Greece...

globalds

Spiegel magazine reported Chancellor Angela Merkel is ready to accept a Greek exit, a development Berlin sees as inevitable and manageable if Syriza wins, as polls suggest.

http://www.bloomberg.com/news/2015-01-03/germany-sees-greek-euro-exit-as-manageable-outcome-spiegel-says.html


predicting this one isn't contagious ..sounds really German


Lets hope there isn't a run on the banks

http://greece.greekreporter.com/2015/01/02/greeks-withdrew-2-5-bln-euros-in-december/

Fearing political and economic turmoil, many Greek savers and entrepreneurs opted to withdraw their money from banks. A total of 2.5 billion euros was withdrawn from Greek banks in December 2014, noted the article. - See more at: http://greece.greekreporter.com/2015/01/02/greeks-withdrew-2-5-bln-euros-in-december/#sthash.iBoXVf0V.dpuf

antrobus

N1AK wrote: »

Why would Greece agree to let the ECB buy EU government debt while excluding Greece's?

Because Greece only has one vote on the ECB governing council, and there is (as far as I'm aware) no veto?

CLAPTON

I find is strange that there is any money left in Greek banks except for a float for practical purposes.

antrobus

globalds wrote: »

...Lets hope there isn't a run on the banks ...

If I was Greek, and had a pile of euros deposited with a Greek bank, I'd take them out and deposit them with a German, French, whatever bank (but not Cypriot, obviously) just to make sure that they remained euros for the forseeable future. As opposed to becoming something else that was worth a lot less.

Thrugelmir

antrobus wrote: »

If I was Greek, and had a pile of euros deposited with a Greek bank, I'd take them out and deposit them with a German, French, whatever bank (but not Cypriot, obviously) just to make sure that they remained euros for the forseeable future. As opposed to becoming something else that was worth a lot less.

In this scenario all going to become very messy. With only one clear winner the Greeks themselves.

worldtraveller

antrobus wrote: »

If I was Greek, and had a pile of euros deposited with a Greek bank, I'd take them out and deposit them with a German, French, whatever bank (but not Cypriot, obviously) just to make sure that they remained euros for the forseeable future. As opposed to becoming something else that was worth a lot less.

I have a strange sense of deja vu coming on again, again, from 2.1/2 & 3.1/2 years ago.....:D

worldtraveller wrote: »

Yes, there certainly has been, as I pointed out a year ago.

However, the amounts are now substantially higher than they were in the recent past. There is a big difference between what's been happening in the past two years, when deposits have been taken out at an average rate of between €2 billion and €3 billion a month (€5 billion in January), and what happened earlier this week when around €700 million was withdrawn in one day! There is now a serious risk of contagion (maybe happening already), as can be seen in what's hapening with the likes of Bankia SA in Spain.

Koicarp

Thrugelmir wrote: »

In this scenario all going to become very messy. With only one clear winner the Greeks themselves.

Greeks had to put up with 24 consecutive 1/4's of contraction, huge unemployment and a 33% fall in GDP over the last few years. There is real poverty there, not the kind of thing I see visiting my patient's homes in UK but the kind where huge numbers of people struggle to scrape a meal together. It's amazing that politically they haven't already lurched much further to the extremes.

shortchanged_2

Well many of us understood that the problem had never been resolved.

It goes back to that lovely term 'can kicking' that the resident bulls on here seem to have difficulty understanding.

wotsthat

shortchanged wrote: »

Well many of us understood that the problem had never been resolved.

It goes back to that lovely term 'can kicking' that the resident bulls on here seem to have difficulty understanding.

I prefer pretend and extend.

Gangaweed

We're about to watch yet another socialist experiment fail (should Syriza win).

People should really learn the socialism always fails.