Spain.. A moment of clarity on my part

Mistral001

Zagfles

All good points in my view, but they are mostly economic points. I think the economics of the situation has been very well rehearsed and the big players in the Eurozone have moved beyond that I think.

All the banks have put into place emergency plans to deal with Greece leaving the Eurozone. I heard one bank spokesman say that they have set up their systems already so that they could deal with it over a weekend. That is not to say that it will happen, but the banks will be well placed to deal with it if it does. It is what happens beyond Greece and maybe Spain and Portugal leaving the Euro which is unknown teritory. No financier can predict beyond that.

lvader

They are talking about the technical aspects of Greece changing currency, mostly computer systems. They have all been through this before with the start of the Euro. From that point of view a few more countries wouldn't make much of a difference.

purch

chewmylegoff wrote: »

I thought this was a moment of clarity rather than a disjointed meaningless rant about nothing.

For our rugby playing chummie from South Wales this is about as much clarity as his sockpuppet brain can muster :eek:

heathcote123

homelessskilledworker wrote: »

Thats if it had not happened already!!

I watched Newsnight last night where yet again they focused on the Euro crisis, last nights star performance was not Greece but Spain for a change.

Spain is basically telling the rest of Europe to just give them(the banks) 40 Billion Euro or else. There is not even any apologys or a even any kind of groveling, just a big GIVE ME IT OR ELSE, and we have no intention on giving you anything back.
The Spanish might as well be all armed with sawn off shotguns and robbing what they need as they shout to the rest of the world "You will never take me alive copper".

This is'nt going to continue for much longer, it seems like everything has now being thrown at the Banks, taxpayers money, fiddling with the money markets, and just plain old letting people off with countless Billions of pounds of debt.

For all of you that borrowed way too much money from the dustman in Greece to the big fat Banker in Canary wharf your time is very nearly up.

PAY BACK TIME, on your own back with no excuses. I always wondered why the was never a Euro symbol on my keyboard, now I know why.

As clear as a bucket of cauliflower soup and turds.

Degenerate

Mistral001 wrote: »

We are only discussing economics. Why was the EU set up in the 1950's?

The EU wasn't set up in the 1950s, The European Coal and Steel community was. And there lies the rub: How did a project about trade get hijacked and turned into the Frankenstein's Monster we have now?

pqrdef

Mistral001 wrote: »

All the banks have put into place emergency plans to deal with Greece leaving the Eurozone. I heard one bank spokesman say that they have set up their systems already so that they could deal with it over a weekend.

But we don't even know which euros would be turned into new drachmas, and which would still be euros. Presumably somebody does, and the value of that information is inconceivable. All hell will be let loose if it leaks out.

pqrdef

pqrdef wrote: »

First question is whether it's penetrated Frau Merkel's skull that the object of the exercise would be to support Spain's ability to borrow in the markets. Otherwise there's no point.

Next question is whether the Germans know how to do that. There needs to be a show of determination to do whatever it takes.

Too late. Fitch has downgraded Spain from A to junk.

worldtraveller

pqrdef wrote: »

Too late. Fitch has downgraded Spain from A to junk.

Not strictly speaking "junk" at BBB, but not far off either.....;)

purch

worldtraveller wrote: »

Not strictly speaking "junk" at BBB, but not far off either

One persons junk is someone else's treasure :beer:

homelessskilledworker

kabayiri wrote: »

You can't use the phrase "moment of clarity" when talking about Western finance, and especially not the Eurozone finance.

It's about as clear as mud to most observers. All the deals will be done behind closed doors.

I said it was a moment of clarity because nearly ALL of the financial crisis that have so far been exposed since 2007 are ALL IMO one of the same thing...

Northern Rock, Iceland, Self Cert, lehman brothers, run on UK banks, run on Spanish Banks, high governments borrowing, taxpayer bailouts(all countries), austerity, the euro, Sir Fred the shred, city bonus culture, highest ever UK personal borrowing, dodgy hedge funds, dodgy AAA ratings, property bubbles throuhout the globe, property busts throught out the globe, artificial low interest rates, QE etc etc

It is all a continuation of the same problem that has been put off time after time through financial tinkering

Spain to me was the latest playing card that they have placed on or are about to place near the top of the house of cards.
They may or may not get their no conditional bailout money, which some are now predicting could be as much as 200 billion Euro's, and if Spain gets away with it, then Portugal, Greece, Italy will all want the same thing.

Everything has been thrown at this crisis since 2007, options are now nearly exhausted.