Property Fund - Suspended

bigadaj

talexuser wrote: »

I agree, having worked there in the past. They effectively bailed out an entire bankrupt country and then just got on with it. It was something we could never do in a million years I think.

I agree, one reason for the Brexit vote is that London has been so dominant and sucked all investment and growth out of teh rest of the country. If the government and business had been more successful in spreading wealth and opportunity around the country some of the reasons for voting leave would not be as strong.

Malthusian

talexuser wrote: »

I agree, having worked there in the past. They effectively bailed out an entire bankrupt country and then just got on with it. It was something we could never do in a million years I think.

Act of Union 1707 wasn't a million years ago.

gadgetmind

bigadaj wrote: »

You can't join the European Union without joining the eu, so long as you satisfy the conditions which Sweden has studiously avoided in doing for example.

I don't understand that. Do you mean you can't join the Eurozone without joining the EU? (Makes sense.) Or that you can't join the EU without joining the Eurozone (which you clearly can). Or something else?

you can easily see most of the Southern European states dropping out of the euro, will they not then drop out of the Union as well, either voluntarily or by Brussels edict.

Why would they? They can switch back to their own currency (very difficult but may be what they need) and still retain access to the single market and the key freedoms of the EU.

To maintain the status quo as you've stated there is a reliance on transfers from the richer north to the south and east, German voters aren't happy about doing this already. Also if this cases then as I stated earlier the loans will default bringing the French and German banks close to insolvency.

I predict a lot of duct tape and bailing wire. I also predict some Euro exits, but I'm not sure whether due to top slicing or kicking out the dross.

masonic

gadgetmind wrote: »

I don't understand that. Do you mean you can't join the Eurozone without joining the EU? (Makes sense.) Or that you can't join the EU without joining the Eurozone (which you clearly can). Or something else?

I'm fairly confident it was meant to be "You can't join the European Union without joining the euro"

bigadaj

gadgetmind wrote: »

I don't understand that. Do you mean you can't join the Eurozone without joining the EU? (Makes sense.) Or that you can't join the EU without joining the Eurozone (which you clearly can). Or something else?



Why would they? They can switch back to their own currency (very difficult but may be what they need) and still retain access to the single market and the key freedoms of the EU.



I predict a lot of duct tape and bailing wire. I also predict some Euro exits, but I'm not sure whether due to top slicing or kicking out the dross.

Yes, missed the ro off.

I don't think that Europe would accept them being in the eu and dropping out of the euro. Whether Greece went back to the drachma, and others might follow like Portugal to escudo etc etc, they would still be defaulting on their loans that aren't serviceable in any case. Either an absolute default, which would wipe the slate clean, with a few years of pain, rather than the decade they've already had with the debt millstone round their neck; or by translating debt into a dramatically devalued local currency, which wouldn't be accepted by the foreign banks, Ecb and the politicians in the eu and France and Germany.

Italy is now looking interesting, with their banks teetering on the edge and the government constrained in bailing them out due to state aid rules, notwithstanding a stagnant economy and crippling levels of public sector debt. Third largest eurozone state and a real headache for the rest.