Greek Financial Crisis

[Pienaar's gloves]

I too can smell a cheap holiday here, however I would rather stay at home and all of this pick up.

Peoples lives at stake and all that.

 

[rascal]

so will it be 10 Euros to a Quid tomorrow ?


I'll hold off booking the hol just in case.

I'm predicting 1.44 luls at Liverpool and Celtic fans from Dublin paying for their ST's in instalments lol

 

[hullefc]

The calm before the carnage.

'IG Special Sunday Futures trading suggests FTSE100 to open -2% tomorrow at 6460 in light of Greek exit polls and likely No/Oxi vote'.

Edit. The euro has already fallen by 1% in early trading. £1 to 1.50 Euros?

 

[davek]

The calm before the carnage.

'IG Special Sunday Futures trading suggests FTSE100 to open -2% tomorrow at 6460 in light of Greek exit polls and likely No/Oxi vote'.

Looks like the Euro zone negotiators weren't close to being the smartest guys in the room. There's a surprise.

 

[Jib in lad]

There isn't a bail out package on offer, its already been rejected. Thats whats peculiar about the referendum.

On the 25th there was ill let Yanis explain . Very informative interview BTW.

 

[The Equaliser]

Greece 2010: EU, EU, we haven't had a budget within 3% of being balanced since the Army quit power, and now we have a huge debt and a global recession. Help!
EU 2010: Er, OK, here is €110bn, but for the love of god, try to reign in spending.
Greece 2011: EU, EU, we are still in trouble and now our banks are tottering.
EU 2011: OK ok, here is another €130bn, including €48bn to keep your banking system alive. But please please get your spending under your income.
Greece 2011: EU, we can't survive under private sector debt.
EU 2011: Ok, we have pursuaded the private banks to completely write off 55% of your €200bn debt to them, the rest we'll repackage as low rate long duration debt.
Greece 2012: EU, we are still in trouble, please help us.
EU 2012: Ok we have reduced your interest profile too under 2.5% of GDP which is way lower then bulk of EU bailout nations, and nearly at Frances level, and have pushed your maturity profile out to 16.5 years, so you don't even need to worry about it in the short term.
Greece 2014: We have finally gotten the budget to surplus.
Greece 2014 (under new management): We don't like this surplus, all this money needs to be spent in our economy, we want to remove it, and another tranche of bailout.
EU 2014: Eh, no, Ted.
Greece 2015: We want a debt write off and a new bailout.
EU 2015: That's not really viable is it?
Greece 2015: Then I take it to democratic referendum. People, EU is a terroristic blackmailing leech that is trying to destroy us, vote No if you agree with me!
Greeks 2015: NO!
Greece 2015: See? Now you give us write-off, new bail out and extend liquidity to banks from current €87bn.
EU 2015: ~tumbleweed~

.....when in fact it is their own actions or inactions that have been trying to destroy them. But hey let's blame the EU because it is bureaucratic and an easy target, and we can all rally together under the flag in a new found spirit of nationalism. No wonder the Eurosceptics will be lapping all this up.

As in Ireland their problems are self-inflicted; in our case it was mostly because of a rogue bank and a scandalous government decision to guarantee the debts of said bank - it was internal. The troika rolled in with the bailout and the people had to pay for the mistakes made within our own country, and by God we did.

The EU were not the cause of the problem and it is the same in Greece. But the Eurosceptics don't care about any of that. No, this is an opportunity to portray the EU as the blackmailing leech as you have described and the Greeks as the innocent party, when nothing could be further from the truth.

The only surprising thing is that so many have fallen for it.

 

[hullefc]

Looks like the Euro zone negotiators weren't close to being the smartest guys in the room. There's a surprise.

If there is no statement tonight from the EU there will be carnage on the far East stock exchanges. Muppet Merkel's bluff has been well and truly called. The game now is whether the Germans will go through with their 'you can go to hell' threats to the Greek people.

 

[edge]

If there is no statement tonight from the EU there will be carnage on the far East stock exchanges. Muppet Merkel's bluff has been well and truly called. The game now is whether the Germans will go through with their 'you can go to hell' threats to the Greek people.

they will have had a plan in place for ages should this happen, lots of twist and turns to be played out yet.
expect someone to broker a deal to save face, the Russian aspect should they wish cause the biggest problem .
If i were the Greeks i would be lining up a few meeting with them to ramp up the pressure.

 

[davek]

If there is no statement tonight from the EU there will be carnage on the far East stock exchanges. Muppet Merkel's bluff has been well and truly called. The game now is whether the Germans will go through with their 'you can go to hell' threats to the Greek people.

Bond markets on the other PIIGs will be interesting.

Oh dear.

 

[Connor]

Waited on changing dough into my euros until this week.

Looks like it could be a decent decision.

 

[hullefc]

they will have had a plan in place for ages should this happen, lots of twist and turns to be played out yet.
expect someone to broker a deal to save face, the Russian aspect should they wish cause the biggest problem .
If i were the Greeks i would be lining up a few meeting with them to ramp up the pressure.

Markets work on the here and now.

Merkel and Hollande want emergency summit on Tuesday
Angela Merkel and Francois Hollande have spoken on the phone tonight, and agreed that a eurozone leaders’ summit should be held on Tuesday.

That’s according to the German government spokesman, who said the chancellor and president also agreed that the referendum result should be respected (via Reuters)

 

[edge]

Markets work on the here and now.

Merkel and Hollande want emergency summit on Tuesday
Angela Merkel and Francois Hollande have spoken on the phone tonight, and agreed that a eurozone leaders’ summit should be held on Tuesday.

That’s according to the German government spokesman, who said the chancellor and president also agreed that the referendum result should be respected (via Reuters)

what do you think they will come up with?

 

[marnie]

what do you think they will come up with?

They will either come up with a better deal or dig their heels in and boot us out.If they cut the deal Spain and Portugal will look for the same.I think the Euro bigwigs will bottle it and cave in.

 

[mikewex]

what do you think they will come up with?

Probably nothing. They'll let Greece go, it'll probably cost the European taxpayers less in the long run.

 

[bizzaro]

The people have spoken in the cradle of democracy.

Please respect the proletariat's decision and stand aside.

Starsi have spoken