Greece...

worldtraveller

Graham_Devon wrote: »

Osbourne has already immediately rejected it.

We have an agreement set out in 2010 that any funds we provide are not to be used in bailouts.

So probably time to get the waterboard out

I seem to remember him saying something similar with regards to Ireland, before we subsequently helped them out in 2010.

Graham_Devon

Oh, I spoke too soon.

It appears we very likely will be handing over £1bn.

Junker has apparently "torn up" our "black and white" deal in the negotiations yesterday and over ruled it.

EU officials (probably the same ones that agreed the deal) have stated that Mr Cameron's deal was arguably his greatest diplomatic coup so far. However, it's nothing more than a political accord with no legal force.

We're coughing up folks. We have no veto on this. It's up to the other countries in the EU to decide whether we pay up or not.

http://www.telegraph.co.uk/finance/economics/11737286/EU-demands-Britain-joins-Greek-rescue-fund.html

I've just seen a video of farage shaking his head with a wry smile on his face suggesting "see...do you see now". So apt!

Graham_Devon

Looks like the larger deposit holders in Greek banks may well be on the hook regardless.

One of the proposals of the new deal is that the ECB and Brussels would be in control of identifying and shutting down sick banks.

The losses will be pushed onto bondholders and possibly larger deposit holders.

One EU official suggested it would be likely to see two of the 4 main banks in Greece closed down.

Ultimately, this goes against the EU's own competition rules, however, with so many rules now broken I'm not sure that's going to stop anything.

One of the threats was always that if they exit the Euro, they lose their savings.

Appears now, whether they exit or not, some will see their deposits removed from the banks, and presumably sent within the EU somewhere.

Crashy_Time

Graham_Devon wrote: »

Looks like the larger deposit holders in Greek banks may well be on the hook regardless.

One of the proposals of the new deal is that the ECB and Brussels would be in control of identifying and shutting down sick banks.

The losses will be pushed onto bondholders and possibly larger deposit holders.

One EU official suggested it would be likely to see two of the 4 main banks in Greece closed down.

Ultimately, this goes against the EU's own competition rules, however, with so many rules now broken I'm not sure that's going to stop anything.

One of the threats was always that if they exit the Euro, they lose their savings.

Appears now, whether they exit or not, some will see their deposits removed from the banks, and presumably sent within the EU somewhere.

Can`t really see many large deposit holders still having money in Greek banks at this stage? IMO this "deal" will start to unravel within days.

RJP33

Crashy_Time wrote: »

Can`t really see many large deposit holders still having money in Greek banks at this stage? IMO this "deal" will start to unravel within days.

The deal or the Greek government.

They must be strongly considering whether an exit is worse that this, long term?

mwpt

ruggedtoast wrote: »

This is the complete humiliation of a sovereign nation. A disgrace.

But Greece, and the anti-austerity party, have accepted it.

Mistermeaner

I don't understand this concept of humiliating a nation.

What is the nation? I assume it's people.

60% of its people voted for ridiculous course of action, nit just the referendum but many times in the past when they put these idiots in charge on the back of selfish unsustainable 'anti austerity' policies - how we're they planning to pay for all this stuff

If these 60% have been humiliated its because they were stupid and stupid people do get humiliated.

Should the rest of Europe suffer to protect their egos?

The 40% who clearly saw this folly I feel sorry for.

This is the trouble with democracy is that the decision making is devolved to unqualified, selfish, short sighted, myopic, me me me, I deserve, fools. And if you tell such fools 'I'll make you rich with magic money' and they believe you then more fool them.

mwpt

I've grown a little bored of the saga and haven't followed for the last few days. Is it true that the bailout deal Greece has now accepted is very similar to the deal the populace voted to reject? How can a government, elected with a mandate to end austerity, mandated again recently by referendum to not accept the austerity terms in a previous deal, actually now agree to such a deal?

Unless I'm missing something, this is a complete capitulation. They're not representing what the people want and they have no business being in office if they have gone back on the primary reason they were elected.

Am I missing something?

remorseless

ggb1979 wrote: »

I don't understand this concept of humiliating a nation.

What is the nation? I assume it's people.

60% of its people voted for ridiculous course of action, nit just the referendum but many times in the past when they put these idiots in charge on the back of selfish unsustainable 'anti austerity' policies - how we're they planning to pay for all this stuff

If these 60% have been humiliated its because they were stupid and stupid people do get humiliated.

Should the rest of Europe suffer to protect their egos?

The 40% who clearly saw this folly I feel sorry for.

This is the trouble with democracy is that the decision making is devolved to unqualified, selfish, short sighted, myopic, me me me, I deserve, fools. And if you tell such fools 'I'll make you rich with magic money' and they believe you then more fool them.

Who is humiliating who?

antrobus

Graham_Devon wrote: »

Looks like the larger deposit holders in Greek banks may well be on the hook regardless.

One of the proposals of the new deal is that the ECB and Brussels would be in control of identifying and shutting down sick banks.

The losses will be pushed onto bondholders and possibly larger deposit holders.

One EU official suggested it would be likely to see two of the 4 main banks in Greece closed down.

Ultimately, this goes against the EU's own competition rules, however, with so many rules now broken I'm not sure that's going to stop anything.

One of the threats was always that if they exit the Euro, they lose their savings.

Appears now, whether they exit or not, some will see their deposits removed from the banks, and presumably sent within the EU somewhere.

Basically wrong.

The intergovernmental agreement setting up the EU Banking Union was signed last year. Due to come into force 1 January 2016, depending on ratification by EZ states. Greece was a signatory to this IGA, so it has already agreed to the transfer of supervision to the ECB etc.

Your belief that the EU is somehow now breaking its own rules arises from the fact that you have no idea what the rules are.