Greece...

AndyGuil

drc wrote: »

If Greece does default on March 20th, will this mean that Italy, Spain, Portugal will definitely default too? I understand that their debts are too big for them to be bailed out. Is that correct? If so, surely there is going to be absolute chaos in the coming months/years for the whole of Europe, not just the Eurozone?

They will all come under attack from the markets and their cost of borrowing will increase further. Italy and Spain can not be bailed out and after the Greece issue there will not be much money left or the want to bail out Portugal. This is why so much effort and money has been given to Greece to stop them defaulting and bringing the whole of the Eurozone down.

drc

AndyGuil wrote: »

They will all come under attack from the markets and their cost of borrowing will increase further. Italy and Spain can not be bailed out and after the Greece issue there will not be much money left or the want to bail out Portugal. This is why so much effort and money has been given to Greece to stop them defaulting and bringing the whole of the Eurozone down.

Thanks for that. Do you think that Spain, Italy and Portugal will default much quicker than it has taken Greece precisely because there will be no money left, the Greece issue having taken it all? If Greece does default on March 20th how long do you think the other PIIGS will have before they default? Will it affect the UK?

AndyGuil

drc wrote: »

Thanks for that. Do you think that Spain, Italy and Portugal will default much quicker than it has taken Greece precisely because there will be no money left, the Greece issue having taken it all? If Greece does default on March 20th how long do you think the other PIIGS will have before they default? Will it affect the UK?

How long depends on how aggressive the market becomes, so it is hard to say as it is new territory. It will affect the UK. Cost of debt will go up for everyone and credit availability will decrease.

Mrs_Bones

So who do we think will blink first tomorrow at the big meeting that is going to solve all Greece's problems again (I do miss the rolly eyes smilies) Will they or won't they be given the bailout money.

I still think they will get given the bailout money, don't think it will do any good but I think the EU still want to kick the can a little further down the road.

worldtraveller

It's kind of interesting to see that the first thread in this forum, I believe, on Greece and it's problems, was back on the 8th December, 2009! :eek:

https://forums.moneysavingexpert.com/discussion/2135169

AndyGuil

worldtraveller wrote: »

It's kind of interesting to see that the first thread in this forum, I believe, on Greece and it's problems, was back on the 8th December, 2009! :eek:

https://forums.moneysavingexpert.com/discussion/2135169

Just highlights how much has been risked and spent to prop them up and yet they are in a worse position. If they had let them go back then we would not be at risk of losing so much. It is going cause an unbelievable amount of destruction in the Eurozone and UK.

worldtraveller

I also see that William Hague is finally realising what has been happening for maybe over a year now! :doh:

Foreign Secretary William Hague has warned of the problems facing Greece if it decides to abandon the euro.

"They have to be prepared to take action to stop euros leaving the country, maybe have border controls," he told the Andrew Marr show.

BBC News

Exactly what planet are these idiot politicians on? :rotfl:

http://forums.moneysavingexpert.com/showpost.php?p=43891478&postcount=12

Please keep up William! :wall:

Mrs_Bones

There has been a slow run on the banks in Greece for months now. I know people who have already taken their money out, I'd imagine anyone with average intelligence has.

pineapple

I see that this has already been mentioned but the rumour that Geece has been scheduled to default on March 20th or 27th is somewhat persistant
GREEK DEFAULT EXCLUSIVE: SENIOR US BANKERS GIVEN EXPLICIT TIMETABLE FOR ATHENS DEFAULT | The Slog
It will be terrible but some financial pundits are saying this is the only possible solution for Greece longer term.
Who knows if this will create a domino effect - other eurozone countries - Europe - US...
Fact is the level of debt globally is unsustainable. We are trying to repay debt with more debt. At some point it has to stop.
What are the implications for UK if it happens? Ministers have acknowledged that they have contingency plans drawn up but won't say what they are
I've paid off all my debt (so will be pretty peeved if there is 'debt forgiveness' ) and I'm stocked up. Don't know what else to do.

AndyGuil

pineapple wrote: »

There is a rumour doing the rounds on financial forums (not just conspiracy sites ) that Geece has been scheduled to default on March 20th or 27th.
GREEK DEFAULT EXCLUSIVE: SENIOR US BANKERS GIVEN EXPLICIT TIMETABLE FOR ATHENS DEFAULT | The Slog
It will be terrible but some financial pundits are saying this is the only possible solution for Greece longer term.
Who knows if this will create a domino effect - other eurozone countries - Europe - US...
What are the implications for UK if it happens? Ministers have acknowledged that they have contingency plans drawn up but won't say what they are.
Just a heads up

Markets will turn on the other Southern European countries and then the collapse of the Eurozone will happen. This will cause a new credit crunch and debt will get expensive.