Greece...

[Deleted User]

When Greece eventually defaults, this will trigger a loss of confidence not just in the Euro, but in all fiat currencies.

It only takes a snowflake to trigger an avalanche.

chucknorris

michaels wrote: »

I wonder if they pay out on an announced exit timetable that for example has the New Drachma coming into effect on 1st Jan 2016...

These are the rules:


Will Greece leave the Eurozone and introduce a new official currency other than the Eurozone's official currency by 31st December 2015?

This market will be settled as 'Yes' if Greece has left the Eurozone and is using an alternative official currency other than the Eurozone's official currency by 31st December 2015. This market will be settled as 'No' if Greece has not left the Eurozone or is still using the Eurozone's currency as at 31st December 2015. Customers are entirely responsible for their bets at all times.

If any doubt exists as to the outcome of the market, Betfair may determine, using its reasonable discretion, how to settle the market based on all the information available to it at the relevant time. Betfair reserves the right to wait for further official information before the market is settled.

This market will be settled upon official information from the Greek Interior Ministry. Betfair will not be responsible for suspending the market when an official announcement is made. However, Betfair will suspend the market as soon as it becomes aware of an official announcement. Betfair expressly reserves the right to suspend and/or void any and all bets on this market at any time in the event that Betfair is not satisfied (in its absolute discretion) with the certainty of the outcome.

purch

ciaccino wrote: »

When Greece eventually defaults, this will trigger a loss of confidence not just in the Euro, but in all fiat currencies.

Why ?

And as there have been many sovereign defaults since the mid 1970's why will this be any different ?

purch

antrobus wrote: »

What derivatives?

Don't ask him complicated questions.

The moron doesn't even know what a derivative is, let alone how a Sovereign Loan would be packaged.

mystic_trev

ciaccino wrote: »

When Greece eventually defaults, this will trigger a loss of confidence not just in the Euro, but in all fiat currencies.

It only takes a snowflake to trigger an avalanche.

The Markets seem fairly sanguine about Greece at the moment. It's almost a case of they've prepared for the worst and wouldn't be that bothered if Greece just sodded off!

Wheezy_2

How do you all think exchange rate GBP/EUR will go in case of a grexit?
Reason I ask, we have one of those 'Ukash' € cards (once recommended by MSE Martin :money:) that I usually top up before a trip to the continent and was wondering if it was worth holding off for a bit to get a better rate.

[Deleted User]

purch wrote: »

And as there have been many sovereign defaults since the mid 1970's why will this be any different ?

Because the loss in confidence in fiat currencies started only after 2008. It's a relatively new feeling.

When currencies are not backed by hard assets, they are only backed by confidence. Confidence is just a feeling. You can decide to rely on it or not. I don't rely on it.

lvader

ciaccino wrote: »

Because the loss in confidence in fiat currencies started only after 2008. It's a relatively new feeling.

When currencies are not backed by hard assets, they are only backed by confidence. Confidence is just a feeling. You can decide to rely on it or not. I don't rely on it.

Get paid in peanuts hay? Wise choice!

[Deleted User]

lvader wrote: »

Get paid in peanuts hay? Wise choice!

Peanut hay might have more intrinsic value than a banknote, the moment it's worth absolutely nothing.

purch

Wheezy wrote: »

How do you all think exchange rate GBP/EUR will go in case of a grexit?
Reason I ask, we have one of those 'Ukash' € cards (once recommended by MSE Martin :money:) that I usually top up before a trip to the continent and was wondering if it was worth holding off for a bit to get a better rate.

I have been topping up my FairFx Card every time it goes above 1.3750. So far it keeps bouncing off that level, but it'll probably bust above 1.40 if the brown stuff hits the whatjeme call it.