Greece........................Sink or Swim?

[jaysay]

Originally Posted by Eric

If the Greeks default and quit the Euro, they will have some short term benefits. The Drachma will be worth zilch; so their exports will receive a boost. And tourism will go through the roof. On the downside, lots of European banks will take a kicking. Major financial institutions will be replacing the toilet paper in their washrooms with Greek government bonds.

You've got the remember that the Greek banks are very much in hock to funding their own governments debts, if they had to ditch the Euro there banking system would totally collapse

[Eric]

Originally Posted by jaysay

You've got the remember that the Greek banks are very much in hock to funding their own governments debts, if they had to ditch the Euro there banking system would totally collapse

Probably right. So it becomes a choice between "total collapse" and "inevitable meltdown" But I'm willling to bet that the bankers aren't going to suffer much.

[jaysay]

Originally Posted by Eric

Probably right. So it becomes a choice between "total collapse" and "inevitable meltdown" But I'm willling to bet that the bankers aren't going to suffer much.

BBC News - Greece crisis: MPs approve drastic austerity measures

Looks like they've taken the best option Eric or the best for a bad situation

[cmonstanley]

i know im daft but how are they going to pay the money with no jobs to raise tax no corporation tax trying to rely on the tourist industry to raise revenue this is going to end in disaster no way can they afford to pay it back .

[Wynonie Harris]

Originally Posted by cmonstanley

i know im daft

Self-awareness is a wonderful thing.

[jaysay]

Originally Posted by Wynonie Harris

Self-awareness is a wonderful thing.

Can I second that before DinG gets in

[DaveinGermany]

Just a little aside, the party in power presiding over Greece's present problems is Panhellenic Socialist Movement (Pakos) since the introduction of the Euro in 1999 they've had 2 goes of ruling the Country with a short lapse between 2004-09 when the New Dems (ND) were in power.

Now have a ponder on that.

[DaveinGermany]

Originally Posted by jaysay

Can I second that before DinG gets in

And your point is ?

[jaysay]

Originally Posted by DaveinGermany

And your point is ?

Beat ya to it Its not everyday our scottish numpty admits he is without prompting

[DaveinGermany]

Originally Posted by jaysay

Its not everyday our scottish numpty admits he is without prompting

Au contrair, mon ami ! Every time he puts pen to paper (figuratively speaking) he does a damn fine job all by himself without let or hindrance.

[cmonstanley]

but im not a socialist

[Mancie]

I reckon it all started to go down hill in the 70's

[jaysay]

Originally Posted by cmonstanley

but im not a socialist

Sorry Communist

[MargaretR]

It looks very likely that Greece will be the first domino to fall.

A collapse of the world banking system will follow.

The banking rats have started to 'abandon ship' and take their golden handshakes.

Bankers resignations over the last few months... | Nominedeus

[Acrylic-bob]

I read last week that the Foreign Office is recommending that ex-pat British should register with the British Consulate. They obviously know what is coming.

I feel so sorry for the Greek People. I wonder if any will pity us when it is our turn?


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