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This Year, Keep An Eye On Greece
 
# 16 : Wednesday 3-2-2010 @ 23:59
 
crystalc
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Gadjo said :


Well, they will be if quick action isn't taken. In fairness, being in the eurozone club has many privileges but there are rules too. The Greeks could leave and re-establish the drachma as their national currency thereby allowing them to keep running huge deficits without Brussels wagging its finger.

But things are so bad that they're not far off getting to the point where no commercial entity will lend them money. Then they'll need to go to the IMF. Every country has the independence to live within its means. No country has the power to keep on borrowing and borrowing.


That's a fair point, perhaps they should, as we should too, pull out of the Euro if that is possible.

Swoosh I wouldn't buy now, I would wait another while that's if I wanted to live there, which I don't.

Edited By 44paul, 04 February 2010, 00:01

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# 17 : Thursday 4-2-2010 @ 00:03
 
Butters
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Pulling out of the Euro is little short of treason and total madness,have you honestly ever tried to calculate a meal in Crete from drackulas to punts,effen nightmare,we never want to go back there.

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# 18 : Thursday 4-2-2010 @ 00:05
 
Gadjo
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44paul said :


That's a fair point, perhaps they should, as we should too, pull out of the Euro if that is possible.


It's tempting. We'd regain competitiveness because the New Punt would be getting hammered on the international markets. But, often in these situations, what you gain through devaluation you lose in a couple of years through inflation picking up.

Moreover, we already have a huge debt in euros. Just imagine the fun we'd have paying that back with a currency that was collapsing in value by the day. One of the reasons Ireland isn't Iceland is that we're in the euro.

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# 19 : Thursday 4-2-2010 @ 00:08
 
crystalc
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Butters said :
Pulling out of the Euro is little short of treason and total madness,have you honestly ever tried to calculate a meal in Crete from drackulas to punts,effen nightmare,we never want to go back there.


We very well might be going back there, there are whispers in Europe about it. We have monetary union but we don't have political union. In America California is in trouble but the fed pay for welfare health and other services. Here we have to totally fend for ourselves and we can't devalue our currency, which we need to do.

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# 20 : Thursday 4-2-2010 @ 00:14
 
crystalc
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Gadjo said :


It's tempting. We'd regain competitiveness because the New Punt would be getting hammered on the international markets. But, often in these situations, what you gain through devaluation you lose in a couple of years through inflation picking up.

Moreover, we already have a huge debt in euros. Just imagine the fun we'd have paying that back with a currency that was collapsing in value by the day. One of the reasons Ireland isn't Iceland is that we're in the euro.


Not yet we haven't as far as I know, we have not spent one cent of the NAMA money. The same thing that happened to us happened in Sweeden, Finland, and the Netherlands currency devaluation is how they recovered, its what Britain has done and they are out of recession, for now.

But inflation can be a problem, but that can be controlled by interest rates, I may be wrong but inflation is not a problem in the British economy. As for Iceland we were not in as deep as Iceland the banks borrowed massive amounts way over the countries GDP. We did have the money to guarantee savings Iceland did not. But who knows.

I don't really think it is possible to leave the Euro. As you said in the OP lets keep an eye on Greece.

Edited By 44paul, 04 February 2010, 00:49

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# 21 : Thursday 4-2-2010 @ 00:21
 
Butters
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Ah who cares about money honey,that can be devalued,love can't.We are fiscally fooked when we should be physically F***ed,costs nothing and keeps you fit too.

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# 22 : Thursday 4-2-2010 @ 01:45
 
Frodo
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so when's the shit hitting the fan?

Edited By Frodo, 04 February 2010, 01:45

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# 23 : Thursday 4-2-2010 @ 01:47
 
Was Faust
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Frodo said :
so when's the shit hitting the fan?

It did roughly a year ago when a police man shot a teen.

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# 24 : Thursday 4-2-2010 @ 01:47
 
Frodo
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owie!

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# 25 : Thursday 4-2-2010 @ 01:48
 
Butters
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Shakin' Stevens was already convicted of that two weeks ago.

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# 26 : Thursday 4-2-2010 @ 15:59
 
Thomas
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Gadjo said :
**PIGIS = Portugal, Italy, Greece, Ireland, Spain. These are the 5 eurozone countries perceived to be facing major budgetary problems.


I've never seen PIGIS before, I have seen PIIGS used to group Portugal, Ireland, Italy, Greece and Spain as the weak economies in the Eurozone.

Edited By Thomas, 04 February 2010, 16:01

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# 27 : Thursday 4-2-2010 @ 16:01
 
Frodo
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Yes, not because of any budegetery reasons but because those were the country who were net benifiicaries of EU funds, meaning they got more than they contributed.


Ireland's no longer one of them I believe. This was a 90's thing

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# 28 : Thursday 4-2-2010 @ 21:30
 
Gadjo
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Thomas said :


I've never seen PIGIS before, I have seen PIIGS used to group Portugal, Ireland, Italy, Greece and Spain as the weak economies in the Eurozone.


Yeah, the most common term is PIIGS. I prefer PIGIS; it's more pronounceable.

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# 29 : Thursday 4-2-2010 @ 21:42
 
crystalc
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It seems to be the countries in the western EU apart fom Iceland who have a reputation of corruption. Some of the new members are in economic woes exasperated by the downturn as well Hungary, Lithuania, Runamia and I think Latvia. So Phirgils.

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# 30 : Thursday 4-2-2010 @ 22:07
 
sortedguy
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Well according to the pundits we are the only one of the countries which is doing sth about its problems, the shit hit the fan back in 2007?

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