Greece.- Drachma - of stay with Euro...?

Discussion in 'Current Affairs, News and Analysis' started by heard_it_all_before, Dec 14, 2009.

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  1. Stay with Euro...?

  2. Revert back to the Drachma..?

  3. Brussels will break even more rules to help Greece?

  4. Non of the above and who fecking cares anyway..?

  1. Right. The time is nearly upon us to possibly witness the First Country to Bail out of the Single Currency Zone. To that end, a straight forward Poll.

    Your predictions please....
  2. From the sound of it, they may jump or they may be shoved!

    The relatively high Euro interest rate of 2% will not be doing the Greek economy any favours though, especially with France/Germany on the brink of recovery!
  3. Every game of dominos starts with the first brick.
  4. Very interesting perspective, especially as Ireland and Spain are also hot on the heels of the Greeks.

  5. Very good point…

    Greece and Spains pain are compounded by them being unable to inflate/devalue their way out of trouble as they have always done in the past.
  6. But they have also been able to issue debt at a cheaper rate than they would have been able to do without an implicit Euro guarantee.
  7. The first major act of our new EU utopia is its destruction, who says that they don't have a sense of humour.
  8. If the Labour party are re-elected I see Euroland split into two currencies.
    France,Germany and the UK creating a new currency, while the other countries staying staying with the old Euro but a weaker rate.
  9. Command_doh

    Command_doh LE Book Reviewer

    Sink this evil price raising device!

    I can't afford a beer on the continent since this thing came in, and we are far better off out of it.
  10. Two points are worth noting:

    1. The UK is not that far behind.... but we have an advantage in that we can devalue our currency which has already fallen by some 20-25% in the last year. Greece does not have that luxury as it is tied to the Euro.

    2. Most of that Greek sovereign debt has been syndicated through such banks as, tada, RBS. You couldn't make it up!

  11. We could call it the Pound.
  12. I dare say that here in the UK that we would soon get used to using the Drachma...... :D
  13. But only if the Tories get elected, Labour would happily call the new currency Deutschmark or franc :D
  14. I dont know if any of you have seen this website but it may explain something if what he is claiming is correct
  15. There's a thought. :p