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Greece...

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Comments

  • pqrdef
    pqrdef Posts: 4,552 Forumite
    worldtraveller wrote: »
    Greece's four biggest commercial banks will receive an €18 billion ($23 billion) cash infusion from the European bailout fund.
    Lending to the banks would normally be the ECB's job, so do we take it the ECB is now refusing to lend to Greek banks?
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • Mrs_Bones
    Mrs_Bones Posts: 15,524 Forumite
    Part of the Furniture 10,000 Posts Photogenic Combo Breaker
    pqrdef wrote: »
    Lending to the banks would normally be the ECB's job, so do we take it the ECB is now refusing to lend to Greek banks?

    I did read about a week or so ago (can't remember where), that the ECB has halted some liquidity operations with some of the Greek banks. There were fears that they are now operating with negative equity. There was even a fear that if they were not given more support and the panic continued, that some banks could crumble before the next election is held. Looks like that was true.
    [FONT=&quot]“I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” ~ Maya Angelou[/FONT][FONT=&quot][/FONT]
  • vivatifosi
    vivatifosi Posts: 18,746 Forumite
    Part of the Furniture 10,000 Posts Mortgage-free Glee! PPI Party Pooper
    Germany now being accused of holding a gun to Greece's head:
    http://www.telegraph.co.uk/finance/financialcrisis/9286309/Debt-crisis-Germany-holds-a-gun-to-Greeces-head.html

    Big announcement due from EU
    Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    edited 23 May 2012 at 10:53PM
    vivatifosi wrote: »
    Germany now being accused of holding a gun to Greece's head:
    http://www.telegraph.co.uk/finance/financialcrisis/9286309/Debt-crisis-Germany-holds-a-gun-to-Greeces-head.html

    Big announcement due from EU

    It makes me wonder just how stupid these people think the populace are. Talking about the bail outs for Greece, the Bundesbank states:
    "When the Eurosystem provided Greece with large amounts of liquidity, it trusted that the programmes would be implemented and thereby ultimately assumed considerable risks,"
    How utterly niave do you have to be to believe this? The bank seriously thought Greece's entire culture would change overnight? There would be no issues and everyone would get on like the good little peasants they are?!

    Howcome joe public, even on here, could state that it won't work, and it's delaying the inevitable, yet these highligh paid, intelligent people thought that "trust" others to undertake the impossible would actually work?!

    It's really grateing.

    Just let Greece go. It's going to happen, so no point in delaying this too. Only on Monday EU officals were denying rumours that an exit plan was being drawn up, now other officials are saying they are being drawn up. It's beyond pathetic!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Graham_Devon wrote: »
    It's really grateing.

    Just let Greece go. It's going to happen, so no point in delaying this too.

    Doing so may unleash a chain of events that could impact severely on the UK. So think carefully before wishing for things. Living on an island doesn't give financial immunity to aftershocks.
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    Thrugelmir wrote: »
    Doing so may unleash a chain of events that could impact severely on the UK. So think carefully before wishing for things. Living on an island doesn't give financial immunity to aftershocks.
    The problem is many don't understand the bigger picture.
  • ILW
    ILW Posts: 18,333 Forumite
    Thrugelmir wrote: »
    Doing so may unleash a chain of events that could impact severely on the UK. So think carefully before wishing for things. Living on an island doesn't give financial immunity to aftershocks.

    Just sitting around, throwing money at it and hoping that it will all sort itself out, is not going to work either.

    The pain is going to happen, it is just a matter of how much and when.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ILW wrote: »
    Just sitting around, throwing money at it and hoping that it will all sort itself out, is not going to work either.

    I doubt that's the case. We live in a media frenzy world where everything has to be instanteous and accompanied by fireworks. When in reality, resolving issues is a long slow process that grinds along. As it takes time for policies introduced today to filter through and show results.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Thrugelmir wrote: »
    Doing so may unleash a chain of events that could impact severely on the UK. So think carefully before wishing for things. Living on an island doesn't give financial immunity to aftershocks.

    Not doing so just makes the events bigger next week / month.

    If we had let them go at the first bailout, (we'd never have known) but where would we be now? Certainly it would have been bad. But it's gonna be worse now.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    ILW wrote: »
    Just sitting around, throwing money at it and hoping that it will all sort itself out, is not going to work either.

    The pain is going to happen, it is just a matter of how much and when.

    It's worked with the Quidzone single currency area since the 1970s. London and the South East export to the rest of the country. Those areas pay more in tax to recycle the money.

    The UK used to recycle that money via a system of loss-making nationalised industries whereas today the money is recycled via city-centre regeneration and the welfare state.
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