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Re: Greece debt crisis

Posted: Tue Aug 04, 2015 9:31 am
by David Pardoe
Whatever the rights or wrongs of this, its going to take some hefty debt restructuring to get Greece back in the frame.
It will be interesting to see how the parties get on this month...will the IMF put the spoke in. I suspect they have demands that will be tough to negotiate.
Longer term, the EU model needs a fair bit of change, if it is to retain any hopes of stability..
I don't subscribe to the great Eurostate that some talk of... I like the simple idea of trading blocks, and if that means that some members move back to original currencies...fine.
Can Mr Cameron do some deals to bring changes about, before the flood gates at Calaise, etc become unmanageable.
With the US doing trade deals around the world, it would seem that others should adopt that approach....we`ll see.
The markets are certainly watching closely..

Re: Greece debt crisis

Posted: Tue Aug 04, 2015 10:06 am
by NickFaulks
David Pardoe wrote:Whatever the rights or wrongs of this, its going to take some hefty debt restructuring to get Greece back in the frame.
That is certainly true, although saying it can get you called some pretty unpleasant names here. The trouble is that any debt restructuring would be completely inconsistent with the current structure of the euro - the Germans are right about that. It would require a step back to a group of linked currencies ( even though they might all be called euros ), and at that point you have to wonder whether the whole thing is worth the trouble.

Re: Greece debt crisis

Posted: Tue Aug 04, 2015 12:53 pm
by Paul McKeown
Nah. What gets you a bad name around here is fuckwit Adolf comparisons.

Re: Greece debt crisis

Posted: Tue Aug 04, 2015 1:34 pm
by NickFaulks
No, I proposed the idea that the euro in its current form is dead. You disagreed, and you are entitled to your own view that the German plan will bring happiness to all, although it is a minority one nowadays. You expressed yourself as follows.
Paul McKeown wrote:f**k, there's nothing like a Euro crisis to bring out the raging xenophobes. It's enough to bring a tear to a brass eye, the lame dipsticks and their lame Hitler metaphors (at least that idiot bag lady Thatcher reportedly only resisted the Wiedervereiningung for fear of Otto von Bismarck). If it wasn't Germany on top, it would be France, and no doubt we would be deluged under a tsunami of dribble about Napoleon, Waterloo and Agincourt. They'll move on to spittle flecked diatribes about the Jocks, the Micks, the Septics, soon enough, as soon as Fake Fartrage and the contents of Dacre's Daily Toilet Bowl changes its diet. And all this fake concern for Greece, the same Berkshire Hunts would normally not give the steam of their pish for concern of their fellow Brits, never mind some poorer nation at the south eastern end of the continent they spend their time incontinently doling out their disdain for.

In a decades time, the Greek economy will have rebounded, Poles and Romanians will still be doing the jobs no one else wants to do, and the current worries about the stability of the Euro will long have been forgotten. But the saloon bar fruitcakes from the Shires will still have an irrational hatred of everything sufficiently foreign, whether that's from Sofia or Sheffield.
Do your scholarly lectures utilise this literary style? If so, they must be fun.

Re: Greece debt crisis

Posted: Tue Aug 04, 2015 2:54 pm
by Paul McKeown
Why should I, or anyone else, take anyone seriously who spends all his time comparing various mainstream politicians with Adolf Hitler? Especially when said idiot also spends an inordinate amount of time propagandising on behalf of Kirsan Ilyumzhinov and various other corrupt, venal and brutal despots? You, sir, are a crackpot. Oh, and an analphabetic buffoon, for apparently you have construed that I have written "the German plan will bring happiness to all." But I shall renounce this particular sandpit, and leave you to broadcast your inane nonsense. Just don't forget your soap box and your sandwich boards. In years gone the loons with the sandwich boards bellowed, "Repent ye of your sins", now it's "Foreigners are dirty and communists (c) Niggle Fartrage".

Re: Greece debt crisis

Posted: Tue Aug 04, 2015 3:10 pm
by NickFaulks
I think you need help.

Re: Greece debt crisis

Posted: Tue Aug 04, 2015 3:13 pm
by Christopher Kreuzer
You are both feeding off each other. Why not just stop here?

Re: Greece debt crisis

Posted: Wed Aug 05, 2015 9:57 am
by Ben Purton

Re: Greece debt crisis

Posted: Thu Aug 06, 2015 7:41 am
by David Pardoe
Sounds like they are making progress on the Greek bailout talks, according to the Greek PM... it looks like it will be another 3 years to see if things improve, assuming a deal is finally settled with creditors.. No doubt the Press will go over this with a fine toothcomb..
I`m still curious that Greece can ever hope to repay such vast debts, unless some big restructuring of debt repayments is agreed.

Re: Greece debt crisis

Posted: Thu Aug 06, 2015 9:21 am
by NickFaulks
David Pardoe wrote: I`m still curious that Greece can ever hope to repay such vast debts, unless some big restructuring of debt repayments is agreed.
It is of course a mathematical impossibility, and everyone involved knows that. The IMF has even said it, so their cover story will be interesting.

I have wondered whether Tsipras' strategy is to see the euro maintained in its dysfunctional form, betting that when it unravels violently Greece's relatively minor debts will be lost in the wider chaos. It is an idea that would appeal to Varoufakis, and don't let anyone tell you that they are not still working together.

Re: Greece debt crisis

Posted: Thu Aug 06, 2015 10:45 am
by John McKenna
Greek finance minister Euclid Tsakalotos said yesterday that he was confident an agreement with the cash-strapped country's lenders could be reached by 20th August, despite admitting disagreements on privatisations... (Chris Papadopoulos, City A.M.)
While things could still get worse in Greece, there are surely some companies and assets in the country that are massively undervalued compared to their long-term potential... (Tom Jenkins, Letters City A.M.)
Meanwhile in the UK -
Hedge funds made a fast buck at the taxpayer's expense last week by betting against RBS shares shortly before the government started selling... its 78 per cent stake in the bank... (Financial Times)
The Greek voters elected an anti-austerity government while those of the UK elected a pro-austerity one - the common factor is that the speculators who caused the problem in the first place continue to make money in the economies they wrecked.

This is a continuation of the nationalisation of debt - paid for by the many - and privatisation of profit for the few that has swept the world like a tsunami since the fall of the Berlin Wall.