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  1. In Topic: The Greece [and European] Crisis thread

    22 May 2012 - 09:34 AM

    this is a good one for Cobran and Bernie...

    Quote


    Fitch says euro cannot be broken by markets

    LONDON | Tue May 22, 2012 4:43am EDT

    May 22 (Reuters) - Financial markets cannot break up the euro, and any possible Greek exit from the currency bloc would be a political decision, a senior Fitch Ratings analyst said on Tuesday.

    "The euro is a common currency, it cannot be broken by the market," said Doug Renwick, senior director in Fitch's sovereign group


  2. In Topic: The Greece [and European] Crisis thread

    21 May 2012 - 11:32 PM

    View Postcobran20, on 21 May 2012 - 10:52 PM, said:

    The anatomy of the eurozone bank run




    Hey cobran, you forgot the pommie press warning...:rolleyes:

    This is a pommie classic:

    Quote

    The reason for this, of course, is the fact that the eurozone is not a single nation state, even though it does have a single central bank


    THAT is what people in UK like to read...all the rest is smoke around that :rolleyes:

  3. In Topic: The Greece [and European] Crisis thread

    21 May 2012 - 10:19 PM

    It makes me smile when talking about the Athens stock exchange.
    We have to put its number in perspective: total capitalisation of the greek stock market is around 23 bil euro. That is a magnitude of 50 times smaller then australia and it is even small compare to greek economy. Also, when you look into it 25% of that is the subsidiary of coca cola in greece...even if it drop another 99.9% it is not going to be a big problem, probably the few company that are in greece are owned by private without going throught the exchange

  4. In Topic: The Greece [and European] Crisis thread

    20 May 2012 - 11:57 PM

    View PostPr0, on 20 May 2012 - 11:29 AM, said:

    I I find it interesting that the parties with vested interests such as Money (Greed) have once again started to dominate Media etc, it is amazing that they really don't get it!

    People are suffering and all they care about is their precious money,

    I have said it before when it comes to suffering of ones peoples then you have a bigger problem, they know it and you know it. (Greed) has to give way to reasoning and Humanity otherwise we are all doomed!

    Austerity is a severe way to treat ordinary people for Politicians / Bankers Greed / Corruption etc. The problem with Europe is they never saw it coming and now when they have seen it are too late to stop it.

    Hold on to your hats and anything else you find important and save your money, because if you don't have cash you will suffer without Austerity being brought onto you!

    Greece gave the world Democracy, now will it give it something else, without being stupid think about it!


    You can't really base economy and governing on humanity, we have to base it on rules and if rules are not human enough they need to be changed and improved. In greece case the alternative of austerity is inflation (that will happen by quitting the euro) but inflation is not like a magic wound, it just change the type of people that are going to pay the price, in any case I don't see many developed country and economies with high inflation, Like wulfie said it wll just push greece into 3 world status with a currency that none would want, you can also imagine the trouble of business that have to deal with 2 currency, one for exporting and importing and one for paying wages and internal market

  5. In Topic: The Greece [and European] Crisis thread

    20 May 2012 - 11:51 AM

    View Postwulfgar, on 20 May 2012 - 04:15 AM, said:

    The secret of Greece's success!

    Exports €22.7906 billion (Posted Image39.0%; 2011 est.)

    Imports €43.7215 billion (Posted Image9.3%; 2011 est.)

    Greece has to borrow 20b p.a. to cover that gap.

    Less austerity means widening the gap, but in any-case if they abandon austerity, who will fund the gap?


    Good post wulfie...it doesn't seems many other on here seems getting the numbers right...:rolleyes:
    Probably for many people in Greece emigrating will be the only option rather then civil war. that would be easy as there are no barriers for people and workers movement within EU. Unfortunately untill trade data and buudget don't balance recession will continue in greece. Many on this thread don't understand that using dracma is equivalent of a massive austerity package as public workers wages for example would be massively reduced comparing to price of goods, that would fuel consumption and recession further, looking at trade data greece could have a 20% gdp drop in months if they quit the euro

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