If we vote to Remain what happens?

savepete

michaels wrote: »

Even the BBC recognized that we are talking about a debt write off:
http://www.bbc.co.uk/news/business-36376836

The BBC reports, it doesn't decide. This is also not Brazil, we are openly discussing that a write-off may become necessary. But it will be for the elected politicians to decide when Greece starts paying interest again. While Greece is paying zero interest it won't make a difference.

BTW, unlike what much British press were speculating years ago, Greece is still in the Euro-zone and the Euro hasn't imploded and people from Finland to Portugal and Ireland to Greece continue to work and trade with it.

CLAPTON

savepete wrote: »

The BBC reports, it doesn't decide. This is also not Brazil, we are openly discussing that a write-off may become necessary. But it will be for the elected politicians to decide when Greece starts paying interest again. While Greece is paying zero interest it won't make a difference.

BTW, unlike what much British press were speculating years ago, Greece is still in the Euro-zone and the Euro hasn't imploded and people from Finland to Portugal and Ireland to Greece continue to work and trade with it.

that is true but they are all £3k per head per annum worse off than they would otherwise be.
of course the Greek are nearer 10k off per person per annum and the Germans probably a little ahead.

savepete

CLAPTON wrote: »

that is true but they are all £3k per head per annum worse off than they would otherwise be.

No! Countries with a oversize financial sector (eg Iceland and Ireland) or who had a huge real estate bubble, financed through international loans (eg Hungary, Spain, Greece) would have the same structural problems without the Euro, but would be paying much higher interest.

michaels

savepete wrote: »

No! Countries with a oversize financial sector (eg Iceland and Ireland) or who had a huge real estate bubble, financed through international loans (eg Hungary, Spain, Greece) would have the same structural problems without the Euro, but would be paying much higher interest.

And of course they would have been able to borrow just as much in their own currency at cheap rates as they were in Euros.....

masterwilde

savepete your wrong.......if they were not part of the Euro, each country could have done their own versions of QE and refinanced themselves.

mwpt

masterwilde wrote: »

savepete your wrong.......if they were not part of the Euro, each country could have done their own versions of QE and refinanced themselves.

Free lunch! Free lunch!

masterwilde

mwpt - so you think its fair that USA and UK get to do their own QE on their own terms yet Spain, Greece, Italy couldnt? and you jest and call it free lunch.

European states are destined to fail IF they keep a single currency that is run by (insert your own words)

CLAPTON

savepete wrote: »

No! Countries with a oversize financial sector (eg Iceland and Ireland) or who had a huge real estate bubble, financed through international loans (eg Hungary, Spain, Greece) would have the same structural problems without the Euro, but would be paying much higher interest.

the reason why Ireland and Iceland could borrow cheaply was indeed because the euro had low interest rates largely due to Germany's financial strength.
it was this that created the asset bubbles in these countries (and Spain , Greece etc)

If they hadn't been in the euro they would not have had access to cheap money so would not have run up huge debts

today they would be massively better off.

the EU has damaged millions of lives : today people would have beeen much richer

mrginge

savepete wrote: »

BTW, unlike what much British press were speculating years ago, Greece is still in the Euro-zone and the Euro hasn't imploded and people from Finland to Portugal and Ireland to Greece continue to work and trade with it.

In that case it looks like all those people who want to vote remain so that we can reform the EU from within will instead be told that there's no problems, so no reform needed.

BobQ

mrginge wrote: »

In that case it looks like all those people who want to vote remain so that we can reform the EU from within will instead be told that there's no problems, so no reform needed.

The EU will descend into more instability if we leave, being outside will not prevent us being affected by these instabilities, economic, political and social.