Friday, July 22, 2011

Greece set to lead the eurozone’s first-ever default as deal paves way for economic integration.

Greece to default as eurozone agrees €159bn bailout

Nicolas Sarkozy, the French president, said the deal had pulled the eurozone back from the brink....“By the end of the summer, Angela Merkel and I will be making joint proposals on economic government in the eurozone. Our ambition is to seize the Greek crisis to make a quantum leap in eurozone government,” he said Can we panic now?

Posted by fubar @ 10:07 AM (2321 views)
Please complete the required fields.



27 thoughts on “Greece set to lead the eurozone’s first-ever default as deal paves way for economic integration.

  • He didn’t say Can we panic now, I said that.

    Reply
    Please complete the required fields.



  • mark wadsworth says:

    It’s very strange, the right wingers, who are usually the hard-hearted lot are saying “Look, forget it, the money’s gone, let Greece default and we can get on with our lives and they with theirs” (which is my view) and the big state lefties are trying to squeeze every last penny out of Greece by keeping them dangling between life and death for as long as possible.

    Reply
    Please complete the required fields.



  • MW,

    The left like to think of the right as being hard-hearted, but the reality is that the right tend to be more pragmatic and philanthropic.

    The right like to think of the left as woolly headed muesli eaters, but the reality is that they tend to be more selfish and hypocritical.

    Politics is full of paradoxes – the ‘party of the bosses’ is full of people who like to see people from poor backgrounds make good, while the ‘party of the workers’ is full of people who are elitest.

    Orwell was spot on: “All animals are equal, but some are more equal than others”

    Reply
    Please complete the required fields.



  • general congreve says:

    Yes indeed, by the end of the summer…

    Reply
    Please complete the required fields.



  • mark wadsworth says:

    UT: “The right like to think of the left as woolly headed muesli eaters, but the reality is that they tend to be more selfish and hypocritical”

    So the Home-Owner-Ists (bankers, NIMBYs and people who believe in high taxation of income to subsidise housing) are actually left wing, by your definition?

    Reply
    Please complete the required fields.



  • MW,

    “So the Home-Owner-Ists (bankers, NIMBYs and people who believe in high taxation of income to subsidise housing) are actually left wing, by your definition?”

    Which government oversaw an explosion in debt (good for bankers) failed to allocate an adequate supply of development land (NIMBYs at work) and saw the housing benefit bill spiral towards £800 per household?

    – ’twas the champagne socialists.. (aka Nu Labour)

    Reply
    Please complete the required fields.



  • mark wadsworth says:

    UT, yes, I’ve never denied that Nu Labour were the most rabidly Home-Owner-Ist of all (Sir John Major was the only non-Homey PM, and look what happened to him).

    I suspect but cannot prove that the Tories would have been just as bad as Labour once the world-wide credit and house bubble got going – all I know is that they are merrily continuing Labour Homey policies, bailing out banks, keeping interest rates as low as possible, boasting about freezing council tax, restricting new builds (yeah yeah there’s some great big shiny new build relaxation intitiaive in the pipeline) subsidising new build house prices by fobbing off FTBs with loans for deposits etc, they are hiking taxes on employment and output and their cunning plan is to run up as much in public deficits in five years as Labour did in thirteen.

    Not promising, is it?

    Reply
    Please complete the required fields.



  • The Euro is stable and the markets are up. Greece now owes less and has longer to pay off it off, at a lower interest rate to boot. No one’s crying about it.

    Chaps, you have to understand that it’s all a game. Debt only exists as long as everyone says it exists. The central banks and treasury departments push and pull a few levers to avoid paying off their excessive debts until one fine morning the bloke who’s owed the money says, “OK, I give up, I’ll let you off”. The central banks and treasury departments then un-pull and un-push their levers and the game carries on as if nothing ever happened.

    Does anyone else look back fondly on those balmy days of 2008 when the tin foil boys roamed this site talking about derivative death stars and debt spirals doodads? It was more fun than it is now

    Reply
    Please complete the required fields.



  • “Does anyone else look back fondly on those balmy days of 2008 when the tin foil boys roamed this site talking about derivative death stars and debt spirals doodads? It was more fun than it is now”

    Couldn’t agree more. It was all Elliot waves and the NWO machine bringing about the end of time. It didn’t matter what side you were on because the banter was so interesting to watch

    Come back S2R1 lol.

    Reply
    Please complete the required fields.



  • orcusmaximus says:

    I rember those days. S2R1 telling everyone to invest in gold. What a lunatic.

    Reply
    Please complete the required fields.



  • I’m bored, who is going to get picked on next.

    If we use population as the yard stick it was in order:-

    1) Iceland 312384

    2) Ireland 4234945

    3) Greece 11306813

    4) Portugal 11317192

    Not sure which way round Portugal and Greece should be so we will call it a draw.

    So going upwards it’s Spain’s turn next at 46777373; but wait a minute everyone has forgotten about Belgium 10274595.

    Belgium or Spain, small vs big, little bailout vs big bailout.

    I’ll vote for Spain to be picked on next.

    Reply
    Please complete the required fields.



  • What a star that bloke was. Colloidal silver cure-alls, the end of the world Mayan calendar, water powered cars, singular consciousness. All splendid stuff. I often used to wonder if he really believed it all, or was he just a showman? I guess we’ll never know

    Reply
    Please complete the required fields.



  • mark wadsworth says:

    UT, that is a long list of meaningless plain vanilla guff which is no different to the guff pumped out by Labour. Fact – new construction has fallen to a one hundred year low of about 100,000 under the Tories, so let’s just stick to the facts.

    And blaming low construction on “the recession” is a non starter, I’m afraid – between 1934 and 1938 we were building well over 300,000 new homes a years.

    Reply
    Please complete the required fields.



  • The germination of the bulk of houses being completed now occurred in the last days of Labour. It takes at least a year to properly formulate new house building policies and at least another year to see what the builders output as a result of the new policies. We’ll have wait another year before we can reasonably pass judgement. Personally I’d only be happy judging after a second term in office. It takes time to turn around the planning policy juggernaut

    Reply
    Please complete the required fields.



  • mark wadsworth says:

    Flash: “It takes time to turn around the planning policy juggernaut”

    ??

    No it doesn’t, they could pass a law tomorrow saying it’s acceptable for the number of houses in any area to increase by two per cent a year, so if there are currently 150,000 houses in your local council area, the first 3,000 applications just go through on the nod, and if you don’t get plannign this year, try again next year or go somwhere else. And they can make sure that planning permission actually gets used rather than hoarded by making sites liable to Business Rates from grant of planning until houses are sold.

    What will take forever is confessing to the NIMBYs that they have been lied to and lying for decades, that Britain is indeed a green and pleasant land and there’s plenty of room for new housing.

    Reply
    Please complete the required fields.



  • Had to rub my eyes after I thought I read flashman @8 saying the euro was stable. That’s the kind of stability that used to be a staple of Saturday night telly.

    I’m not sure this can be divided into right and left. In fact right and left can no longer be clearly distinguished for the most part. If you get too close to the edges of either set of dogmas there’s a tendency to flip all the way round to the other side. The bit that bothers me isn’t the the econo-magik that’s being worked. Its the control that is being gathered at the heart of the hideous beast. It may be nice to fondly remember the posts about the Mayan calendar and the end of all civilization or the singularity event etc, but mundane as this story seems it is an actual turning point. It’s not the parable of the Frog in the milk-pail where all the debt will churn to butter and we can hop out, everything dandy once again, this is snow white’s poisoned apple.

    Reply
    Please complete the required fields.



  • MW,

    Have you ever had any experience of housebuilding, and the time it takes to get from identifying land that can be developed to getting a house actually built?

    – Evidently not..

    Flash is absolutely right – this government cannot possibly be blamed for the current level of construction, and to suggest that the government’s agenda is ‘plain vanilla waffle’ also shows your wanton ignorance.

    The localism agenda is a revolution in planning policy, and the biggest reform of the system since the 1940’s

    – Try reading up on it..!

    Reply
    Please complete the required fields.



  • “No it doesn’t, they could pass a law tomorrow saying it’s acceptable for the number of houses in any area to increase by two per cent a year”

    Rubbish. We’re talking about a national government, not the committee of a local Newt Fanciers Collective. Whether you like it or not, they have to spend time studying such a serious issue and some time formulating a proper plan. It then takes the builders time to build the houses.

    Reply
    Please complete the required fields.



  • mark wadsworth says:

    UT, i have read it and it is meaningless waffle. I read loads of government waffle and that is waffle of the highest ordure.

    You can argue that the Lib-Cons are caught between a rock and a hard place, and there are more votes to be won from the NIMBYs than from the price out generation and so on, but as we know, Caroling Spelman made it clear to local councils a year before the general election that existing targets were to be scrapped, at which point all existing plans were torn up, shelved.

    Had Spelman made it clear back in 2009 that the Tories, if elected, would allow x00,000 houses to be built and that the applicant would be given the benefit of the doubt, this would be a whole different thing. Whether that’s 100,000 or 500,000 or a certain % of existing houses is neither here nor there. But at the very least, they caused a load of uncertainty and one thing which is going to get things shelved is uncertainty.

    But see if I care, I’m quite happy to give it five years, and we will then establish that, oh look, new construction has fallen to only 100,000 a year under the Lib-Cons and you can then say “Give them another term, they’ll get it sorted out” and five years after that you’ll be saying “Oh, one more term, they’ll really do it this time”.

    They won’t, they have no intention of doing so, they are just continuing Labour’s Home-Owner-Ist policies (except with even less new construction).

    Reply
    Please complete the required fields.



  • fubar: The Euro hardly budged in the immediate run up to the crisis and in the immediate aftermath. You anticipated something that didn’t happen (again). Time to move on

    Reply
    Please complete the required fields.



  • flashman, Your clairvoyance fails you (again). I anticipated nothing. My concerns are much longer term than the next few days.

    Reply
    Please complete the required fields.



  • fubar: You have been anticipating a Zirpish Tarpified QE death spiral of doom for years.

    Reply
    Please complete the required fields.



  • flashman, You’re exaggerating for comic effect now, and that’s why we all love you. However, I am definitely expecting the current global situation to get worse. But I don’t even know what a Zirpish Tarpified spiral of doom is. My key point on this thread is that last night’s Franco-German pact is not a small deal.

    Reply
    Please complete the required fields.



  • fubar, Zirpish Tarpified… Zero Interest Rate Policy and Troubled Asset Relief Program methinks!

    Reply
    Please complete the required fields.



  • fubar, Zirpish Tarpified….. Zero Interest Rate Policy and Troubled Asset Relief Program after a spot of googling. Double post as forgot password firstime.

    Reply
    Please complete the required fields.



  • fubar: Disposition is not the best forecast tool. There is no logical or technical reason for your position. It really is time to move on from that brief moment of panic arising from the events of August 2007. You are several intellectual cuts above unfortunates like Pistol Pete, so why are you singing from the same hymn sheet?

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>