Greece...

michaels

lvader wrote: »

Because once interest rates shoot up again it will be impossible to turn around and do something about it. Also we still have a deficit of about 5% of GDP while in the the Eurozone overall it's less than 2.5%. i.e. we are still living way beyond our means at a time when the economy is doing quite well.

I assumed he was being ironic?

michaels

Generali wrote: »

The current UK Government can't make a legally binding anything on a future Government.

As for Greece, the blue bit of the line is the problem. As you can see, it's quite a bit longer than the blue line of any other country. That's the bit the Government owes and the Government has run out of cash to service the blue line.

Ask Iceland how long it takes for the orange bit to become the blue bit, at which point the grey bit becomes very expensive for the average citizen as well....

antrobus

michaels wrote: »

I assumed he was being ironic?

I think it far more likely that he simply does not understand.:)

michaels

I can't see why people are surprised that greece who are being offered the 'option' of paying 2+% of GDP with no say over fiscal matters to the troika 'forever' are contemplating instead doing without credit for 10? years but no longer having to spend any of their gdp servicing debts and making their own choices on how they spend their money.

shortchanged_2

wymondham wrote: »

I honestly don't believe it. I'm sure an 11th hour 59 minutes temporary emergency only to be repeated once deal will occur which will make this last longer.......... I can't bring myself to accept that this problem may actually about to be 'resolved' !!

I'm sure you're right. The Greece debacle is now just a big game of poker.

Personally I think the best thing for the greeks would be to default. They're already facing years of pain now, I think they'd have a better chance of recovery from getting out of the eurozone. The single currency doesn't work with such diverse economies.

antrobus

michaels wrote: »

I can't see why people are surprised that greece who are being offered the 'option' of paying 2+% of GDP with no say over fiscal matters to the troika 'forever' are contemplating instead doing without credit for 10? years but no longer having to spend any of their gdp servicing debts and making their own choices on how they spend their money.

I would express no surprise at whatever decision the Greeks make. I would simply point out that it is their decision. It's up to them whether they want to play in the Euro or not.

antrobus

antrobus wrote: »

The BBC is reporting that it "understands" that the ECB is to end ELA to Greece.

http://www.bbc.co.uk/news/world-europe-33303105

Looks like Peston might have been wrong.

The DT is reporting that the ECB will maintain ELA at its current levels.

Marktheshark

With the North African situation regarding Tourism and also Turkey is going off many peoples radars.
A return to the drachma and capatilise on the Holiday market by offering value for money could be a survival line.
Once out of Europe and free of EU rules and tax burdens they can restore its tourism trade, it really does have some very fine coastline and Islands.
It lost out to places like Tunisia who were able to undercut them as they were EU tax and VAT burden free.

Froggitt

Jason74 wrote: »

True as far as it goes. But in truth the choice of continuing with things as they were or voting in Tsipras was rather like the choice of being hung or shot

We're they stupid enough to believe that anti-austerity comes for free? Lets all default on our loans and nothing bad happens when we do that.

globalds

Greek Eurozone 2015 Exit?





Odds are shortening at Betfair ..