Is this the start of a run on the Euro...?

Discussion in 'Current Affairs, News and Analysis' started by heard_it_all_before, Feb 15, 2010.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  1. With the wealthy Greek's reportedly moving their millions out of their home country and with other's betting on a collapse of the single currency, Is this the early stages of a run on the Euro...?
    If so, where's that bloke Peston, the merchant of doom, when you need him...?
  2. - and what chance that Portugal is next?
  3. Britain will be in deep poo if the Euro fails because if i remember correctly, cyclops sold our gold [cheaply] and bought euro's with it.
  4. He really is a one-eye isn't he?
  5. When the Euro was OK FFR was £1/Euro 1.15. Then last Nov it went down overnight to Eurto 1.1/£1. LOA was sorted, so now its climbing back up will FFR be revalued again? I bet its not. PS I have sa lot of Euros in savings in Germany, should I sell 'em quick?
  6. Maybe the treasury should dig out the PIN Number for the BoE vault and sell the lot while the exchange still favours the Euro to Pound exchange rate.
  7. If Portugal goes Spain (the non-member-but-Gordon-says-it-is of the G20) will be following it.
  8. Time to buy Corfu back.
  9. At today's rate of €1.15 everyone of your €1 would buy you £0.87 or for every €1000 you would get some £870

    In comparisson

    At the rate on 10 March 2008 €1.31 everyone of your €1 would only have bought you £0.76 or, for every €1000 that would be £760

    A difference of some £110 in every €1000. so unless you are getting some fantastic interest rate, work the rest out for yourself.......!
  10. I suggested to a German friend in Sept 2009 that the weakness of the £ against Euro would not last.She said that 'Germany has strong finances'.In fact Merkel was trying to hide Germany's structural financial weaknesses,until after her re-election.Germany is in far more trouble than they would admit,and are now being asked to bail out the Greeks.make work schemes abound in Germany.That is not to say that the £ is out of the woods.far from it,as a large proportion of our exports goes to EU countries.If,as I suspect,the Euro gets a hammering this year,at least the £ will not suffer full collateral damage(NuLiabor willing)
  11. A major problem with Greek public finance is a culture of fraud and tax evasion.

    It is estimated that 30% of GDP is 'off the books' and untaxed. That means that routine Government expenditure that should be paid for out of routine taxation has to be met from borrowing.

    This is estimated at $20+ billion per year.

    Have a look at the little chart on the WSJ article of estimated size of the black economy in various countries:UK is 10.6% and the USA 7.2%

    Greece 25% of GDP, Italy 22%, Spain and Portugal 19%.
    It's a definition of the PIGS group. 'Tax evaders R Us.'

    Put bluntly, Europe (Possibly including us) is subsidising tax dodgers.
  12. I believe it was Paxman on Newsnight last week(?) who referenced tax evasion as being the "national sport" of Greece when talking to a minister from that country.

    Evidence to support the W-shaped recession of which many have spoken (including yours truly) comes in the form of the fact that, having crept out of recession, Germany has now fallen back into it.
  13. I knew I shouldn't have read this thread....What just happened?
  14. What's a greek urn?
  15. not much at the moment...............Ithankyou