Greece...

Generali

Graham_Devon wrote: »

I note the same business groups and financial companies that were telling us all "don't worry, our exposure is low" are starting to issue warnings about "throwing every tool in the box at the Eurozone to keep growth going".

The truth about just how exposed they are will now start unraveling.

As a footnote, I'm not looking forward to it. Just sick of the pack of lies these companies feed us.

Financial companies can't be that exposed to Greece: most of the debt is owned by the Troika now!

About 17% of the debt is privately owned still. That is 'only' EUR60,000,000,000.

ruggedtoast

Merkel is fuming!

Those cheeky Greeks!

lisyloo

I note the same business groups and financial companies that were telling us all "don't worry, our exposure is low" are starting to issue warnings about "throwing every tool in the box at the Eurozone to keep growth going".

Apologies if I'm stating the obvious, but it appear that the nominal exposure is low, but confidence is everything.

Generali

lisyloo wrote: »

Apologies if I'm stating the obvious, but it appear that the nominal exposure is low, but confidence is everything.

Maybe.

Realistically, what happens outside the borders of Greece if they quit the Euro or even slide into the sea and cease to exist? In economic terms, not a huge amount TBH. Greek GDP has already fallen from USD32,000/capita to USD22,000/capita and it has had no impact outside Greece other than to create a bunch of news stories.

Even if 20% of Greeks decided to emigrate, that's only a couple of million people or so in an EU of 500,000,000.

The numbers just aren't big enough to have an impact.

Now if Spain or Italy decide to default, that is a lot more serious but there is no sign of them doing so at present.

vivatifosi

Varoufakis has resigned (bizarrely my tablet corrects his name to capitalism).

Statement suggests that he has done this for the greater good as the other countries just don't like negotiating with him. Nevertheless, surprised as he said he would do this if vote went the other way.

http://yanisvaroufakis.eu/2015/07/06/minister-no-more/

wotsthat

vivatifosi wrote: »

Varoufakis has resigned (bizarrely my tablet corrects his name to capitalism).

Statement suggests that he has done this for the greater good as the other countries just don't like negotiating with him. Nevertheless, surprised as he said he would do this if vote went the other way.

http://yanisvaroufakis.eu/2015/07/06/minister-no-more/

The Bloomberg reporter, Guy, has just said there were rumours circulating last week about this and Varoufakis wasnt really involved in negotiations anyway. Strangely, despite talking to the Studio every 5 minutes from Athens in the last two weeks he never mentioned this once.

Journalists have no shame.

wotsthat

Graham_Devon wrote: »

I note the same business groups and financial companies that were telling us all "don't worry, our exposure is low" are starting to issue warnings about "throwing every tool in the box at the Eurozone to keep growth going".

The truth about just how exposed they are will now start unraveling.

As a footnote, I'm not looking forward to it. Just sick of the pack of lies these companies feed us.

Name and shame.

princeofpounds

Good move from Varoufakis. Take the victory and run before the consequences.

remorseless

Generali wrote: »

Greek GDP has already fallen from USD32,000/capita to USD22,000/capita and it has had no impact outside Greece other than to create a bunch of news stories.

...and they wonder why the coffers were getting empty!!!! $32K/capita?? Was it the Hellenic Republic or El Dorado?

What do they make/do to justify the high GDP/per capita? Even $22K is till high...

antrobus

vivatifosi wrote: »

Varoufakis has resigned (bizarrely my tablet corrects his name to capitalism).

Statement suggests that he has done this for the greater good as the other countries just don't like negotiating with him. Nevertheless, surprised as he said he would do this if vote went the other way.

http://yanisvaroufakis.eu/2015/07/06/minister-no-more/

I was surprised for a moment, then I thought about it. He said he would resign if the vote was yes, but also said last week that there were secret negotiations in progress, a deal was more or less already done, and that the banks would be reopening tomorrow whatever.