Wait a minute, let me get this straight - If Greece defaults

[Jason Mitchell]

Will the UK end up owing billions? (I'm not talking about the pocket change of £2.5 billion greek bonds we have)

But will the UK possible end up worse off than Germany and France who made the largest loans in the first place?



Perhaps Britain should just join the euro, you know better the devil you know and all that.

Treasury urges British banks to take big losses to help Greece avoid meltdown | Business | The Observer

If Greek economy goes kaput its going to hit every major economy in Europe pretty hard.

[AlfredJPruffock]

Oh sorry, I was agreeing with what you said. It's instead of repeating it.

Aye DS ! Now I understand - thanks for the clarification ! In fact re-reading my own post I am wondering '' National Self-Interest leads to a robust economy '" sounds a wee bit extremist - oh my what is to become of me ? ...

Mother Dear - did you hear ?
They're teaching me the GooseStep

Father of Mine
Just in Time

Give me a machine
To wash my Jeans in

Send my compliments to the Chef

[scooterscot]

If Greek economy goes kaput its going to hit every major economy in Europe pretty hard.

The UK can keep chanting default until it's blue in the face. It'll not be allowed to happen.

The Greek's are instead about to experience in 3 months what the UK has experienced over the last 30 years, a massive sale of the country's assets to make a quick buck. I can see the various pension funds on the horizon already licking their lips.

[AlfredJPruffock]

The UK can keep chanting default until it's blue in the face. It'll not be allowed to happen.

The Greek's are instead about to experience in 3 months what the UK has experienced over the last 30 years, a massive sale of the country's assets to make a quick buck. I can see the various pension funds on the horizon already licking their lips.

Who could argue with that ?

[Old Greg]

The UK can keep chanting default until it's blue in the face. It'll not be allowed to happen.

The Greek's are instead about to experience in 3 months what the UK has experienced over the last 30 years, a massive sale of the country's assets to make a quick buck. I can see the various pension funds on the horizon already licking their lips.

Not allowed by whom? It may be that the Greek people will not allow full repayment.

[scooterscot]

Not allowed by whom? It may be that the Greek people will not allow full repayment.

The people that lent them the money.

The Greeks have a wonderful opportunity for change. If they default old habits stay and the cycle begins again. (UK Government, meet the new boss same as the old boss)

If they EU stays in Greece the government may actually have to start acting like one. Do you know even with the latest tax increases they Greek people are still no where near UK tax payers.

[Freamon]

The people that lent them the money.

The Greeks have a wonderful opportunity for change. If they default old habits stay and the cycle begins again. (UK Government, meet the new boss same as the old boss)

If they EU stays in Greece the government may actually have to start acting like one. Do you know even with the latest tax increases they Greek people are still no where near UK tax payers.

I would say it's the other way around. If they stay in the Euro, they will get more bailouts, and the govt can afford to keep spending in very nearly as reckless a fashion as before. These "austerity measures" are a bit like the austerity measures in the UK - barely scratching the surface of the cuts they really need to make. Even under the proposed plan that they put in place yesterday they would still be running a massive deficit.

OTOH if they default, the govt will be incapable of borrowing money from anywhere for a number of years, and then they'll really have to start living within their means.