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Greece...
Comments
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€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.
No, I'm referring to the €35 billion promised in the 12th July, 2015 Euro Summit Statement.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 -
..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.
As stated, it's my personal opinion based on past history. As I said, let's wait and see.
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 -
Based on current conditions, yes. That's what a stress test is supposed to find out.
Generali's post above +1 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: »Generali's post above +1
Very kind.
TBH, I don't think that's a damning condemnation of the ECB or the EU. It is a comment on the pointlessness of relying on ECB stress tests to assess the stability of Eurozone banks.
The ECB stress tests are partly political which makes them pointless. For the same reason, joining the Euro would be a mug's game as it's a political rather than an economic ideal. The best thing that Mr Cameron's negotiations could provide would be a cast iron guarantee that the UK couldn't join the Euro even if she wanted to do so.0 -
worldtraveller wrote: »No, I'm referring to the €35 billion promised in the 12th July, 2015 Euro Summit Statement.
The €35 bn promised in the Euro Summit Statement of 12 July 2015 is the same €35 bn that has been earmarked for Greece in the Multiannual Financial Framework.
As was made perfectly clear in the Euro Summit Statement concerned;
The more than €35 billion that Greece could receive from the 2014-2020 programming period would consist of €20 billion from the European Structural and Investment Funds as well as €15 billion from Agricultural Funds.
http://europa.eu/rapid/press-release_IP-15-5373_en.htm0 -
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....
The last time around would be 2014, when the EBA conducted a Europe wide stress test of 123 banks. Eurobank, Piraeus and NBG all failed.
http://www.theguardian.com/business/2014/oct/26/european-banks-fail-financial-stress-tests
I don't really find it all that surprising that the EBA failed (in October 2014) to take account of the risk that the Greeks would elect a bunch of idiots to run the country in the following January who would dedicate themselves over the next six months to the task of driving the economy to the brink of collapse.
That's the problem with 'stress tests'. Or as other people might say, 'predicting the future'. You never now what stupid things people might get up to.:)0 -
worldtraveller wrote: »As stated, it's my personal opinion based on past history. As I said, let's wait and see.
Nevertheless your faux outrage at the news of the recent ECB stress test - "You couldn't make it up! :rotfl:" - fails to convince.
It's not as if it were a secret that Greek banks were in trouble as a result of the events of this year.:)0 -
The €35 bn promised in the Euro Summit Statement of 12 July 2015 is the same €35 bn that has been earmarked for Greece in the Multiannual Financial Framework.
As was made perfectly clear in the Euro Summit Statement concerned;
The more than €35 billion that Greece could receive from the 2014-2020 programming period would consist of €20 billion from the European Structural and Investment Funds as well as €15 billion from Agricultural Funds.
http://europa.eu/rapid/press-release_IP-15-5373_en.htm
So, do you really believe that these funds do not include British taxpayer's money, which clearly, indirectly, form part of the bailout?!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 -
Nevertheless your faux outrage at the news of the recent ECB stress test - "You couldn't make it up! :rotfl:" - fails to convince.
Sorry to hear that! 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: »So, do you really believe that these funds do not include British taxpayer's money, which clearly, indirectly, form part of the bailout?!
It's not part of the bailout. It is not a sweetener. It is business as usual for the EU.0
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