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EU to accept that Greece should default on some of its bonds
Comments
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Loughton_Monkey wrote: »Isn't it amazing?
20 posts through a thread on the economy of Greece, and not a single mention of the most obvious question:
What's a Grecian Earn?
About 15 bob a week!
(You set 'em up and I'll knock 'em down).0 -
Loughton_Monkey wrote: »Isn't it amazing?
20 posts through a thread on the economy of Greece, and not a single mention of the most obvious question:
What's a Grecian Earn?
Urn.........
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Loughton_Monkey wrote: »Isn't it amazing?
20 posts through a thread on the economy of Greece, and not a single mention of the most obvious question:
What's a Grecian Earn?
Is that in Euros or Drachma?
Answer is it depends who's asking - for a BMW salesman, plenty, to the taxman, nothing.I think....0 -
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Can anyone explain please why the Euro is so strong against sterling after all this loss of faith in the Euro?
It seems we tax payers are paying to support the Euro so we can then have an expensive time abroad on holiday! Surely this is wrong!0 -
libertysurf wrote: »Can anyone explain please why the Euro is so strong against sterling after all this loss of faith in the Euro?
It seems we tax payers are paying to support the Euro so we can then have an expensive time abroad on holiday! Surely this is wrong!
Interest rate expectations. They're low in the UK an look like they will remain so until next year. In the Eurozone, interest rates are rising. So this makes borrowing in Sterling cheap, and the cash can be invested in assets of a different currency. It's called the carry trade.
If you can read it (sometimes need a logon), the FT has had a recent articleLiving for tomorrow might mean that you survive the day after.
It is always different this time. The only thing that is the same is the outcome.
Portfolios are like personalities - one that is balanced is usually preferable.
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libertysurf wrote: »Can anyone explain please why the Euro is so strong against sterling after all this loss of faith in the Euro?
One word Germany.
Germany has a positive balance of payments. Something that gets overlooked when comparisions are made between economies in the Eurozone.0 -
It's unfortunate that so many governments have so much invested in Greek debt that they can't afford for Greece to go bust, otherwise they will go bust too.
The market values Greek bonds at rates over 20%+ on 1 year rates, yet we have Germany and France willing to accept 7%, and now even less!“Democracy destroys itself because it abuses its right to freedom and equality. Because it teaches its citizens to consider audacity as a right, lawlessness as a freedom, abrasive speech as equality, and anarchy as progress.”
― Isocrates0 -
Thrugelmir wrote: »One word Germany..
Thanks - some thoughts.
I heard that Greece makes up only 5% of the Euro economy. What I still find confusing is that Ireland, Portugal, Spain and Italy together must make a sizeable proportion; surely that would bring the Euro down. Add that to the uncertainty over even more countries defaulting, and we should be getting double for our sterling.
It's not as though the Greeks are now working until 67, and shock, paying taxes for the first time. Nothing has changed there.
Are the Germans going to work until they are 75 to bail them out? The Greeks are sitting pretty really. They broke the rules, and Germany pays. This is not good for European harmony.0 -
Graham_Devon wrote: »The BBC Business bloke, not Robert Peston, the other one, summed it up pretty well for me.
Basically he suggested we've, or they, have bought 3 years. "They've made it [the immediate problem] go away".
In other words the can has been kicked firmly down the road."When the people fear the government there is tyranny, when the government fears the people there is liberty." - Thomas Jefferson0
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