If Greece defaults, there will be a run on the Greek banks

John_Pierpoint

Opportunity for the Turks to legalise N.Cyprus ? The Yanks got Alaska for peanuts.
Am I right in thinking that the books for S.Cyprus give off the aroma of the kitchen?
The British nearly bought the Galapagos, perhaps we ought to buy back Corfu?

We could set it up as another tax haven (if it isn't one already).

The island's history is laden with battles and conquests. The legacy of these struggles is visible in the form of castles punctuating strategic locations across the island. Two of these castles enclose its capital, which is the only city in Greece to be surrounded in such a way. As a result, Corfu's capital has been officially declared a Kastropolis ("castle city") by the Greek government.[5] Corfu was long controlled by Venice, which repulsed several Turkish sieges, before falling under British rule following the Napoleonic Wars. Corfu was eventually ceded by the British Empire along with the remaining islands of the United States of the Ionian Islands, and unification with modern Greece was concluded in 1864 under the Treaty of London.
In 2007, the city's old city was designated for the UNESCO World Heritage List, following a recommendation by ICOMOS.[6][7][8]
Corfu is a very popular tourist destination.[9][10] Up until the early 20th century, it was mainly visited by the European royals and elites, including Emperor Wilhelm II of Germany and Empress Elisabeth of Austria; today it is also widely visited by middle class families, (primarily from the UK, Scandinavia and Germany) leading to mass tourism.[11] It is still popular with the global elite however, and in the island's northeast the homeowners include members of the Rothschild family and Russian oligarchs.[12][13]

http://en.wikipedia.org/wiki/Corfu

http://www.centralbanking.com/central-banking/news/2097783/cyprus-fiscal-woes-deepen-moody-s-downgrades

C_Mababejive

If it gets to the stage where you feel you have to take your money out of the bank then save your legs as it will be what it really is...simply a picture of the queen.

Thrugelmir

worldtraveller wrote: »

I think that you will find that a great many people already have over the past year or so, which has compounded the problem of course. They have simply been draining euros from their Greek euro accounts and opening euro accounts elsewhere in the world. Those funds then being replaced by ECB loans to support the Greek banks, with the ECB taking on the risk. The ultimate backstop though will be the IMF, including the UK taxpayer of course.

IMF doesn't have the firepower. Nor the backing of its members. Europe has to come to terms with its own issues. Rebalance its own books.

pqrdef

Thrugelmir wrote: »

IMF doesn't have the firepower. Nor the backing of its members. Europe has to come to terms with its own issues. Rebalance its own books.

Europe can't now, because the Germans have taken all the money and spent it on reunification. Isn't it over a trillion spent by the Government, and who knows how much more by the private sector?

How rich the West Germans would be if they hadn't spent all that money in the East hardly bears thinking about.

chucky

beaujolais-nouveau wrote: »

What will you do if/when Greece defaults?

Just make sure you're not holding any Greek Euros.

vivatifosi

Is this the point where we discover it was a spelling mistake all along and what it really said was "beware of Greeks bearing gilts"?

Thrugelmir

pqrdef wrote: »

Europe can't now,

I was as told as a child there's no such word as can't.

Sometimes you just have to accept matters as they are and get on with it.

tomterm8

beaujolais-nouveau wrote: »

What will you do if/when Greece defaults?

Er, it's 2% of the European Economy, it is not going to be the end of the world.

Also, Greece has already been the subject of bank runs. To be honest, I am surprised there is any capital left in the country, anyone even remotely sensible will have moved it already.

pqrdef

tomterm8 wrote: »

Er, it's 2% of the European Economy, it is not going to be the end of the world.

But this is the problem. If Europe can't save Greece, who's going to believe it can save everybody else?

Sorting out Greece is the necessary first step. There are bigger problems still to face and a long way to go. But if Europe can't even manage the first little step, it's going nowhere. The dominoes are lined up.

Thrugelmir

pqrdef wrote: »

How rich the West Germans would be if they hadn't spent all that money in the East hardly bears thinking about.

Many did well out of unification. As there was immediately overnight a cheap source of labour. That's why Germany remains so competitive. The German people have accepted 15 years of no increase in living standards as being the price. Hence their hard line against those that borrowed on the back of cheap credit and frittered the money away.