Another mess with the word Euro in front of it.

And then you get t*ts like LORD Mandelson who says the euro currency is a success and Britain should join the single currency.
muhandis89 said:

While these people dither,the Euro will weaken further.If the IMF are ever to be involved in saving Greece/Portugal etc,then that proves that the \Euro is only a weak 'political' currency.
I could justify stepping in, if Portugal's Port supplies were threatened. But, as kleftiko can be made anywhere, the Bubble & Squeaks are on their own.
I have a nice warm feeling that the " Masters' of the EU " are going to regret their past actions of encouraging , almost to the point of cajoling , some of the more recent members to join . The levels of corruption within some of these countries , known at the time , whether it be state or private sector will come back to haunt the EU . Greece is just the beginning …. let us hope it is the beginning of the end . I am convinced that many members lied by using imaginitive financial practices to falsely prove that they satisfied the joining criteria and further some long serving members pay only lip service to financial constraints imposed by Brussels . The Euro could prove to be the Achilles Heel .
I am all for a Trade Relation EU but the vision imposed on a sleeping and unsuspecting EU population using creep techniques of an EU Super State may be fading .

Edited ... minor text mod .
This situation seems like heads I win, tails you lose. Helping Greece could send the wrong signal to other countries in the Eurozone with similar problems, ie don't worry the rest of Europe/IMF will bail you out. Not helping Greece and letting the country founder would allegedly be a disaster. Spoiled for choice.


Book Reviewer
Letting Greece 'founder' would send out two messages: to the Greeks to take life seriously and not expect other people to pick up their bills, and to other countries to sort their own economies out. Unfortunately Greece 'foundering' would be a massive failure of Socialism, and THAT is what the Eurocrats don't want to happen. Of cours it will collapse in the end, but right across Europe, with far more serious consequences than if it were just Greece biting the bullet, and in a firestorm of inflation to boot.
Interesting to see that after a minor bounce against the Euro after darlings non budget (unless you drink cider that is) that the poor Euro has started to rise once again against the pound.

You may have xenophobic dislike of the Euro, but the rest of the world really does think it is 25% better than the pound compared to a year or so ago. and it is getting better almost every day. The big question now is when will the pound sink below 1 euro. Some time in May perhaps?
The EU have to bail out Greece.... or the whole Euro will go wrong.

Wonder if this was contrieved by the crypto fascist American bankers such as JP Morgan and the Rockefellas? Bring down the Euro, as it is a threat to their currency the Amero.....
turn to page 189 of the Treasury's Budget book.

In Table C3 – Current and Capital Budgets – there's a line showing Public Sector Net Debt, ie how much we, as a country, will owe our creditors (not including personal borrowings). Now, cast your eyes over the column
"2014-15". Pow! I bet that hurt. Have another go: it's not a printing error.

Yes, according to the Treasury's forecasts, the United Kingdom will nearly double its indebtedness from £776 billion (in 2009-10) to £1.4 trillion. Even in Gordon Brown's devalued, debased and degraded system of accounting, that is still a poleaxing sum, equal to about one year's national output.

That's why the poound has slumped against the euro
Angela Merkel is sh1tting herself - the Germans have saved and been exceptionaly financially prudent and now they're faced with bailing the PIGS out (for which she'll get smashed at home) or letting them suffer and watching the Euro as a whole take a dive.

Everyone knew at the time that the Greeks entered that they were fudging it by what was assumed to be 20 to 30%, not the 300% that they actually did!
John Redwood puts it in layman's terms on his blog:

John Redwood said:
Joining a single currency is like sharing a bank account with the neighbours. It’s not something most rational people would ever do, in the interests of staying friends with the neighbours.

If you must, you need to control the neighbour’s spending and borrowing, to make sure there is enough money in the joint bank account when you need it, and to make sure the neighbour does not draw out too much of what you have earned and put his feet up. That is what the argument with Greece is all about. Germany goes out to work in world markets and earns a surplus. Some now think Greece, which has run up a large overdraft, should be able to draw on the German earnings to repay some of the debt.

That is, of course, what has to happen if you wish to keep the joint bank account and keep the bank manager happy – that is what they are now reluctantly recognising they have to do to keep the single currency going. If I were a German I would strongly want to have much more Brussels authority over Greek spending and borrowing, so their drawings on the common bank account do not get out of hand. That is what yesterday was all about.
Alsacien said:
As usual another "Euro" thread full of ignorance and xenaphobic drivel.

Greece has not even requested any money from anyone......
So their economy is fine and dandy and they don't require support from anyone, then?

Jolly good, I didn't realise that the whole Greek economy falling onto the water was an invention, a scare story got up by the Daily Mail and UKIP. Thanks for letting me know.

Who's for a nice game of boules then?


blonde_guy said:
Alsacien said:
Greece has not even requested any money from anyone......
That may be so, but surely its wise of the other Eurozone nations to move to stop any potential collapse?

Surely if one Eurozone country goes.....
The main market concern has been that the Eurozone/ECB did not have an implemented or tested mechanism for dealing with such situations. This had to be resolved.

The biggest loan the IMF has ever granted would not have provided enough of a safety net for Greece either. Then you get polititians muddying the picture.

If you want to understand these issues, you have to read the various quality financial papers in Europe, and note the comments of politically independant neutrals. If you read the Mail or read polititians statements without considering their political context (eg Merkel), you will never figure it out.

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