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Spain.. A moment of clarity on my part
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Very good article, thanks Zorz.
I had a long chat with a colleague of mine who lives in the UK but is Catalan and the remainder of her family all still live there. What struck me was the extent to which extended families were helping each other. Cousins staying together because one had lost their house, or relatives pooling together to help one of their number. I couldn't help wondering what would happen here in that situation, given that we don't have such strong extended family structures.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.
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Spaish bailout talks are to take place this weekend.
This comes just one day after the IMF denying spain is about to seek a bailout, a day after the Greek finance minister denied spain would be asking for a bailout and a day after spanish economic minister denied "insistently" spain would need a bailout.
EU Ministers to discuss Spain bailout:
http://www.bbc.co.uk/news/business-18377482
Spain reisting a bailout:
http://www.bbc.co.uk/news/world-europe-18332800
As a commentator stated, the more that keep denying it, the more you know it's going to happen, so they make things worse for themselves by denying continuously.
Have just read that we, the taxpayer, through RBS and Lloyds could be on the hook for around £30bn in loans to spain alone.0 -
the matter of adding or removing a currency is a trivial matter as it's happened quite alot (USSR, Yugoslavia, Czech & Slovakia)"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 Lewis0
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Just heard on the news that the IMF thinks Spain will need around 32 billion. So do we assume we need to double it or tremble it, to get the correct figure needed.[FONT="]“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="][/FONT]0
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It's not so easy if you want to introduce a currency that nobody wants. You have to foist it on them without warning.
I am not so sure about that. It is an option the country can choose. In the case of Greece, according to the economists, defaulting and going back to the Drachma or continuing with austerity is evenly balanced as far as the outsiders who would be doing the foisting is concerned. There are advantages and disadvantages. The countries owed most by Greece, such as Germany and France, will be able to see advantages as well as the obvious disadvantages in a Greek default and a return to the Drachma believe it or not as the following writer explains:
http://economicsandequality.blogspot.co.uk/2012/05/greeces-option-currency-devaluation-or.html
It seems according to the writer that it is six of one and half a dozen of the other as far as Germany and France are concerned whether Greece defaults or not as far as the economics are concerned.
But there are other factors that are not taken into account in that very good article. Defaulting and going back to their own currency will mean that Greece exports will rise, their tourism will rise. They will have to start producing again. They can be more self sufficient. Also emigration will rise as people look to earning the more valuable Euro (compared to the low-value Drachma). Also the US dollar and Sterling will be looked upon as something many people will want to earn. All things that have a big social dimension and in the political domain and have little to do with the bond markets etc.
It is essentially the same in Spain perhaps. Defaulting and the resulting devaluation will mean more tourism and exports etc. but perhaps emigration from their country will increase as people go seeking the higher-valued currencies.Families will be split up etc.0 -
Mistral001 wrote: »Defaulting and going back to their own currency will mean that Greece exports will rise, their tourism will rise.
The "tourists" themselves are having to cut back. The financial model in Western Europe is broken and requires a major revision downwards. The reality is we aren't as wealthy as we have been led to believe. Debt on a huge scale has created an illusion.0 -
Thrugelmir wrote: »The "tourists" themselves are having to cut back. The financial model in Western Europe is broken and requires a major revision downwards. The reality is we aren't as wealthy as we have been led to believe. Debt on a huge scale has created an illusion.
I agree to a certain extent that tourism factor is perhaps over-hyped as it is easy to understand.
But the financial model of debt does not exist in all Western European countries.0 -
The basic problem is fairly easy to identify, bottom line is that all those with any wealth left who live within their means are going to be made to pay for all those who live beyond their means and have borrowed money they don't have any realistic means of repaying.
The complexity and endless discussion by the central banking elite and their corrupt, bankrupt government stooges is about how that can best be achieved without having to dig too deeply into their own pockets or threaten the criminal fractional reserve cash cow and government sanctioned counterfeit money laundering that keeps them all in champagne and caviar.'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0
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