Greece Considers Exit from Euro Zone

[TykeMerc]

They can't leave it because they have nowhere to go.

True, once in a federated currency escape is effectively impossible unless you're one of the really big boys.

[scooterscot]

They can't leave it because they have nowhere to go.

Exactly. Then what?

The rest of the EU takes control of the Greek finances, the Greeks go ballistic and hang their politicians for treason.

[TykeMerc]

Exactly. Then what?

the Greeks go ballistic and hang their politicians for treason.

Can we arrange that for the UK? It could be applied to all politicians past and present to ensure fairness.

There are enough lampposts around for the requirement and there's bound to be plenty of piano wire available.

[ThomasSoerensen]

Seems like it will be cheap to go on holiday to see the masterpieces of the ancient Greeks this time next year.

[russell]

"SPIEGEL ONLINE has obtained information from German government sources knowledgeable of the situation in Athens indicating.."

In other words, bulltulip.

[scooterscot]

The battle, will the greeks realise before it's too late that they must recover taxes, respect their land or shall they just toss it all up in the air and default?

[scooterscot]

A good week for bad news lies ahead?

Perhaps no one will notice... sssshhh.

Bank of England forced to cut UK growth forecast yet again

The Bank of England will downgrade Britain's economic growth forecast this week, confirming that the recovery is stalling as the Government's austerity measures take their toll.

[AtW]

Perhaps no one will notice... sssshhh.

Bank of England forced to cut UK growth forecast yet again

Recovery might be stalling but at least dirty spekulants attack Greece, Portugal, Ireland which forces them to either get bailout and in any case pay higher interest on their debt.

Naturally if Govt spending is so huge then cutting it will cause drop in GDP, but that part was never proper growth - it was reckless spending based on debt!

[CheeseSlice]

Seems like it will be cheap to go on holiday to see the masterpieces of the ancient Greeks this time next year.

That wouldn't surprise me at all.

I can't recall how expensive Greece was during the Drachma years, but I've certainly been to some of the new Eurozone states just before and after they joined, and have noticed how they go from a cheap holiday destination to one charging German prices for stuff.

[OwlHoot]

Naturally if Govt spending is so huge then cutting it will cause drop in GDP, but that part was never proper growth - it was reckless spending based on debt!

Yes, including Government spending in GDP is a classic example of an outdated, perverse incentive, just an invitation for inefficiency and waste.