Greece urged to abandon Euro

jimpeel

jimpeel

Well-Known Member
It seems that if they are going to save their economy it will take the extreme measure of reverting to their own currency. Spain and Portugal are on the brink of where the Greek economy has already plunged into the abyss.

The recent loan from us and several other countries has already been earmarked to be wasted on subsidy programs by the Greek government. They not only know how to waste their own resources but the resources of those willing to try to help them.

SOURCE

May 30, 2010
Greece urged to give up euro
Robert Watts

THE Greek government has been advised by British economists to leave the euro and default on its €300 billion (£255 billion) debt to save its economy.

The Centre for Economics and Business Research (CEBR), a London-based consultancy, has warned Greek ministers they will be unable to escape their debt trap without devaluing their own currency to boost exports. The only way this can happen is if Greece returns to its own currency.

Greek politicians have played down the prospect of abandoning the euro, which could lead to the break-up of the single currency.

Speaking from Athens yesterday, Doug McWilliams, chief executive of the CEBR, said: “Leaving the euro would mean the new currency will fall by a minimum of 15%. But as the national debt is valued in euros, this would raise the debt from its current level of 120% of GDP to 140% overnight.

“So part of the package of leaving the euro must be to convert the debt into the new domestic currency unilaterally.”

Greece’s departure from the euro would prove disastrous for German and French banks, to which it owes billions of euros.

McWilliams called the move “virtually inevitable” and said other members may follow.

“The only question is the timing,” he said. “The other issue is the extent of contagion. Spain would probably be forced to follow suit, and probably Portugal and Italy, though the Italian debt position is less serious.

“Could this be the last weekend of the single currency? Quite possibly, yes.”
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Greece is the first to fall

So as the dominos topple in Europe the effect will
slosh round the world?

As the house of cards comes tumbling down.

Thank goodness the One will save U.S.
He's got Obammie dollars!
 
I think they should all give up the euro.

Probably the best think Greece could do anyway.
 
European Union, well that didn’t last long.

Q: What do you call a bunch of guys that give up when the going gets tough?

A: Europeans
 
though is one thing....unworkable is a different story.

numbers don't lie (although people do make up some numbers sometimes)
 
What does Greece have other than Gryos?

Cat I’ll give you a pass for that cogent comment
as I read and re-read it and got not a durn bit of information from it.

The fact is the European Union viable concept.

It is really what they need to have to be able to compete.

Them silly little nations with their different governments
languages and cultures are too fragmented to function as a productive
entity in the world’s economy.

How whacked is it that for the longest while a measly 120 million Japs
on an Island have been considered as a major trading block?

Heck the Chicoms and the former Soviet Union have a better shot of
getting their ducks inna row than the silly Europeans.

Now if we could just get the USA to return to a Capitalist economy model
then we’d have something?

Gee I wonder if Foxconn is hiring?
 
I'm just saying....
It was a flawed system from conception, then add the corruption factor
on top of that, and the euro was doomed before even implemented.
It was a giant ponzi, and still is.
 
Let the Euro fall they can use the pound

I'm just sayin'

if they wanna compete they are gonna have to cooperate
and be responsible
oh heck who am I trying to kid

Winky step away from crack pipe
 
Much like communism, the EU looks outstanding, on paper. In practice, it's dangerous.
 
Re: Let the Euro fall they can use the pound

Winky said:
I'm just sayin'

if they wanna compete they are gonna have to cooperate
and be responsible
oh heck who am I trying to kid

Winky step away from crack pipe
Click to expand...

Indeed they have to co-operate, which was the whole point behind the EUs formation. More buying power, more political influence - certainly quite a bit more than any singular country could've mustered going it alone. Historically speaking, both the USA and Canada formed in the same way. Confederation.

The EU is simply not willing to form a singular 'federal' GVT to run the show. Too many egos.
 
Re: Let the Euro fall they can use the pound

MrBishop said:
Indeed they have to co-operate, which was the whole point behind the EUs formation. More buying power, more political influence - certainly quite a bit more than any singular country could've mustered going it alone. Historically speaking, both the USA and Canada formed in the same way. Confederation.

The EU is simply not willing to form a singular 'federal' GVT to run the show. Too many egos.
Click to expand...

Germany has done more than it's share several times to unify Europe under one 'fed'. Those other times were more honest.
 
Re: Let the Euro fall they can use the pound

Professur said:
Germany has done more than it's share several times to unify Europe under one 'fed'. Those other times were more honest.
Click to expand...

The same can be said for Rome and Britania... this isn't conquest tho'
 
History has proven, repeatedly, that conquest is the only way to "unite" opposing forces
 
EU urged to abandon all hope and start changing

ann9nj.jpg
 
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