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[racechick]

Well I've been on a shopping spree today thanks to the economic disaster that is Greece.
I've bought a snowboard and bindings( decided it's time to walk on the the other side ) and I've got new skis that are fatter and will go off piste. And a new helmet, because my current one is nice but doesn't keep my goggles clipped on. And a tele for the downstairs lounge, and a wardrobe and lots of presents and other things
THANK YOU GREECE FOR SCREWING UP THE EURO
For those not in the know , yesterday Greece had an election and a far left party got voted in. This party wish to renege on the conditions of their bail out. They don't want to put their house in order but they want to retain the bail out money. That, on top of the Eurozone going on a bit of a euro printing spree means the euro has dived against the pound. So my stuff was cheap!
But let's skip back a bit. Greece should never have been admitted to the Euro zone because they didn't meet the economic and fiscal conditions that were required. So what did Federal, Euro beaurcrts do? Federal beaurocrats that are NOT voted In by the countries they represent, are not actually voted in by anyone. What did they do? They changed the rules and now they have the Greece problem. So what will they do
Option 1.
Sorry Greece , rules is rules. You can't have your cake and eat it, you stay in the Eurozone and you play by the rules. ( newly elected party eat humble pie and things remain as they are ...unlikely)


Option 2 .
Sorry Greece. This is what you signed up to . You took the bail out and you took the conditions. You want out? Then get out of the Eurozone. ( Greece leave the Euro and go bankrupt. And on the back of that the UK is very jittery about staying in Europe)

Option3.
Euro beaurocrats cave in and say ..ok Greece, we'll let you have forever to pay off, no worries, no sweat. ( all the other marginal countries try the same trick and federal Europe collapses)

Such fun! In the meantime. I can buy stuff cheap!

Callous? More very pissed off with the free riding head in the clouds beaurocrats in Strasberg who mess with people and countries.

Been a bit political tonight. Will be back to normal tomorrow.

[CookinFlat6]

Having said that, there is evidence from Iceland that turning around and stiffing the banks is the way to go. Ireland for example stitched their own people to avoid stitching the banks and are starting to pay for it in social terms. Europe will weather a Greek default and maybe even an Italian one, as long as the french are made to pay and pay, everything should work out fine
Instead of blaming Greece for taking the cheap money by being in Europe, we should look at those who let them on account of having more customers with debt. Its a bit like a credit card company offering cards to people coming out of a gambler anonymous meeting and then complaining that they lied about their circumstances and are rotters to turn around and tell the card company to go swivel

[racechick]

What about Spain? They aren't strong. France has a growing anti Europe feeling as does the UK . I think the Europe thing is more than just the banks, Iceland was the banks.

[CookinFlat6]

Well the whole bailing out process was about bailing the countries out of debt owed to the banks to avoid the banking system collapsing.
Europe can weather Spain as well. The biggest problem is the preferred method of bailing these countries out in the first place - printing money. Instead of writing the debts off, they have simply postponed judgement day and printing money aint gonna be possible on judgement day

[What's Burning?]

Apologies... my expertise is in erogenous zones, not euro zone.

[Jabberwocky]

Can Europe afford to let Greece slide? How many other countries will then just say sod it I am not paying. It is not as if you can send the bailiffs around to take their TV. Trading blockades maybe. I like Halloumi cheese too much for that.

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[Jabberwocky]

Bet this has not amused the Germans

http://greece.greekreporter.com/2015/01 ... tion-loan/

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[CookinFlat6]

Yeah, its rather poor taste, after all Germany has done for Greece it still has to leave the room whenever they mention a period of time when the biggest bunch of deluded idiots ruined Germanys reputation and tried to waste an entire race, which just distracted from the real business of dominating Europe, having a single currency and selling the VW to all corners of Europe.

The Greeks are gonna default, everyone knows this. No European country is gonna get any military intervention or blockades etc, just dont expect too many kebab shops getting a licence extension next time round. The principal is not the issue, it will never be repayed, its the interest that will be reduced to a token amount and it wont be called a technical default.

[What's Burning?]

Maybe they can host a Grand Prix?

[Jabberwocky]

I am suprised they don't already.

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[andrew]

Shouldn't have bailed them out in the first place.

[racechick]

Shouldn't have let them in in the first place when they didn't meet the entry criteria.

[What's Burning?]

Not let them in? Didn't the Greeks invent Europe?

[CookinFlat6]

They invented the first edition, but we are on to the 4th reich by now