What happens when the euro collapses?

Frogandtoad


Joined: 17/07/2011
Posts: 16

Message Posted:
27/07/2011 12:27

Mr Soros said in a recent panel discussion in Vienna: ”The euro had a basic flaw from the start in that the currency was not backed by political fiscal union or a joint treasury policy. It is 'probably inevitable' a country will leave the euro. The euro had no provision for correction. There was no arrangement for any country leaving the euro, which in the current circumstances is probably inevitable. Let's face it, we are on the verge of an economic collapse which starts, let's say, in Greece but could easily spread. The EU financial system remains extremely vulnerable."



Will the FTSE100 collapse allong with my pension plan?

Will the pound loose its value?



I'm no financial guru so it all sounds a bit catastrophic to me.

andre514


Joined: 05/10/2010
Posts: 763

Message Posted:
27/07/2011 12:44

life will continue

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
27/07/2011 12:49

The rich will get richer and the poor will get poorer same as usual

Frogandtoad


Joined: 17/07/2011
Posts: 16

Message Posted:
27/07/2011 13:12

The Chinese premier, Mr Wen Jiabao, said yesterday, at the start of his European visit in Hungary, that the Chinese government gave a strong pledge of China’s support for the embattled euro, saying that China will buy government bonds and would consistently support the euro as Europe attempts to fight its way out of a sovereign debt crisis.



Always said that all those Chinese takeawys were realy a cunning plan to take over the world.

YFred


Joined: 06/05/2009
Posts: 1471

Message Posted:
27/07/2011 13:14

All Greece has ro do is sell Athens to China. Problem Solved.

tonyf


Joined: 29/03/2009
Posts: 153

Message Posted:
27/07/2011 13:21

msg 3 Eager. I am amased that a company director would have such a jaundiced view of the state of the economy for the slightly better off. Under the last Labour administration my private (paid for not pulic sector gravy train) pension came in at 45% less than it was predicted due to the fall in the FTSE and every other crazy thing done by Labour, like selling gold at bargain basement prices, incidentally it now stands at $1500 per ounce. Brownie sold it at £275 per ounce. This has meant that I have had to continue working past my 60 year old target. I certainly catergorise myself as middle class but am not getting any richer, and indeed the majority of my colleagues in similar financial positions are suffering also.

I am just glad that the UK and Turkey have not entered the euro or the EU and that whilst we will be affected by the disasterous management of Europe will not drop into the abyss caused by the single currency. However, whilst we keep bailing out our work shy british

tonyf


Joined: 29/03/2009
Posts: 153

Message Posted:
27/07/2011 13:21

and immigrant population then the rich and not so rich will get much poorer.

Frogandtoad


Joined: 17/07/2011
Posts: 16

Message Posted:
27/07/2011 13:25

Athens is one of the world's oldest cities, its recorded history spans around 3,400 years. Classical Athens was a powerful city-state. Once a centre for the arts, learning and philosophy, home of Plato's Academy and Aristotle's Lyceum, widely referred to as the cradle of Western civilization and the birthplace of democracy. In 2008, Athens was ranked the world's 32nd richest city by purchasing power and the 25th most expensive. (Wikipedia)



Not worth much now. Doubt if they could give it away.

YFred


Joined: 06/05/2009
Posts: 1471

Message Posted:
27/07/2011 14:31

We are sorry that they don't have such rich history as we do in Cyprus. Considering we have a 9000 year history and we taught them how to read and write and all that sort of thing, I think it is only proper that it gets sold to the chinese as the inventors of paper and all that.

Geoff


Joined: 25/06/2008
Posts: 1370

Message Posted:
27/07/2011 16:40

Deep joy, that is what will happen, IF you are a UK State Pensioner with your pension paid into your TRNC bank account. As the euro falls the more TL we seem to get for our GBPs. The GBP will I suspect get stronger provided the UK Chancellor sticks to Plan 'A'.

Geoff

Famagusta City



P.S. I don't know why the exchange rate £>TL improves as the Euro weakens, but it is good news.

andrew4232



Joined: 04/07/2009
Posts: 1543

Message Posted:
27/07/2011 16:41

ohhhhhh the is nigh



lets all slash our wrists and get it over and done with !!