Eurozone bank bail-out.

[Triggaaar]

What was the retirement age in Greece, and what is it now?

I think I must be being a bit simple - doesn't the EU need to point out to the Greeks that they messed up, and if they want food to live they'll need to work for it? Like I said, I think I'm being simple.

 

[cunning fergus]

This is one of the things that I find truly hilarious about the whole thing. The Greeks have been told then can write off 50% of their debts. A large proportion (I'm not sure whether or not it's a majority) of their debt is held by Greek banks, which will probably be insolvent as a result of the haircut. The solution? Nationalise the banks - so in effect we will have Greek debt being written off and then more Greek debt being created to prop up the banks, and the government has written off 50% of its debt and also acquired a formerly private institution into the process. Mental.

Mental doesn't cover it.............but in the circumstances it seems a measured view! The 50% haircut only affects the private banks and not the IMF, ECB and other european institutions. The private banks are only under a voluntary obligation to accept it, although most publically anyway are indicating that they will accept the plan. This haircut though along with subsequent recapitalisation though will make it even harder for banks to lend capital so growth looks like it will be fooked.

The plan to integrate is where the growth will be exoected to come from, however whilst this could work economically on paper the political implications for the German electorate are difficult to predict.

European leaders have got a record of committing to their visions and strategies until the very bitter end.................this crisis looks like it will be no different.

Given the discussions now taking place with our new friends the Chinese who are happy to throw us some baubles from their treasure chest we should expect talk of the "wonder weapons" from europhiles like Nick Clegg anytime soon.

Enjoy the war...............the peace will be dreadful.

 

[Soton Seagull]

A 2 tier Europe of those in and out of the Euro is the only workable way (if there is such a prospect anymore). The Euro currency zone has to converge it's economies and be able to flex tax & interest rates in unison. Clearly the problem will be that what suits one country will not suit another.

My old uni lecturer (15 odd years back) predicted that Greece would ruin the Euro as they simply weren't economically developed enough. That said he also claimed that historically speaking 'barbaric' Poland got what it deserved in WW2! Odd chap, but knew his economics.

 

[bhaexpress]

The Greeks has a very different work ethic and life style to ourselves, they have been told they need to up their game. What do they do ? Riot rather than accept they need to change their ways.

 

[brunswick]

The answer is simple - print more money. So says the mighty Bank of England. And yet if I were to print money, I'd be accused of fraud. All very odd.

shhh, don't go against the MSM on here ;-)

 

[Buzzer]

shhh, don't go against the MSM on here ;-)

You quote the MSM as if they are a homogenous unit when all views are represented within it so your comment is incorrect. Mind you, it doesn't suit your ridiculous conspiracist agenda to see what all the MSM are saying before spouting your tinfoil hat nonsense.

I'm not suggesting you do by the way. I love reading your mentalist posts. Long may you continue.

 

[nevergoagain]

What would really be the impact if Greece were just left to default on all their debts ?. I keep hearing that no one actually knows who is carrying the debt with it being bought and sold in the background but would it really impact the UK if they went tits up ?, do we have significant trading links with them ?.

 

[withdeanwombat]

Just where IS Stalin when you need him ?

 

[Tom Hark Preston Park]

The Greeks has a very different work ethic and life style to ourselves, they have been told they need to up their game. What do they do ? Riot rather than accept they need to change their ways.

I'd suggest that a very large number of people go to Greece on holiday precisely because the Greeks have a very different work ethic and life style to ourselves. And on an individual level we envy it. Its how we'd ideally live our lives and live to a ripe old age.

Beating up on the Greek people is not the answer now, and never could be. How f***ing DARE they! No wonder they are rioting. Our people should be doing the same, only not choosing St Pauls as the soft option. They should be protesting in the right place - under the noses of the bankers - and rioting for the right reasons - not as an excuse for ferals to nick HD Ready TVs. Obviously.

 

[beorhthelm]

What would really be the impact if Greece were just left to default on all their debts ?. I keep hearing that no one actually knows who is carrying the debt with it being bought and sold in the background but would it really impact the UK if they went tits up ?, do we have significant trading links with them ?.

it wouldnt really effect us directly, our banks have very liitle exposure. it would completely f*** Greece, they wouldnt be able to borrow for several years, so the entire public sector would effectivly be on the street and anyone with assets would scarper. they do know who carries the debt, the Greek banks (would be completely f***ed), Greek pensions (very f***ed), alot of Eurozone in particular French banks (substantially f***ed) and the ECB (quite f***ed, and really really embaressed). right now, they are going to be precisly half as f***ed as they would be in a default.

that my laymans interpretation anyway.

 

[brunswick]

You quote the MSM as if they are a homogenous unit

errrr...............yes. well, 5 mega corps to be precise.

 

[Buzzer]

errrr...............yes. well, 5 mega corps to be precise.

I knew you wouldn't let me down, you nutter.

 

[nevergoagain]

it wouldnt really effect us directly, our banks have very liitle exposure. it would completely f*** Greece, they wouldnt be able to borrow for several years, so the entire public sector would effectivly be on the street and anyone with assets would scarper. they do know who carries the debt, the Greek banks (would be completely f***ed), Greek pensions (very f***ed), alot of Eurozone in particular French banks (substantially f***ed) and the ECB (quite f***ed, and really really embaressed). right now, they are going to be precisly half as f***ed as they would be in a default.

that my laymans interpretation anyway.

So win/win scenario for us then

 

[beorhthelm]

in case you've missed it, the fund the europeans are going to use for the bailout is called the Special Purpose Investment Vehicle. or SPIV. seriously.