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Greece...
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Or not so popular unity as it turned out. Looks like the Greeks went with Tspiras in the first place cos he offered EUR plus less austerity. When it turned out that was not a choice it seems they decided they prefer EUR and austerity to no EUR.
Absolutely.
Popular Unity's platform was based on a return to the drachma. Had the Greeks wanted Grexit they could have voted for them, but they didn't.
http://greece.greekreporter.com/2015/09/08/grexit-popular-unity-leader-supports-greek-return-to-drachma/0 -
P.S. Popular Unity should provbably renamed as Not-All-That-Popular Unity, just as the Coalition of the Radical Left (Syriza) should be renamed as the Coalition of the Not-Really-All-That-Radical Left.:)0
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Greece’s four main banks need to find another €14bn (£10bn) of reserves to ensure they could withstand an economic downturn, the European Central Bank said on Saturday.
The four banks – Alpha Bank, Eurobank, NBG and Piraeus Bank – have until 6 November to say how they intend to make up that shortfall, the ECB said.
The money could come from private investors or from EU bailout funds.
An ECB Stress Test known as a “comprehensive assessment” identified a capital shortfall of €4.4bn under a best-case scenario and €14.4bn in a worst-case situation.
theguardian
You couldn't make it up! :rotfl:
€14.4bn in a worst-case situation! My !!!!! :rotfl:It's probably, ultimately, going to be a lot more!
What's the betting that the UK taxpayer will, yet again, directly or indirectly, be part of this next, certain bailout, even though we're not in the Eurozone!There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
worldtraveller wrote: »Greece’s four main banks need to find another €14bn (£10bn) of reserves to ensure they could withstand an economic downturn, the European Central Bank said on Saturday.
...
You missed out quoting this bit from that Guardian report; "The shortfall is smaller than originally feared".
One of the consequences of Syriza's first administration (Jan-Sept 2015) was that all Greece's banks were bust. (Or at least all of them that mattered.) That was well known. Which is why Bailout 3.0 included a provision for €25bn to be made available to recapitalise the banks.
If the actual number is now €14.4bn then that is actually good news if you are Greek.
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worldtraveller wrote: »...What's the betting that the UK taxpayer will, yet again, directly or indirectly, be part of this next, certain bailout, even though we're not in the Eurozone!
About a googolplexian to one.
The UK has no part in Bailout 3.0.0 -
You missed out quoting this bit from that Guardian report; "The shortfall is smaller than originally feared".
One of the consequences of Syriza's first administration (Jan-Sept 2015) was that all Greece's banks were bust. (Or at least all of them that mattered.) That was well known. Which is why Bailout 3.0 included a provision for €25bn to be made available to recapitalise the banks.
If the actual number is now €14.4bn then that is actually good news if you are Greek.
You really believe that these figures are actually anything like what will eventually be required? On past history I'll bet it won't! Let's just wait and see, shall we! There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
About a googolplexian to one.
The UK has no part in Bailout 3.0.
Really?! So you don't believe that the promise of the "sweetner" by the Commission, of up to €35 billion, via various EU programmes, to fund investment and economic activity, won't involve the use of a part of our EU budget?There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
worldtraveller wrote: »You really believe that these figures are actually anything like what will eventually be required? ...
Based on current conditions, yes. That's what a stress test is supposed to find out.worldtraveller wrote: »...On past history I'll bet it won't! Let's just wait and see, shall we!
The Greek banking sector was restructured and recapitalised in 2010 (that was €50bn) and now it's four remaining structural banks need another €14bn. Who can say whether or not they will need more money in the future? Depends on what happens to the Greek economy. Who can say whether or not UK banks will need to be recapitalised in the future, if the UK economy tanks, house prices collapse, etc and so forth.0 -
worldtraveller wrote: »Really?! So you don't believe that the promise of the "sweetner" by the Commission, of up to €35 billion, via various EU programmes, to fund investment and economic activity, won't involve the use of a part of our EU budget?
€35bn has been earmarked for Greece in the 2014-2020 Multiannual Financial Framework. That has nothing to do with the bailout, that is business as usual for the EU.0 -
Based on current conditions, yes. That's what a stress test is supposed to find out.
Let's face it, the ECB stress tests are a joke. The last time around (time before?) the tests worked on the assumption that the Greek Government would not default. 2 weeks later, if memory serves, they did.
FWIW, the Fed reckons it'll cost $120bn to recapitalise the US banks under their too-big-to-fail rules. Why too-big-to-fail doesn't include making banks smaller is anyone's guess.0
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