Greece Defaults

[doodab]

PS why is it a good idea? Clearly it would be good for Greece if the Germans guarantueed their debt. It would be a terrible idea for the Germans though

Because it would clearly require federal decision making and budgeting in order to work, thus forcing discipline on the weaker nations, and in the long term a US of Europe would offer German exporters a greatly expanded "domestic" market and the inevitable inter region subsidies would cancel out any balance of payment issues.

[DimPrawn]

Over a year out of date, but the following diagram is interesting:

Europe's Web of Debt - Graphic - NYTimes.com

Greece may be bad, but if Italy goes tits up it looks a whole lot worse. Will have to have a search to see if I can find a more up to date diagram.

Italian tits up....hmmmmmm... Monica Belluci

[Incognito]

If the Eurozone breaks up, banks will go bankrupt (check Iceland for the consequences, absolutely dire).

You do know that Iceland's economy is already on the road to recovery don't you? They're doing quite well as it happens, they have their own source of thermal power for producing their own internal power requirements, great fishing market and to top it all off, had laws passed last year to wipe over $1 billion of consumer credit out.

How's that dire?

http://www.mfa.is/media/MFA_pdf/Icel...-Sept-2011.pdf

[Mich the Tester]

Italian tits up....hmmmmmm... Monica Belluci

[TimberWolf]

What's Korfu worth? Might raise a few quid euros yuan.

[Mich the Tester]

What's Korfu worth? Might raise a few quid euros yuan.

With or without the English chavs?

[Le Rosbif]

Italian tits up....hmmmmmm... Monica Belluci

has good taste

she married a Frenchman

Vincent Cassel

[TimberWolf]

You do know that Iceland's economy is already on the road to recovery don't you? They're doing quite well as it happens, they have their own source of thermal power for producing their own internal power requirements, great fishing market and to top it all off, had laws passed last year to wipe over $1 billion of consumer credit out.

How's that dire?

http://www.mfa.is/media/MFA_pdf/Icel...-Sept-2011.pdf

Did they get rid of their bankers? Sadly the UK has no geothermal to speak of so we may need to keep ours. We do have wind I suppose.

[TimberWolf]

With or without the English chavs?

With. You should see what they're willing to pay for a tiny tub of ice cream or a few badly cooked chips when on holiday. Not to mention what they pay to get in to clubs.

[TimberWolf]

The EU constitution should have provided for the calling in of bailiffs and the seizing assets. Its not as if Greece got in legally anyway. It appears they've pulled a fast one and want to continue with this wheeze as long as possible. Anyone got an army?