Greek Financial Crisis

[marnie]

Sorry lax terminology on my part, there is however no mechanism for leaving the Eurozone, unless I am mistaken?

This is correct........... currency Yes...... Eurozone No

 

[mikewex]

Sorry lax terminology on my part, there is however no mechanism for leaving the Eurozone, unless I am mistaken?

Not formally, but the process is pretty straightforward, basically union in reverse, set up the drachma, peg it to the Euro, switch over, let it float. Greece in some ways has actually effectively already left as the capital controls mean its not one zone.

 

[edge]

Sorry lax terminology on my part, there is however no mechanism for leaving the Eurozone, unless I am mistaken?

think as it stands if you want to leave the euro-zone, under the Lisbon treaty you have to leave the EU there isnt any other legal framework in place.

 

[mikewex]

think as it stand if you want to leave the euro-zone, under the Lisbon treaty you have to leave the EU there isnt any other legal framework in place.

Greece is so far removed at this stage from any of the required parameters of the EUR, that its probably illegal either way.

 

[mikewex]

Remember it is not just down to Germany and France but all the other members of the Eurozone, now what are their views?

We are going to find out over the next few days. It'll come down to what costs the countries more, keep it in, give severe haircut (as in 2011) in the expectation that they will have to do it again in a few years, or cut it loose now. At the moment with the notions the current Government has about the size of debt forgiveness, it would probably be cheaper to cut them loose now. Regardless one way or another the debt will be moved to some degree to the taxpayers of the other countries, there are virtually no private banks involved (they all did a big debt forgiveness in 2011, and passed the remainder to the ECB).

 

[bizzaro]

There appear to be some unholy anti-EU alliances and anti-German sentiments on here, which is a concern. Especially coming from a country which is not in the Eurozone and will therefore not be subject to the same destabilizing effects on the Euro as a consequence of this result that other countries will be.

I agree.

There's some on here that frankly should be ashamed of themselves

 

[SNova]

I agree.

There's some on here that frankly should be ashamed of themselves

For having a different opinion?

 

[The Esk]

I agree.

There's some on here that frankly should be ashamed of themselves

Who and why mate?

 

[marnie]

I agree.

There's some on here that frankly should be ashamed of themselves

What about the ones that have and still live through it on a daily basis ?

 

[magicjuan]

I agree.

There's some on here that frankly should be ashamed of themselves

Ashamed of what exactly? Again your choice of accusing words is patronising.

What exactly are you afraid of? Is it solely the poor?

 

[bizzaro]

Who and why mate?

Because they love this instability and virtual anarchy. There are some definite anarchists on this forum.

They thrive on this.

Fact is this uncertainty and the ability of one country to not fulfil it's treaty obligations is no good for anyone.

The anarchists don't care.

They just want to see everything burn.

 

[Librarian]

They'll obviously end up extending the term of the loans but not the amount

 

[hullefc]

Because they love this instability and virtual anarchy. There are some definite anarchists on this forum.

They thrive on this.

Fact is this uncertainty and the ability of one country to not fulfil it's treaty obligations is no good for anyone.

The anarchists don't care.

They just want to see everything burn.

So a government has to stand by all treaty obligations of previous governments?

 

[mikewex]

So a government has to stand by all treaty obligations of previous governments?

Traditionally, yes. You sign a treaty on behalf of a country not a government.

 

[magicjuan]

Because they love this instability and virtual anarchy. There are some definite anarchists on this forum.

They thrive on this.

Fact is this uncertainty and the ability of one country to not fulfil it's treaty obligations is no good for anyone.

The anarchists don't care.

They just want to see everything burn.

In the words of Blackadder, 'all people want is a few less fat bastards eating all the pie'. And yet you piously castigate others for giving a flying one about the less fortunate.

Totally ashamed.