Sunday, May 09, 2010
Half a trillion Euros
The National: Europe rushes to save euro from ‘wolf pack’
Speculators have been pounding the stock and bond markets of highly indebted euro zone members Portugal, Greece and Ireland on fears they will be next to call for bailouts.
Economists estimate that the total cost of rescuing those three countries would amount to €500bn – a sum that could plunge the entire 16-nation euro zone into a debt crisis.
Posted by devo @ 10:18 PM (924 views) Add Comment
5 Comments
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1. alan said...
Can't we sell the Gordon Brown? He's the "man who saved the world"
On a serious note, the UK is looking ever more vulnerable. I wonder what will happen next week?
2. markj69 str05 said...
Can't we pay them to take him? And that was my serious note!
3. taffee said...
we will see a bounce but by increasing debt which was the original problem!
If only they had raides interest rates in 2002/2003 and made sure banks and countries lived within their means
hardly rocket science
4. Crunchy said...
LOL, Nice EURO/USD long trade!
(Posted 8.45 Monday)
5. str 2007 said...
Apparently the markets are rallying this morning on the news.
Struggling to see the good news in a huge bailout for Greece (currently) followed by Portugal, Spain, Ireland, Italy & UK.
Good news, would have been all these countries having to sell an esset (Islands IMO) on a 100 year lease or something like we did with China and Honk Kong.
It just seems to me that there's never any price for utter stupidity and profligacy these days. It just seems to get sorted out with a weekend meeting and another big set of numbers.
Given we're all skint, where exactly does this bailout money come from.
Or are we not skint and never will be because we can just have a weekend meeting and arrnge some more money ?
A simple enough question you'd have thought, but did no-one ask Greece when they joined about the well known fact of their retirement age (53 years) and the fact that most aren't paying income tax to the correct level.
A visit to Corfu some years ago revealed a remakable number of unfinished houses and extensions. Within a day I'd discovered you anly pay tax when a property build/extension is finished - so they never finish them.
If a holiday maker can suss that out in a day what exactly are these Euro MP's upto for all the money they earn (I say earn should read are paid).
The smaller/newer Euro members haven't even been mentioned yet, but as countries hae joined their own economies each time have been further and further down the scale.
What sort of trouble are they going to be getting into ?