Brexit Discussion - Predictions of Britain in a Post Brexit world

[PurpleGorilla]

FTFY

The customer (the EU) got what they paid Goldman Sachs to do (fudge it).

[sasguru]

The customer (the EU) got what they paid Goldman Sachs to do (fudge it).

The Goldman Sachs story is a red herring. And the customer was Greece not the EU.
It reduced Greece's debts from 105ish to 104ish%, hardly material, through a financial instrument.

https://www.nytimes.com/2015/07/14/b...achs.html?_r=0

"The swaps allowed Greece to reduce the amount of its debt, in euro terms, by €2.4 billion, lowering its debt-to-G.D.P. ratio to 103.7 percent from 105.3 percent. It did not make much of dent in the overall problem, but it was a directional move that satisfied the European Union. What Greece did was similar to a homeowner locking in a fixed-rate mortgage at a prevailing interest rate, recognizing that if rates shot up on a variable one, the payments would become unaffordable, risking default.

No one complained at the time: Greece was happy. Goldman was happy. The deal was not public because it was between Goldman and Greece, but both parties entered into it voluntarily and contractually"

[The_Equalizer]

Greece was happy.

They are not exactly happy now though.

[BlasterBates]

The Goldman Sachs story is a red herring. And the customer was Greece not the EU.

https://www.nytimes.com/2015/07/14/b...achs.html?_r=0

Absolutely, the Greeks are responsible for the Greek crisis, no-one else.

The Germans helped out, and no they haven't asset stripped Greece, they've given them huge interest free loans.

[The_Equalizer]

Absolutely, the Greeks are responsible for the Greek crisis, no-one else.

The Germans helped out, and no they haven't asset stripped Greece, they've given them huge interest free loans.

No different to giving extra cash to someone who should go bankrupt. The interest free bit is academic.

[milanbenes]

how come in all this Greek discussion, nobody mentions the Cyprus haircut ?

Or was it not mentioned in UK news ?

Milan.

[sasguru]

They are not exactly happy now though.

I don't suppose any person or country who went on a splurge and then has to skimp to pay for it is ever happy.
Don't you worry, though, our time is coming. The UK is one of the mest indebted nations in the West, but we can paper over the cracks because we have our own currency. Not forever though.

[sasguru]

No different to giving extra cash to someone who should go bankrupt. The interest free bit is academic.

That may be true. I suspect in the end the Germans will lose the billions they've given to Greece.

[Mainframe gent]

I don't suppose any person or country who went on a splurge and then has to skimp to pay for it is ever happy.
Don't you worry, though, our time is coming. The UK is one of the mest indebted nations in the West, but we can paper over the cracks because we have our own currency. Not forever though.

Quite. the UK will be forced to join the EURO and hand over economic decision making to people who know what they are doing. The EU cannot operate unless all countries have the EURO

[The_Equalizer]

I don't suppose any person or country who went on a splurge and then has to skimp to pay for it is ever happy.
Don't you worry, though, our time is coming. The UK is one of the mest indebted nations in the West, but we can paper over the cracks because we have our own currency. Not forever though.

Although we do have more options with our own currency. The Greeks would most likely be someway on the road to recovery should they have not joined the Euro. Now it's forever on the never-never.