Franco-German DEAL REACHED over Greece's debts

swannee7


Joined: 21/08/2009
Posts: 394

Message Posted:
25/03/2010 20:22

A £21 billion package has been agreed to bail out Greece. France & Germany have reached a deal on a financing plan to help debt-laden Greece, which will include IMF help.

Angela Merkel (Germany) said - "priority is for Greece to put its house in order." (BBC world service)



Who will bail out the debt-laden old UK though ??

hattikins


Joined: 17/02/2008
Posts: 2793

Message Posted:
25/03/2010 21:09

The debt laden UK taxpayer of course, who else.

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
25/03/2010 23:19

what about the rest of the debt will it be wiped out now, the news i saw was mrs merkil being adament they should get out by themselves. I suppose they are all worried about the euro going into freefall x

andre 514


Joined: 31/03/2008
Posts: 1163

Message Posted:
25/03/2010 23:33

not so sure this is what it seems



greece has to find as much as 26 billion euros in interest payments very soon

the german public are unwilling to stump up if greece defaults on its imf loan

...merkal has said she will "support" greece but is unwilling to pay off their debts!



as I see it the main advantage of the deal is to help greece borrow cheaper,

by some variety of loan guarantees...but on the assumption they are not required!



and the eurozone is still looking decidedly shaky in the longer term



germany's voters were always concerned when it was originally created

rather than get a deutschmark with a suntan,

they might end up saddled with an italian lira wearing a spiked helmet



without "central control" of all countries tax and accounting systems

this fundamental sort of problem will always remain:

it is this that britain may eventually be put under pressure to agree to

LOvegod


Joined: 22/03/2009
Posts: 161

Message Posted:
26/03/2010 00:19

dollar euro parity no longer out of the question now

dublinderm


Joined: 26/09/2009
Posts: 538

Message Posted:
26/03/2010 00:25

Lovegod,



Look back a few years and the Euro used be to worth LESS than the US Dollar.



I travelled to the US in January 2002 (just after Euro started) when I left Ireland €1 = $0.96. By the time I came home a week later it was €1 = $1.10. The Euro falling against the US$ is actually GOOD news for the Euro zone.



By the way the € is still holding up against the £. How bad is that for the UK?





DD

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
26/03/2010 00:36

I suggest you all watch theZeitgeist , you can get in om utube, there is so many parts now, its starts off on religion that in its self questions your beleif and goes on th 9/11 and money. also the theroy of 9/11 was internal. The theory of nome of us having money not even the millionaires totally fazes me. so all this is still down to the great u s of a

DutchCrusader



Joined: 19/05/2008
Posts: 11281

Message Posted:
26/03/2010 08:07

It is a positive development that Europe's political and economical engine, the French-German axis, have decided to save the first of the weak countries in the "Garlic belt", the unreliable countries around the Mediterranean. It shows that solidarity in old Europe is finally stronger than pure selfishness, which formerly caused so many wars and problems.

Harold2555



Joined: 19/04/2008
Posts: 1139

Message Posted:
26/03/2010 14:29

Dutch



Undoubtedly fom one perspective you are right but I can't help asking how a single currency is right for economies that are as divergent as say Germany and Greece and Cyprus or a host of others. Are they supposed to converge into an industialised trading country? I would love to understand this as the lack of homogeny in the economies of the Eurozone has alwas led me to believe that it was doomed to failure, and that the current crisis in Greece will be oft repeated until the system becomes unsupportable.



Harold

DutchCrusader



Joined: 19/05/2008
Posts: 11281

Message Posted:
26/03/2010 14:51

RE msg 9, Harold2555: You use the same argument(s) as the opponents of the formation of the United States of America. How different - in many aspects - the states of the US still are; history has proven the opponents wrong. It's my opinion and hope that the (at the moment: baby) EU will overcome the current problems. Simply because 1: there is no return possible to the old situation and 2: there is no other or better future for the Continent. The problem is that we won't live long enough to see who is right...

Harold2555



Joined: 19/04/2008
Posts: 1139

Message Posted:
26/03/2010 15:24

Thanks Hans but speak for yourself as to living long enough! My operational plan is to be immortal and so far so good!





Harold

sylvie


Joined: 12/03/2008
Posts: 1081

Message Posted:
27/03/2010 10:15

in france, we are getting poorer and poorer, we have now poor workers , charity and solutions should be found for ourselves first - greece has abused and now they cry and ask help - they do not want to give up advantages, and do not accept the restrictions of their government - they are poorer countries in EU and france and germany don't do anything for them - so stupid a europ of 27 !!!!

andre 514


Joined: 31/03/2008
Posts: 1163

Message Posted:
27/03/2010 16:41

my apologies, the final "deal" or perhaps call it a "statement"

does involve much euro-states' money albeit by bilateral arrangement

...together with imf loans, that greece has still to take up



nonetheless my central point is still valid



if greece can get its house in order all well and good,

but since they cooked the books before there is worry for the future



I think the eurozone is rather like the ECHR

put all your faith in outside bodies and you may get less than expected