billion euros being withdrawn from Bankia, the troubled Spanish bank
There's a lot of cracks appearing, so more jitters for our market also
There’s nothing written in stone to say Greece can’t drop out of the euro, of course. The pivotal question today though is: Can the other euro members permit themselves to let Greece depart?
The answer to that I think is ‘No’. A Greek departure now would almost certainly forever poison the 'United States of Europe' project, which itself has always been the ulterior motive behind the creation and ongoing existence of the euro.
Why? Well, if you look at WWII as an attempt to unify Europe by force, then what triumphed against that attempt was the principle of peaceful change: In a word, democracy. And which country gave birth to the idea of democracy? Well, that was Greece of course, a couple of thousand years ago.
Looked at economically Greece then is entirely dispensable; but looked at politically Greece reaches down into the very DNA of the Greater European Project. To negligently 'permit' Greece to leave the euro now for merely monetary reasons would be to dishonour the driving democratic principle of the Project itself.
And this I think is the vein that the young leader of the leftist Greek anti-austerity faction, Tsirpas, is tapping into: It's the one vein that inextricably connects Athens to Europe's two most vital organs, Berlin and Paris.
The answer to that I think is ‘No’. A Greek departure now would almost certainly forever poison the 'United States of Europe' project, which itself has always been the ulterior motive behind the creation and ongoing existence of the euro.
Why? Well, if you look at WWII as an attempt to unify Europe by force, then what triumphed against that attempt was the principle of peaceful change: In a word, democracy. And which country gave birth to the idea of democracy? Well, that was Greece of course, a couple of thousand years ago.
Looked at economically Greece then is entirely dispensable; but looked at politically Greece reaches down into the very DNA of the Greater European Project. To negligently 'permit' Greece to leave the euro now for merely monetary reasons would be to dishonour the driving democratic principle of the Project itself.
And this I think is the vein that the young leader of the leftist Greek anti-austerity faction, Tsirpas, is tapping into: It's the one vein that inextricably connects Athens to Europe's two most vital organs, Berlin and Paris.
They came up with democracy 3000 years ago. What relevance does it have now?
Right now they're a bunch of dodgy people not paying their debts, that's all. The only political reason people don't want Greece to pull out is that it sets a precedence for the other more significant but equally dodgy countries - Italy, Spain, Portugal, any other bankrupt country I missed - pull out and disrupt trade flows.
Right now they're a bunch of dodgy people not paying their debts, that's all. The only political reason people don't want Greece to pull out is that it sets a precedence for the other more significant but equally dodgy countries - Italy, Spain, Portugal, any other bankrupt country I missed - pull out and disrupt trade flows.
No, it was in the time of Pericles, around 2500 years ago actually. But the cultural significance of democracy is not something I would ever possibly expect you of all people to fathom: It's not something you can attach a dollar sign to.
I realise the significance the Greeks once great contributions to modern western countries, but that was thousands of years ago. The modern Greek simply lives off the back of that once great country. You hear it from 3rd generation Greek Australians as something to be proud of. I just don't get...it's a basket case mate. 150 years ago my pommy ancestors arrived here but I don't go round hanging my hat on the magna carta, the Westminster system, presumption of innocence, the rule of the British empire etc
I just love to beat them at cricket.
Modern Greece is lazy with a massive sense of entitlement built on a once great country 2500years ago
I just love to beat them at cricket.
Modern Greece is lazy with a massive sense of entitlement built on a once great country 2500years ago
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