So who do we think are the euro idiots?

gailey_2

Not an economist me sometimes struggle to get my head around the trillion pound figures but I personally did think in long run

a planned default for greece and them to leave euro was best for them.

seen a couple of newsnight peices in greece very interesting on how ordinary greeks feel and are doing.

Merkel and sarkozy were so worried about their own vested interests that they did not consider this option.
They wanted full control, reforms and austeritry for greece as thourght it would damage the markets and their economy.

Im baffled at the supersummit why the greek leader dodent say yes agree to bailout subject to referendum.

But to announce to the greeks and not tell any of the world leaders his intention does amaze me as its made a joke of the bailiout yet again!
The marklets already affected.

its g20 this week and thinks its going to be really strained.
guess least of them hate greece more than us meddling moaning brits I guess!:rotfl:

Also equally baffled if they run out of money by end of november without the bailout money yet referendum probably not until jan? How does that work?

Makes me think italy promises could go horribly wrong as berlesconni hardly reliable and the italians angry that europe laugh at them.

I can see how greek/italy can reconile with the new federal europe.

So whos the biggest idiots?

1)merkel/sarkozy thinking its best solution for greece and forseeing no problems?

2)greeks for messing up potential bailout that could save them?

3)europeanm leaders not doing a decent summit that deals with route cause and just adds to debt and increases austerity?

I must say I do envy the greek for being allowed a refendum.

Do wonder what will happen and who will get hurt the most.
dont think uk banks as exposed as european.

Either way really is a mess think we need another summit!

I did wonder how a agreement made early hours of morning with no finance ministers was a good thing?

wheres gordan vbrown when we need him after all he saved the world once:rotfl:

ILW

The Greek people are rioting and now going to get a referendum to decide whether they want austerity.

At what point will they realise that they are spending more than they earn (even without their debts) and cannot expect others to pay forever.

Will it need to get to the point where there civil service pay cheques start bouncing and pensions stop being paid before they realise they cannot just keep on as before?

monalia

gailey wrote: »

a planned default for greece and them to leave euro was best for them.

I disagree with your statement. The Greek cooked their books to join the Euro, they should never have joined (but you can't blame M. Sarkozy for letting the Greeks in). Now with 25% of all workers employed by the state and with a huge deficit, a messy default would be a terrible starting point for a new Drachme.

A Greek default would be devastating for the London's financial industry.

gailey_2

monalia wrote: »

I disagree with your statement. The Greek cooked their books to join the Euro, they should never have joined (but you can't blame M. Sarkozy for letting the Greeks in). Now with 25% of all workers employed by the state and with a huge deficit, a messy default would be a terrible starting point for a new Drachme.

A Greek default would be devastating for the London's financial industry.

In part I agree with you.

the past governement did some dodgy things
but they joined they are it it.
if they had their own currency they could devalue .
Even with 50%haircut not sure they can afford to pay back.
I agree they need to make lots of reforms not blaming sarcozy for that.

Just think an orderly controlled default and greece leaving euro be better for europe rather than months of uncertainty over greek internal politics which as shattered the bailout summit as a success and caused so much uncertainy

Found this
http://www.greekdefaultwatch.com/2011/10/greeces-rhetorical-referendum.html

Its from english language greek newspaper base in athens.
interesting to read from greek point of veiw.
no ones sure what will happen and opinions split!

Todays news has already impacted on the italians!

we need some sort of firewall to stop it spreading!