FTSE at 9 month low ...

[minestrone]

Didnt "they" also say that banks could not fail?

Well in the main they did not, everything was done so they did not fail.

[Flashman]

If you seriously think this is just about Greece, you either have your head in the sand or you are taking the mick. There are serious macro-economic issues at play here - particularly in the eurozone....I still recall very clued up guys predicting that the euro would be the cause either the break up or reinventing of the EU back when the euro came to life.

I realise the level of economic awareness here is at kindergarten level - but the fact is that if you have a cross-border currency like the euro yet allow each country to individually set its own it's fiscal policy, sooner or later the whole thing breaks. Either the currency goes or you have one fiscal policy. So in the case of the euro - either there is one fiscal policy for the whole eurozone (which will lead to the breakup of the EU if that is attempted), or the EU goes (which could also lead to the breakup of the EU).

So couple that with the level of debt in most EU countries, and the fact that North and South Korea are playing handbags, and it is small wonder that the markets are in turmoil. I expect it will settle down....but it will take a while
. As the markets have crashed, expect to see a small bit of good news make them go the other way - briefly.

Don't worry the EU has come up with a cunning plan.

Create an EU Tax on the lazy, workshy, bankers in London.

Take this money and use it to clear the debts of the hardworking peoples of Spain and Greece.




Smashes up the City of London. Gets French and German banks out of trouble. Makes the Spanish and Greeks happy.

A truely European solution!

[Doggy Styles]

A truely European solution!

Imagine how it burns inside them that we aren't in their poxy eurozone as its chickens come home to roost.

[TimberWolf]

Is this right?

Web of European Debt

Greece Debt $ 236 Billion
Lenders
France $ 75 Billion
Germany $ 45 Billion
Britain $ 15 Billion
Greece owes to Ireland $ 8.5 Billion
Greece owes to Italy $ 6.9 Billion
Greece owes to Spain $ 1.3 Billion
Greece owes to Portugal $ 9.7 Billion

Italy $ 1.4 Trillion
Owed to
France $ 511 Billion, almost 20% of its GDP
Germany $ 190 Billion
Britain $ 77 Billion
Italy owes to Greece $ 0.7 Billion
Italy Owes to Portugal $ 5.2 Billion
Italy owes to Ireland $ 46 Billion
Italy to Spain to $ 47 Billion

Spain $ 1.1 Trillion
Borrowed From
Germany $ 238
France $ 220
Britain $ 114
Spain owes to Portugal $ 28 Billion
Spain to owes Italy $ 31 Billion
Spain owes to Greece $ 0.4 Billion
Spain owes to Ireland $ 30 Billion

Ireland $ 867 Billion
Lenders
Britain $ 188 Billion
Germany $ 184 Billion
France $ 60 Billion
Ireland owes to Greece $ 0.8 Billion
Ireland owes to Italy $ 18 Billion
Ireland owes to Portugal $ 22 Billion
Ireland owes to Spain $ 16 Billion


Portugal $ 286 Billion
Owed to
Germany $ 47
France $ 45
Britain $ 24
Portugal owes to Italy $ 6.7 Billion
Portugal to Spain $ 86 Billion
Portugal owes to Greece $ 0.1 Billion
Portugal owes to Ireland $ 5.4 Billion
Who ships through Greece? | LinkedIn Answers | LinkedIn

And if so does anyone fancy doing some cancelling out and see who owes what?

Part of it in picture form here:


Does our debt include our debtors (in the unlikely event they pay us back)?