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Spiralling Euro Crisis Could Cost Us Billions More: Now There Are Fears For Spain, Portugal And Belgium

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http://www.dailymail.co.uk/news/article-1333204/Spiralling-euro-crisis-cost-billions-Now-fears-Spain-Portugal-Belgium.html

British taxpayers could be asked to stump up billions more pounds to stop the European debt crisis spiralling out of control.

George Osborne has already pledged around £7billion to the mammoth bailout of Ireland - at a cost of nearly £300 to every household.

But, as the euro continues to tumble, the rescue package has failed to calm fears that other debt-ridden countries will need help to survive.

Portugal is seen as the next in line but Spain, Italy and even Belgium are on the danger list.

Fears are mounting that the £635billion rescue fund set up by the European Union and International Monetary Fund may not be big enough to cope.

Interesting that this is making the mainstream press, the size was questioned at the time of it's creation that if all the PIIGS needed it the fund was no where near big enough. Glossed over in the mainstream at the time but it would appear reality can't be hidden forever.

I'm just glad it's all contained and there's no contagion.

Edited by interestrateripoff

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8160999/EU-rescue-costs-start-to-threaten-Germany-itself.html

Credit default swaps (CDS) measuring risk on German, French and Dutch bonds have surged over recent days, rising significantly above the levels of non-EMU states in Scandinavia.

"Germany cannot keep paying for bail-outs without going bankrupt itself," said Professor Wilhelm Hankel, of Frankfurt University. "This is frightening people. You cannot find a bank safe deposit box in Germany because every single one has already been taken and stuffed with gold and silver. It is like an underground Switzerland within our borders. People have terrible memories of 1948 and 1923 when they lost their savings."

The refrain was picked up this week by German finance minister Wolfgang Schäuble. "We're not swimming in money, we're drowning in debts," he told the Bundestag.

It would appear the markets are doubting how deep German pockets really are.

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This is unbelievably bad. I know sod all about economics but if Belgium is involved it messes up the whole 'PIIGS' acronym.

Chuck a 'B' into the mix and the best I can manage is 'BIGPIS'.

However, if one were allowed 'Be' for Belgium we could have 'BIGPIES'

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Its odd its a "Euro" Crisis in the news, but we, who don't have Euros, are asked to stump up.

Methinks, its more likely a debt crisis.

clearly, to fix a debt crisis, more debtlending is needed.

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This is unbelievably bad. I know sod all about economics but if Belgium is involved it messes up the whole 'PIIGS' acronym.

Chuck a 'B' into the mix and the best I can manage is 'BIGPIS'.

However, if one were allowed 'Be' for Belgium we could have 'BIGPIES'

However, if - for no reason whatsoever - we add Germany to the mix, or just add Greece twice because, well, it is Greece and they have two economies, then we get 'The BIGPIGS economy.'.

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The markets have realised any bailout no matter how much € 1trn or even €10trn will fail eventually. Lending more money at any rate of interest and expecting to get it back is madness.

Ireland, Greece, Portugal, Spain etc have no way of repaying any bailout money lent. Most will likely enter recession again in q4 (if not in it already). The already have an unsustainable level of debt. They need growth and job creation not more austerity.

The solution is going to be QE, debt restructuring and a euro split away from Germany. How much money gets flushed before breaking point is key.

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This is unbelievably bad. I know sod all about economics but if Belgium is involved it messes up the whole 'PIIGS' acronym.

Chuck a 'B' into the mix and the best I can manage is 'BIGPIS'.

However, if one were allowed 'Be' for Belgium we could have 'BIGPIES'

No, drop "S" for Spain and susbstitute "E" for Espana - 'BIGPIE' - sorted!

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http://www.dailymail...al-Belgium.html

Interesting that this is making the mainstream press, the size was questioned at the time of it's creation that if all the PIIGS needed it the fund was no where near big enough. Glossed over in the mainstream at the time but it would appear reality can't be hidden forever.

I'm just glad it's all contained and there's no contagion.

Where's the money coming from to pay for all this?

This is all getting very exciting.

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I believe France, Uruguay and Chile are in trouble. Things aren't looking good for Kazakstan, Ecuador and Denmark either.

I have no link to this, but I read that questions are starting to be asked about Australia.

Houses are an estimated 60% over-valued. Yes - 60%. One hell of a bubble.

I was talking to some aussies in Brisbane the other day (via skype) and I got laughed at. Always a bad sign, when you're not taken seriously.:lol:

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Hungary raiding pension funds, what is happening with all the other european hinterland countries?

Good job it is contained.

None of this would have happened if govts and people were not coerced into going on a borrow and spend binge. Unfortuanately nearly all the same cretins/crooks that were in place during a disastrous perod of monetary meddling are still there.

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The only way I can see the Euro surviving is if the European parliament and ECB take full fiscal and monetary control of every country in the Eurozone

Now, I'm not one for conspiracies...but...this would be a good time for Rumpy-Pumpy et al to announce that full fiscal and political union is the only way to save Europe, desperate times call for desperate measures etc etc, referenda to be held (and held again until the 'right' answer is given) etc....

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I believe France, Uruguay and Chile are in trouble. Things aren't looking good for Kazakstan, Ecuador and Denmark either.

Uzbekistan and Pakistan looking dodgy as well!

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I believe France, Uruguay and Chile are in trouble. Things aren't looking good for Kazakstan, Ecuador and Denmark either.

Ladies and Gentlemen....this is all getting very silly!

The acronym proposed above is not very sensible either!

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I believe France, Uruguay and Chile are in trouble. Things aren't looking good for Kazakstan, Ecuador and Denmark either.

I expect some Chinese United Nations Team to step forward saying that they will sort it out.

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This is unbelievably bad. I know sod all about economics but if Belgium is involved it messes up the whole 'PIIGS' acronym.

Chuck a 'B' into the mix and the best I can manage is 'BIGPIS'.

Slightly cheating, but if you add the UK (incl Northern Ireland) and then France and Germany (which is a justifiable collection), you get some BIG FUKIN PIGS...

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You cannot find a bank safe deposit box in Germany because every single one has already been taken and stuffed with gold and silver.

Can't believe no-one has picked up on this little gem yet.

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This is the end game for the Euro, the German people are waking up to the fact its daft, and the FIB PIGS don't want to have to take German bail-outs. Everyone knows that separate currencies would be the way out of this, its just a case of how you get to that goal. The Euro offers modest and debateable efficiency benefits, outweighed by catastrophic adjustment effects.

All minds should be pondering on just how you get out of the Euro, because when Ireland comes back for more or when Spain hits the fan then it will time to think the unthinkable. If you default, then exit, your remaining debts ballon in domestic currency terms. If you exit, your debt balloons and you can then default. Either way, you spend several years in the financing wilderness. But you are there anyway. In the end there needs to be an international agreement to restructure (ie write down) debt so that the ex-Euro countries can recover. I just wonder whether we should be saving IMF money for the situation post Euro collapse, I am not sure the IMF should support a currency that is failing. They must be wondering this too.

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This is the end game for the Euro, the German people are waking up to the fact its daft, and the FIB PIGS don't want to have to take German bail-outs. Everyone knows that separate currencies would be the way out of this, its just a case of how you get to that goal. The Euro offers modest and debateable efficiency benefits, outweighed by catastrophic adjustment effects.

All minds should be pondering on just how you get out of the Euro, because when Ireland comes back for more or when Spain hits the fan then it will time to think the unthinkable. If you default, then exit, your remaining debts ballon in domestic currency terms. If you exit, your debt balloons and you can then default. Either way, you spend several years in the financing wilderness. But you are there anyway. In the end there needs to be an international agreement to restructure (ie write down) debt so that the ex-Euro countries can recover. I just wonder whether we should be saving IMF money for the situation post Euro collapse, I am not sure the IMF should support a currency that is failing. They must be wondering this too.

Probably the best bet at the moment are Icelandic bonds. I see the yield on them is falling. Less than some of the PIGS now.

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Can't believe no-one has picked up on this little gem yet.

Yes, I know what you mean. Just how does AEP manage to go from safety deposit box to safety deposit box, looking in all of them, and not get caught?

The mind boggles.

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  • 276 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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