Greece...

CLAPTON

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.

I think you are being a bit harsh towards the Scots.

wotsthat

Graham_Devon wrote: »

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

Deposits in Greek banks are at a 10 year low. There has been a slow bank run since 2009. I find it difficult to muster sympathy for remaining depositors. If they lose money it's a tax on stupidity.

Graham_Devon wrote: »

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.

Might be quicker to identify those which aren't sick.

Graham_Devon wrote: »

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

Banks don't have the money to meet their depositors withdrawals. That's why there are capital controls. There is no money to send elsewhere.

antrobus

wotsthat wrote: »

...Might be quicker to identify those which aren't sick....

You can find a list of them here.
https://thebanks.eu/banks-by-country/Greece

Basically there are four systemic banks, Alpha, NBG, Eurobank, and Piraeus, a few specialists and some local Co-op banks, but most of what else was about has already gone bust.

It's really on the four systemic that matter, so it shouldn't take long.:)

Generali

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.

Are you sure about this? It seems a bit weird that banks can't be allowed to go bust under competition law. Then again, this is the EU.....

Graham_Devon

Generali wrote: »

Are you sure about this? It seems a bit weird that banks can't be allowed to go bust under competition law. Then again, this is the EU.....

Stated as such yesterday in the Telegraph live stream thing.

antrobus

Graham_Devon wrote: »

Stated as such yesterday in the Telegraph live stream thing.

Here's the link to yesterday's "Telegraph live stream thing".
http://www.telegraph.co.uk/finance/economics/11735609/Greece-news-live-Crucified-Tsipras-capitulates-to-draconian-measures-after-17-hours-of-late-night-talks.html

I must admit, I can't find one reference to the word 'competition'.

wotsthat

antrobus wrote: »

I must admit, I can't find one reference to the word 'competition'.

Combining Twitter, 24 hour rolling news, journalists, 'Officials', 'People familiar with the matter' and Graham does make for a brilliant game of Chinese Whispers.

Graham_Devon

antrobus wrote: »

Here's the link to yesterday's "Telegraph live stream thing".
http://www.telegraph.co.uk/finance/economics/11735609/Greece-news-live-Crucified-Tsipras-capitulates-to-draconian-measures-after-17-hours-of-late-night-talks.html

I must admit, I can't find one reference to the word 'competition'.

Then please, let me help you.

One European official had told Reuters that the number of big banks in the country could be reduced from four - National Bank , Piraeus , Eurobank and Alpha - to as little as two.

Greek bankers say that reducing the number of lenders would raise competition issues.

antrobus

Graham_Devon wrote: »

Then please, let me help you.

Thanks for your help.

But I still can't find any reference to your quoted text in the Telegraph. It does however appear here in this report from Reuters.

http://www.reuters.com/article/2015/07/13/eurozone-greece-ecb-idUSL5N0ZS0W520150713

It would be helpful if you cited the correct source in the first place.:)

At least we have now established the source of your misunderstanding. The report states that "Greek bankers" think that "reducing the number of lenders would raise competition issues", it does not say that such a reduction would be against EU competition law. .

antrobus

wotsthat wrote: »

Combining Twitter, 24 hour rolling news, journalists, 'Officials', 'People familiar with the matter' and Graham does make for a brilliant game of Chinese Whispers.

I must admit I just love the phrase 'People familiar with the matter'; it's so wonderfully imprecise and tautological. Of course they are familiar with the matter, why would anyone be asking people who were unfamiliar with the matter.

At least in the UK we just say 'sources' which is a lot less long winded.