ingermany Posted June 20, 2011 Share Posted June 20, 2011 The financial guy with curly dark hair and glasses was on Breakfast today, discussing the possibility of Greek default. He was explaining that Greek default would hit some European banks (not UK) and in turn could place Ireland, Spain, Italy in a difficult spot, which in turn would create more losses for banks and insurers. Then came the bit that that I found surprising; he said this might cause a bit of a "mini credit crunch"- all very reassuring, because we've all survived the BIG credit crunch. There can't be much to fear from a smaller version of the same. Is the potential fallout from several European nations going bankrupt really less than the Lehman collapse? Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted June 20, 2011 Share Posted June 20, 2011 The financial guy with curly dark hair and glasses was on Breakfast today, discussing the possibility of Greek default. Is the potential fallout from several European nations going bankrupt really less than the Lehman collapse? In other words he was taken to a fleshpot by Goldmans on Saturday and told bearish stuff. Buy ultra short term. Quote Link to comment Share on other sites More sharing options...
Si1 Posted June 20, 2011 Share Posted June 20, 2011 The financial guy with curly dark hair and glasses was on Breakfast today, discussing the possibility of Greek default. He was explaining that Greek default would hit some European banks (not UK) and in turn could place Ireland, Spain, Italy in a difficult spot, which in turn would create more losses for banks and insurers. Then came the bit that that I found surprising; he said this might cause a bit of a "mini credit crunch"- all very reassuring, because we've all survived the BIG credit crunch. There can't be much to fear from a smaller version of the same. Is the potential fallout from several European nations going bankrupt really less than the Lehman collapse? it is probably already priced into sections of the stockmarket and governments and corporations probably already have contingencies probably Quote Link to comment Share on other sites More sharing options...
W1zard Posted June 20, 2011 Share Posted June 20, 2011 I cant see how UK banks would not be effected. They are joined up in various ways and sentiment would seriously hammer share prices and put the whole system in a spin once more. Commentators reporting on the performance of the DOW have been using Greece as a reason for the recent sell off so I cannnot see how the good old BBC can say UK banks will not be effected. Quote Link to comment Share on other sites More sharing options...
Conrad Posted June 20, 2011 Share Posted June 20, 2011 I cant see how UK banks would not be effected. They are joined up in various ways and sentiment would seriously hammer share prices and put the whole system in a spin once more. Commentators reporting on the performance of the DOW have been using Greece as a reason for the recent sell off so I cannnot see how the good old BBC can say UK banks will not be effected. Exactly if Greek goes then why not Ireland and if Ireland goes the Uk will go pop, QE2 is on its way another asset boom prop for the feckless. I'm buying a house now in this mini dip! Quote Link to comment Share on other sites More sharing options...
MrFlibble Posted June 20, 2011 Share Posted June 20, 2011 The financial guy with curly dark hair and glasses was on Breakfast today, discussing the possibility of Greek default. He was explaining that Greek default would hit some European banks (not UK) and in turn could place Ireland, Spain, Italy in a difficult spot, which in turn would create more losses for banks and insurers. Then came the bit that that I found surprising; he said this might cause a bit of a "mini credit crunch"- all very reassuring, because we've all survived the BIG credit crunch. There can't be much to fear from a smaller version of the same. Is the potential fallout from several European nations going bankrupt really less than the Lehman collapse? Guess we'll find out soon enough, but I suspect it won't exactly be a "mini credit crunch" Was the guy smoking a reefer when he suggested this? Quote Link to comment Share on other sites More sharing options...
ingermany Posted June 20, 2011 Author Share Posted June 20, 2011 Guess we'll find out soon enough, but I suspect it won't exactly be a "mini credit crunch" Was the guy smoking a reefer when he suggested this? Not sure. Wasn't the BBC given a bit of a telling off from MPs after the Peston prediction of doom over Northern Rock? Perhaps they're under orders not to say anything that could cause panic. However it strikes me that panic could be the rational response. Quote Link to comment Share on other sites More sharing options...
Errol Posted June 20, 2011 Share Posted June 20, 2011 When Greece goes, Ireland, Portugal and Spain will quickly follow. Quite right as well. Stick two fingers up to the bankers and default on the paper debt. None of it is real anyway. Quote Link to comment Share on other sites More sharing options...
MrFlibble Posted June 20, 2011 Share Posted June 20, 2011 Not sure. Wasn't the BBC given a bit of a telling off from MPs after the Peston prediction of doom over Northern Rock? Perhaps they're under orders not to say anything that could cause panic. However it strikes me that panic could be the rational response. Sounds about right. The media seem more focused on celebrities and house prices than anything else, get both together and the cameraman almost gets a load in the eye. Quote Link to comment Share on other sites More sharing options...
W1zard Posted June 20, 2011 Share Posted June 20, 2011 This is probably the BBC's way of trying to provide balance on everything ie theres a car crash out there waiting to happen but business as usual for the UK as it wont effect us. More misleading than anything else as per usual. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted June 20, 2011 Share Posted June 20, 2011 Exactly if Greek goes then why not Ireland and if Ireland goes the Uk will go pop, QE2 is on its way another asset boom prop for the feckless. I'm buying a house now in this mini dip! QE has not helped houses in Ireland or US, and volumes here are near zero? why waste your hard earned at this stage? Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted June 20, 2011 Share Posted June 20, 2011 Imagine if they replaced the BBC News with Zerohedge. At least there would be more humour in the news. Quote Link to comment Share on other sites More sharing options...
scottbeard Posted June 20, 2011 Share Posted June 20, 2011 Not sure. Wasn't the BBC given a bit of a telling off from MPs after the Peston prediction of doom over Northern Rock? Perhaps they're under orders not to say anything that could cause panic. However it strikes me that panic could be the rational response. Well Peston today says Greek default would be worse than Lehman's. http://www.bbc.co.uk/news/business-13838819 Quote Link to comment Share on other sites More sharing options...
General Congreve Posted June 20, 2011 Share Posted June 20, 2011 Imagine if they replaced the BBC News with Zerohedge. Exactly. It's all about public perception. If you use the idiot box to tell everyone it's all ok, they'll believe it. Even the 'educated' ones. If only we could have Zerohedge running the BBC News. Houses would be down 80% already Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted June 20, 2011 Share Posted June 20, 2011 Well Peston today says Greek default would be worse than Lehman's. http://www.bbc.co.uk...siness-13838819 So that`s will be worse than Lehman`s then? good for HPC though? Quote Link to comment Share on other sites More sharing options...
Lepista Posted June 20, 2011 Share Posted June 20, 2011 The financial guy with curly dark hair and glasses was on Breakfast today, discussing the possibility of Greek default. He was explaining that Greek default would hit some European banks (not UK) and in turn could place Ireland, Spain, Italy in a difficult spot, which in turn would create more losses for banks and insurers. Then came the bit that that I found surprising; he said this might cause a bit of a "mini credit crunch"- all very reassuring, because we've all survived the BIG credit crunch. There can't be much to fear from a smaller version of the same. Is the potential fallout from several European nations going bankrupt really less than the Lehman collapse? When did we leave the big credit crunch...? Quote Link to comment Share on other sites More sharing options...
R K Posted June 20, 2011 Share Posted June 20, 2011 Not sure. Wasn't the BBC given a bit of a telling off from MPs after the Peston prediction of doom over Northern Rock? Perhaps they're under orders not to say anything that could cause panic. However it strikes me that panic could be the rational response. This. Osborne doesn't want everyone stood outside their local Santander asking for their money back. There's no banks left to buy it! Quote Link to comment Share on other sites More sharing options...
Si1 Posted June 20, 2011 Share Posted June 20, 2011 Well Peston today says Greek default would be worse than Lehman's. http://www.bbc.co.uk...siness-13838819 well I take back my thought it maybe priced in - an orderly default IS, a disorderly one like that, erm, isn't add that to the US still not sorting out its short term funding and you could have the perfect storm jeeeeeez Quote Link to comment Share on other sites More sharing options...
Laughing Gnome Posted June 20, 2011 Share Posted June 20, 2011 it is probably already priced into sections of the stockmarket and governments and corporations probably already have contingencies probably Keep the faith my son. Quote Link to comment Share on other sites More sharing options...
Laughing Gnome Posted June 20, 2011 Share Posted June 20, 2011 Was the guy smoking a reefer when he suggested this? How quaint. You don't get out much do you. Quote Link to comment Share on other sites More sharing options...
Jack's Creation Posted June 20, 2011 Share Posted June 20, 2011 Imagine if they replaced the BBC News with Zerohedge. That would be fun. Quote Link to comment Share on other sites More sharing options...
inflating Posted June 20, 2011 Share Posted June 20, 2011 "New mini credit crunch - the snag you can beat between collapses without ruining your appetite for property" Quote Link to comment Share on other sites More sharing options...
billybong Posted June 20, 2011 Share Posted June 20, 2011 So Lehmans, a bank, defaults and "causes" a major crisis and if Greece a nation defaults it'll only cause a mini crisis. Lehmans was a huge bank (reportedly with about $639 billion in assets and $619 billion in debt at failure) but there seems likely a bit of a distortion of perspective in attributing only mini financial consequences in what's happening to Greece (about $300 billion gdp and public debt at about 1.5 x gdp - and the rest of course) as apart from being a sovereign nation the financial scale of its problems seems to be about at a similar scale to Lehmans. When/if (if, in the very very remote possibility that they avoid/delay it) Greece defaults who knows what other debts and financial obligations might come out in the process of trying to establish how bankrupt Greece really is and in trying to get the books on a believable firm basis. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted June 20, 2011 Share Posted June 20, 2011 I cant see how UK banks would not be effected. They are joined up in various ways and sentiment would seriously hammer share prices and put the whole system in a spin once more. Commentators reporting on the performance of the DOW have been using Greece as a reason for the recent sell off so I cannnot see how the good old BBC can say UK banks will not be effected. Did Euro and US banks suffer much during the the Various financial crises in South America, Russia and the Far East from 1997 to 2003? I know its nice to think of banks like dominoes that all act in tandem, but is this always the case? Quote Link to comment Share on other sites More sharing options...
otters Posted June 20, 2011 Share Posted June 20, 2011 (edited) When Greece goes, Ireland, Portugal and Spain will quickly follow. Quite right as well. Stick two fingers up to the bankers and default on the paper debt. None of it is real anyway. No, I think you're right none of it is real, but the country is, and it will need to carry on functioning. So can it carry on in an unreal way? Writing of the debt is easy, it's starting anew and living within your means is when the problems will start Edited June 20, 2011 by otters Quote Link to comment Share on other sites More sharing options...
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