Greece WILL default on its debts ....

[eek]

When will Greek default? That's the only question worth asking.

Not this time. In six months or so when they discover the Greek economy is still contracting at a rate of 5% a year they may start thinking about what they need to do to solve the problem but the moment the totally implausible growth figures have been agreed by everyone as both plausible and achievable.

[sasguru]

Not this time. In six months or so when they discover the Greek economy is still contracting at a rate of 5% a year they may start thinking about what they need to do to solve the problem but the moment the totally implausible growth figures have been agreed by everyone as both plausible and achievable.

Yes it'll at least take the Euro politicians past their elections.
The damage to the Southern Euro economy by Euro politicians is far worse than the Anglo-Saxon bankers ever did.

[Scrag Meister]

I wouldn't mind a loan like that, we'll lend you 'x' and all you have to pay back is 50% or maybe less than the total amount that has been lent to you. Sounds like a bargain

If Carlsberg did mortgages.

[eek]

Yes it'll at least take the Euro politicians past their elections.
The damage to the Southern Euro economy by Euro politicians is far worse than the Anglo-Saxon bankers ever did.

Which elections? Sarkozy is going to lose and Merkel doesn't seem to be in a much better position.

[d000hg]

When will Greece default? That's the only question worth asking.

Damn, why can't they just default so this thread can die

[scooterscot]

Spot on there, a lot of people I know used to enjoy going on holiday in Europe but since the introduction of the euro it has gotten increasingly more costly to holiday there.

Of course it has, Sterling has been deflating since long before QE begun.

Blackpool and Morecambe bay from now on.

[BrilloPad]

When will Greece default? That's the only question worth asking.

About 3 months after the Greeks hold their election?

[Arturo Bassick]

Which elections? Sarkozy is going to lose and Merkel doesn't seem to be in a much better position.

While the Greeks have not defaulted and the whole house of cards is still standing there a chance, albeit slim, that some of them may get re-elected, especially if they can point out that the opposition would have done worse. There is also a slim chance that pointers will be on the up by the time the elections come round.
I am imagining all of them offering the UK patent EU referendum if re-elected as a last resort.

[sasguru]

Of course it has, Sterling has been deflating since long before QE begun.

Blackpool and Morecambe bay from now on.

Not very numerate are you.
Euro has been declining steadily for the last year, I find Euro destinations very affordable nowadays

Pound Sterling to Euro Exchange Rate Graph - Feb 22, 2011 to Feb 17, 2012


PS you still buying petrol at Euro 1.25? Idiot.

[administrator]

BBC News - Eurozone ministers back 130bn-euro bailout for Greece

The deal also means that private holders of Greek debt will take losses of 53.5% on the value of their bonds.


When all the elements of the exchange are accounted for, the loss to investors is expected to be as much as 70%.

Isn't that a default in all but name? I don't think this is the last of it, the Greeks have got the money for now but am sure another crisis for them will be just around the corner. And now, with the money in hand, can't they just turn around anyway and tell Europe to "do one"? They have £110Bn in loans but if they can't pay it back then what will Europe be able to do if Greece decide now (or in 12 months time) to walk away?