Greece...

remorseless

While debating in the Bundestag:

Schauble: We all agree that Greece needs to be helped

Does Greece want to be helped? They want to keep the Euro, but do they want to do the rest?

wellused

I'm surprised that the can has taken all of this kicking and is still in one piece it must have been made in Germany, Behälter hergestellt in Deutschland.

Pincher

Every thing is cash in hand in a black economy.


In a country that believes that tax evasion is a fundamental Human Right, there must be a lot of cash floating around.


To pull the rug from under the happy dodgers, they need to do a EURO note re-design, and swap out all the old ones. Obviously, large sums need to be paid into accounts that belong to identifiable people, who have to explain where the cash came from. Innocent people, wouldn't have much cash to explain, naturally.


I wonder, if EURO100billion became toilet paper, because they cannot be swapped, does that constitute returning value to the pool of new EUROs in circulation?

antrobus

Pincher wrote: »

....To pull the rug from under the happy dodgers, they need to do a EURO note re-design, and swap out all the old ones. ....

Isn't that what happened in 2001 when Greece swapped out all it's old drachma notes for shiny new Euro ones?

Besides, they are always redesigning Euro notes. The 'new' €10 note is less than a year old.

Yolina

antrobus wrote: »

Besides, they are always redesigning Euro notes. The 'new' €10 note is less than a year old.

Indeed and this year it's the turn of the €20 notes

Froggitt

And they can just go and spend them in Germany.........

zenmaster

Pincher wrote: »

Every thing is cash in hand in a black economy.


In a country that believes that tax evasion is a fundamental Human Right, there must be a lot of cash floating around.


To pull the rug from under the happy dodgers, they need to do a EURO note re-design, and swap out all the old ones. Obviously, large sums need to be paid into accounts that belong to identifiable people, who have to explain where the cash came from. Innocent people, wouldn't have much cash to explain, naturally.


I wonder, if EURO100billion became toilet paper, because they cannot be swapped, does that constitute returning value to the pool of new EUROs in circulation?

They should be printed on Greece-proof paper.

globalds

Now everyone wants a Plan B

antrobus

globalds wrote: »

Now everyone wants a Plan B

It might be more accurate to state; now everyone wants sees that you might need a Plan B.:)

Or as Paul Krugman said yesterday of the current Greek government; "they thought they could simply demand better terms without having any backup plan." Leading him to conclude, "I may have overestimated the competence of the Greek government".

Which officially makes me smarter that a Nobel prize winning economist, because I always thought they were dangerously incompetent.:)

Generali

antrobus wrote: »

Which officially makes me smarter that a Nobel prize winning economist, because I always thought they were dangerously incompetent.:)

Beware Geeks bearing spreadsheets:

https://en.wikipedia.org/wiki/Long-Term_Capital_Management

Long-Term Capital Management L.P. (LTCM) was a hedge fund management firm[1] based in Greenwich, Connecticut that used absolute-return trading strategies combined with high financial leverage. The firm's master hedge fund, Long-Term Capital Portfolio L.P., collapsed in the late 1990s, leading to an agreement on September 23, 1998 among 16 financial institutions — which included Bankers Trust, Barclays, Bear Stearns, Chase Manhattan Bank, Credit Agricole, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, JP Morgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Paribas, Salomon Smith Barney, Societe Generale, and UBS — for a $3.6 billion recapitalization (bailout) under the supervision of the Federal Reserve.[2]
LTCM was founded in 1994 by John W. Meriwether, the former vice-chairman and head of bond trading at Salomon Brothers. Members of LTCM's board of directors included Myron S. Scholes and Robert C. Merton, who shared the 1997 Nobel Memorial Prize in Economic Sciences for a "new method to determine the value of derivatives".[3] Initially successful with annualized return of over 21% (after fees) in its first year, 43% in the second year and 41% in the third year, in 1998 it lost $4.6 billion in less than four months following the 1997 Asian financial crisis and 1998 Russian financial crisis requiring financial intervention by the Federal Reserve, with the fund liquidating and dissolving in early 2000.