Bill D'arblay Posted December 29, 2014 Share Posted December 29, 2014 It looks like Greece is headed for an anti-austerity Government and a (strongly) possible Euro exit. Will this be the catalyst for the long overdue crash in property and stocks? http://www.bbc.co.uk/news/world-europe-30623421 Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted December 29, 2014 Share Posted December 29, 2014 Wars have been started for less. Will greece be allowed democracy is a better question. Quote Link to comment Share on other sites More sharing options...
papag Posted December 29, 2014 Share Posted December 29, 2014 Wars have been started for less. Will greece be allowed democracy is a better question. Nope no chance , going to be a fun time soon though Quote Link to comment Share on other sites More sharing options...
oracle Posted December 29, 2014 Share Posted December 29, 2014 Wars have been started for less. Will greece be allowed democracy is a better question. well, in as far as the democratic choice will be: do you want to be a vassal state of? 1)EU 2)Russia culturally they are closer to russia than they are to EU in the same fashion as ourselves and the irish are culturally closer to USA/Canada. Quote Link to comment Share on other sites More sharing options...
Will! Posted December 29, 2014 Share Posted December 29, 2014 It will all turn on whether Germany allows the ECB to print euros. The PIIGS want it, the French want it, but the Germans have a historic fear of money printing. We can only hope the Germans prevail. Quote Link to comment Share on other sites More sharing options...
Bubble & Squeak Posted December 29, 2014 Share Posted December 29, 2014 hot money flowing into london again? Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted December 29, 2014 Share Posted December 29, 2014 Seems to me it'll be decided yeah or nay on 22 January at ECB meeting. Either there's QE or there isn't. Quote Link to comment Share on other sites More sharing options...
R K Posted December 29, 2014 Share Posted December 29, 2014 It will all turn on whether Germany allows the ECB to print euros. The PIIGS want it, the French want it, but the Germans have a historic fear of money printing. We can only hope the Germans prevail. Makes little to no difference to Greece's unsustainable "bailout". Germany still won't ramp up domestic demand. Greece may as well default and attempt to do so whilst remaining in the EZ. Quote Link to comment Share on other sites More sharing options...
200p Posted December 29, 2014 Share Posted December 29, 2014 They will print. The collapse of the EU cannot be allowed to happen. This is against the New World Order. Quote Link to comment Share on other sites More sharing options...
frederico Posted December 29, 2014 Share Posted December 29, 2014 Hmm, I wonder how much of Greece's deficit is interest, if they default is their economy remotely sustainable , I suspect not. Alternatively will they black mail the ecb and IMF in some way. I suspect yes and hence we will end up bailing them out only charging them less. That is until we need bailing out.At that point they will bail us out with the money we lent them. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted December 29, 2014 Share Posted December 29, 2014 Looks like January 25th is being hailed as the date for global economic collapse re a Greek election result - which probably means that nothing will happen and markets will soar into the Spring. Shame that there was not a panic dip on the Greek news today. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted December 29, 2014 Share Posted December 29, 2014 Greece may as well default and attempt to do so whilst remaining in the EZ. Yes. There is no constitutional mechanism for forcing a eurozone member to leave. The other eurozone members can't threaten Greece with expulsion if it defaults. The single currency was always going to replace exchange rate risk with credit risk. Greece defaulting would be a sign that the system is working. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted December 29, 2014 Share Posted December 29, 2014 They will print. The collapse of the EU cannot be allowed to happen. This is against the New World Order. Greece defaulting on some bonds does not equal the collapse of the EU. A few rich people wake up one morning to find that some of the paper they are holding is worthless, the world moves on. Quote Link to comment Share on other sites More sharing options...
John The Pessimist Posted December 29, 2014 Share Posted December 29, 2014 Hmm, I wonder how much of Greece's deficit is interest, if they default is their economy remotely sustainable , I suspect not. Alternatively will they black mail the ecb and IMF in some way. I suspect yes and hence we will end up bailing them out only charging them less. That is until we need bailing out.At that point they will bail us out with the money we lent them. According to Vicky Pryce (she of the speeding points saga) in today's Daily Mail, Greece's current account is in surplus, once debt servicing is excluded. (Apologies for no link, I was looking at the deadwood press version.) It's a compelling narrative for Syriza, we (the Greeks) are now bleeding to prop up the European banks. Quote Link to comment Share on other sites More sharing options...
frederico Posted December 29, 2014 Share Posted December 29, 2014 Well the bailout was really one if the German and French banks all along. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted December 29, 2014 Share Posted December 29, 2014 According to Vicky Pryce (she of the speeding points saga) in today's Daily Mail, Greece's current account is in surplus, once debt servicing is excluded. (Apologies for no link, I was looking at the deadwood press version.) It's a compelling narrative for Syriza, we (the Greeks) are now bleeding to prop up the European banks. Most UK sheeple are quite well off, once debt servicing is excluded. Why not just have a big default and everyone would be better off? Quote Link to comment Share on other sites More sharing options...
frederico Posted December 29, 2014 Share Posted December 29, 2014 Most UK sheeple are quite well off, once debt servicing is excluded. Why not just have a big default and everyone would be better off? Presumably you know the answer , the banks only source of income is debt interest payment and thus the whole economy would collapse. Quote Link to comment Share on other sites More sharing options...
Guest TheBlueCat Posted December 29, 2014 Share Posted December 29, 2014 Greece defaulting on some bonds does not equal the collapse of the EU. A few rich people wake up one morning to find that some of the paper they are holding is worthless, the world moves on. I suppose if you consider ordinary European tax payers rich, then yes: http://blogs.telegraph.co.uk/finance/matspersson/100015389/in-2015-85-of-greeces-debt-will-be-owned-by-european-taxpayers/ Having said that, most people on here seem to believe that rich people never pay any tax at all, which implies that the debt is actually owned by poor people. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted December 29, 2014 Share Posted December 29, 2014 Presumably you know the answer , the banks only source of income is debt interest payment and thus the whole economy would collapse. QE is a source of income for the banks as well? If EVERYONE defaulted at the same time, yes, it would be Kaboom for the financial world, but the actual world goes on, and new systems of money would evolve? Selective defaults (Greece) or a EZ break up that was controlled would just result in lots of bankers and banks taking a bath? Quote Link to comment Share on other sites More sharing options...
John The Pessimist Posted December 29, 2014 Share Posted December 29, 2014 QE is a source of income for the banks as well? If EVERYONE defaulted at the same time, yes, it would be Kaboom for the financial world, but the actual world goes on, and new systems of money would evolve? Selective defaults (Greece) or a EZ break up that was controlled would just result in lots of bankers and banks taking a bath? And savers, and anyone with a pension. But also the pols that are in power when it happens, irrespective of what colour tie they wear, so they kick it into the long grass and talk about anything else. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted December 29, 2014 Share Posted December 29, 2014 I suppose if you consider ordinary European tax payers rich, then yes: http://blogs.telegraph.co.uk/finance/matspersson/100015389/in-2015-85-of-greeces-debt-will-be-owned-by-european-taxpayers/ Having said that, most people on here seem to believe that rich people never pay any tax at all, which implies that the debt is actually owned by poor people. Governments love to describe their positions in markets as belonging to "taxpayers" but this is propaganda and is contractually false. The government is a separate legal entity from the people who live in that country. Other eurozone governments may have decided to take a position in the Greek government bond market but this is their own stupid decision, not taxpayers'. If Greece defaults there is no need for other eurozone governments to pass the loss on to taxpayers in their countries, they can pass it on to their own bondholders instead. Quote Link to comment Share on other sites More sharing options...
Sancho Panza Posted December 29, 2014 Share Posted December 29, 2014 According to Vicky Pryce (she of the speeding points saga) in today's Daily Mail, Greece's current account is in surplus, once debt servicing is excluded. (Apologies for no link, I was looking at the deadwood press version.) It's a compelling narrative for Syriza, we (the Greeks) are now bleeding to prop up the European banks. http://www.tradingeconomics.com/greece/current-account Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted December 29, 2014 Share Posted December 29, 2014 Look on the bright side, no Russians next summer. Quote Link to comment Share on other sites More sharing options...
thejaksie Posted December 29, 2014 Share Posted December 29, 2014 culturally they are closer to russia than they are to EU in the same fashion as ourselves and the irish are culturally closer to USA/Canada. This must mean you've taken your travel advice from the daily mail and clearly not spent any considerable time in USA / Canada, Greece or russia to realise how much More European the norms and values here are compared to the usa . Don't base your opinion on hear say and imagination. And to compare russia to greece.... Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted December 29, 2014 Share Posted December 29, 2014 Wars have been started for less. Will greece be allowed democracy is a better question. Well the Greeks started democracy, perhaps they will also be the ones to end it!!! Quote Link to comment Share on other sites More sharing options...
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