howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
i found this article interesting because of the fact that the paper has always been in favour of us joining the currency in the past.
http://www.guardian.co.uk/politics/reality-check-with-polly-curtis/2011/nov/07/economy-euroGuest 710- Registered: 28 Feb 2011
- Posts: 6,950
BANKS, Banks, banks, banks BANKS!!
The Banks will carry on regardless. They will lend less, it is said. Do they lend that much today? It's not as if they are getting paid anything on these 'loans' at the moment.
What is certain is that there will be less tax paid, but the bonuses will be unaffected.
One of the things likely to happen is that Britain (you and me?) will write another cheque, this time for about £40 Billion.
The biggest danger by far at the moment is that Greece will default... and get by.
Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
The question of Greece defaulting is pie in the sky.
The bailout that has been proposed by the EU, and which the Greeks were going to vote on in a referendum (now disqualified), imposes on all concerned banks of EU countries to renounce 50% of what Greeces owes them.
So either way, whether Greece leaves the euro or not, a large proportion of their foreign debt is written off.
At this point, Greece might as well leave the euro.
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
That said, it would only have been a matter of time before the EU decided to write off a large part of the foreign debts of other EU countries.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Yes Tom - it is very irresponsible for banks to lend to spendthrift European governments. These irresponsible borrowers really must get their spending in order and make big cut-backs. That includes the British government of course.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
the article in the link and other stuff i have read suggests that within 5 years of the collapse the united kingdom would be immeasurably better off.
this is all rather contrary to what we have been told in the past.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Howard - that is of course quite true. The Euro is fundamentally flawed and is not an economic project at all. If some common sense is allowed to take root then the currency will be broken up into two or three currencies at least and that will help spark a long term recovery. We should ignore the politically motivated talk designed to protect the ego of politicians, yes even George Osborne's pronouncements are purely a matter of some Euro-politiking.