Greece ditching Euro?

TRNCVaughan


Joined: 27/04/2008
Posts: 4578

Message Posted:
26/05/2011 12:04

Greece will have to ditch the Euro unless it agrees tougher austerity measures, said a senior Greek official, delivering the strongest warning yet from a European insider as to what is at stake. Maria Damanaki, the European Commissioner for fisheries, who was appointed by Greece's ruling socialists, said her country faces having to exit the currency unless warring parties can agree to makes the sacrifices needed to resolve its debt crisis, says the Daily Telegraph.

Tango1


Joined: 19/02/2011
Posts: 1151

Message Posted:
26/05/2011 12:13

If that were to happen Msg 1, they would just give the Greek shrug and walk away from all their debts. Leaving everyone else to pick up the pieces.



Tango1

TRNCVaughan


Joined: 27/04/2008
Posts: 4578

Message Posted:
26/05/2011 12:17

"Everyone else" in the Euro zone.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
26/05/2011 12:21

Perhaps they could adopt the TL! )

TRNCVaughan


Joined: 27/04/2008
Posts: 4578

Message Posted:
26/05/2011 12:22

It will give the Euro exchange rate against the Pound a shaking.

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
26/05/2011 12:54

I thought the UK had to contribute to the loan to the Greeks regardless of using £ sterling as currency ?

TRNCVaughan


Joined: 27/04/2008
Posts: 4578

Message Posted:
26/05/2011 12:57

You might be right, but nowhere near as much as the Euro zone countries.

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
26/05/2011 13:06

I believe the British Bulldog Cameron went hot foot to Europe to tell them "we aint paying" and came back having paid in full. I doubt he even got a receipt !

Sundance


Joined: 15/07/2010
Posts: 213

Message Posted:
26/05/2011 14:33

Q. If greece should ditch the eruo, do you think their brothers in the south will follow suit ??.



Sundance

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
26/05/2011 14:39

That will make for mega cheap Greek holidays, how many thousand Drachmas to the Pound?!



Richard

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/05/2011 16:16

I hope Greece sticks to euro. Thus their economy will go from bad to worse and eventually may bring down the euro zone completely. I would love to live to see the day.

ismet

AlsancakJack



Joined: 14/08/2008
Posts: 5762

Message Posted:
26/05/2011 16:42

deputydawg

Message 8:

'I doubt he even got a receipt !'



I does not matter, he will claim it back on expenses regardless.

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
26/05/2011 16:45

The Euro is holding on for grim life. The people of the debtor nations (Greece, Ireland etc) dont want to adhere to the austerity measures, and the people of the creditor nations (Germany, Finland) dont want to continue to bail out the debtors.



Am I right in thinking that if Greece reverts back to the drachma it's debts become more excessive because the debt will be held in Euros (the higher currency)? It would mean that a substantial amount of Greeks debt will need to be witten off (this may happen anyway). Private investors and the German tax payer wont be too happy.



Whilst we are on the subject of EU. It seems that Hague has told his diplomats to be weary of EU foreign diplomats claiming to speak on behalf of Britain. How has it come to be that EU and British diplomats are in competition?

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
26/05/2011 17:12

ps I think I read somewhere that Britains exposure in Greece was about 12 billion. Please dont quote me on this and please please feel free to correct it

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
26/05/2011 17:13

Message 8 & 12 You stupid boys(HelloHello)

Of course he got a receipt he can then claim it on his Expenses ) ) )

Ismet

I to would love to see the ill planned and thought out Euro fail but its now that big it would cause a world collapse best it dies in stages first the PIGS (Portugal Ireland Greece Spain)

The Irish could get the punt back tied to sterling .

The the Germans re launch the Mark to finally break it up

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
26/05/2011 19:11

Didn't Blair put all the slush funds and expense accounts monies in his pocket when he continued his ego trip, (chosen by God) ex 10 Downing Street ?

andre514


Joined: 05/10/2010
Posts: 763

Message Posted:
26/05/2011 20:31

a writer in the "daily telegraph" earlier this week

stated that greece lied its way into the eurozone



now to compensate, leading lights of the eu are

trying to bxxxxxxt their way out of the debt crisis



I'd like to be smug about it but it is poor taxpayers

who will have to pay up, come what may



in the end markets and confidence levels decide,

notwithstanding expensive promises of this or that

never being "allowed" to happen

Stubs


Joined: 01/07/2008
Posts: 641

Message Posted:
26/05/2011 20:42

Would be a huge mistake for Greece to pull out the Eurozone, although perhaps the Eurozone would like to kick Greece out

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
26/05/2011 21:03

Is it not correct that Greece blackmailed Brussels that if the ROC was not admitted into the EU, irrespective of the 2004 Cyprus referendum outcome under the Kofi Annan plan, it would use its veto to block any further enlargement of the EU?!

Not only should Greece be kicked out of the € but also out of the EU with the ROC following in quick succession!



Richard

erolz


Joined: 17/11/2008
Posts: 3456

Message Posted:
26/05/2011 22:03

Brinsley yes it is largerly correct. Greece made it clear if RoC was not permitted entry without any requirement for a settlement as a pre requist, they would veto any futher expansion of the EU for any other candidate countries.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/05/2011 22:12

Its no secret that Greece made such a threat at the time. However did the blackmail work? No way, it suited Germany and France to use Cyprus as an excuse to keep out Turkey. In the long run I expect the Brits to sort out the Euro and EU. As far as I am concerned the Brits are best in long term "wheeling and dealing"

ismet

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
26/05/2011 22:14

Seeing that the lying buggers fiddled the accounts to get into the EU they should be disallowed from exercising any veto 'rights' anyway.

It's a bit like someone who has killed both their parents asking for clemency on the grounds that they are an orphan!

newlad



Joined: 02/03/2008
Posts: 7819

Message Posted:
26/05/2011 22:15

Just one big happy Euro family eh,lira looking good v sterling though,



Paul.

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
26/05/2011 22:16

greece has become the monkey on the organ grinders back , and they want it off ?

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
26/05/2011 22:24

Ismet

That's a bit of a sweeping statement from your good-self! The Brits managed to bugger up most of their ex-colonies with disastrous results. Bottom of the pile is most probably Rhodesia and at the top Canada, NZ, Oz, & twixt the two, great variants of success or lack of! Look at the mess Cyprus was left in and its current impasse!



Richard

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/05/2011 22:48

Come on Richard, Cyprus was a masterpiece for the Brits. They got two large "Sovereign Bases" in Cyprus and know that they will be challenged if and when the Cyprus Problem is resolved. As long as they wish to keep the bases there will not be a long term solution here, only an interim one like the Annan Plan which would not last more than a few years if it was accepted by both sides.

ismet

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
26/05/2011 22:51

some people cant see the woods for the trees ismet , long live KKTC .

MarkVPiazza


Joined: 14/08/2008
Posts: 530

Message Posted:
26/05/2011 23:31

The euro was an impossible dream - a single currency can never work unless you have a single body controling interest rates and taxes (unless you have a European Superstate)



As the Superstate has not been achieved, the Euro will have to go (from its current form at least)

andre514


Joined: 05/10/2010
Posts: 763

Message Posted:
27/05/2011 08:35

and auditing is carried out

according to universal procedures,

not mickey mouse economics

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
27/05/2011 10:49

The Sweedish Finance minister has stated that his country would join the Euro if the burden of debt was not so high for bailing out the Mediteranean nations. My belief is that the Euro will be the currency of choice for the Northen nations and the southern states will break free.

Its about time that people woke up to the fact that the cultural psychology is different in the sunnier Euro states compared to the Northern . Those buying property in Cyprus will surely know this by now. It is all very well and good having fiscal policies to support the Euro but psychological make up will always trump policy.



msge 26

I read that the Coalition have just appointed a Lord to review the sovereign bases in Cyprus. I am not sure what the intention is, but something is brewing.

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
27/05/2011 10:53

Should have said



"Sunnier Euro states compared to the North"

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
27/05/2011 23:21

http://www.bbc.co.uk/news/business-13577853



No agreement on austerity measures... so that's nice... :(

andre514


Joined: 05/10/2010
Posts: 763

Message Posted:
29/05/2011 00:12

as stated I would love to be smug but just cannot be for all the reasons below:



firstly I was in favour of the euro years ago and cannot look myself in the face



secondly a greek default. er, I mean a managed rescheduling or haircut ...soft

landing or what have you will be costly for all, due to northern banks' exposure

to the debt



thirdly further contagion to italy and france (gulp) would probably result in a big

europe-wide economic slump etc



ah well, lets look on the bright side instead!



the reborn greek junta of 2013 tries an invasion of north cyprus, this quickly fails

and the newly amenable government in nicosia accepts trnc separate statehood

and then sits down to serious talks...

which at long last involves a compromise on all the outstanding cyprus "issues"



over to you, markus sixtemus

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
29/05/2011 07:30

MarkVPiazza,

The truth is a currency union won't work all the time there is substantial debt between the nations. This is because whomsoever controls the debt has the upper hand in a partnership which is meant to be 'of equals'.