Good to see Greece has its priorities right

[BrilloPad]

The Greeks are simply making a prudent decision. They´re making sure that they keep their credit rating status. By not paying 400 million would have cost an awful lot more as it may have triggered a deluge of Credit Default Swaps having to pay out. This was an investors game of chicken. If all investors had held out they would have all lost everything, so they all had to make a difficult decision, one investor held out and won. He could have easily have lost as have the Hedge Funds that bought up all these CDS´s thinking Greece wouldn´t settle with everyone....well they did and they lost. So it´s swings and roundabouts. Greece paid 400 million to save billions, they still need to go to the market for short term funds.

Greece are going down. They just bought themselves a bit more time - while it makes the eventually mess worse.

Eh? What do you mean by this?

They were encouraged to fiddle the books to get in and encouraged to spend like crazy. Or were you referring to something else?

Okay - not just the Greeks then. Everyone who ever thought that the Euro was a good idea should be bought to justice.

[AtW]

Oh well - at least atw will be pleased.

I am pleased that Greeks fight for their future rather than giving up only to make themselves worse off whilst allowing some hedge funds to make a killing on their misery.

[BrilloPad]

I am pleased that Greeks fight for their future rather than giving up only to make themselves worse off whilst allowing some hedge funds to make a killing on their misery.

Greece are going to a new currency. And the longer it takes the worse it will be.

I still hope that Germany will agree to print a way out of this mess. But I cant see it happening.

[AtW]

Greece are going to a new currency. And the longer it takes the worse it will be.

They won't, and even if they do it would show how bad decision it was.

[BrilloPad]

They won't, and even if they do it would show how bad decision it was.

Well I hope you are right. But I doubt it. Is there anyone on cuk who believes that in 10 years that the Euro will still contain the same countries as now?

[BrilloPad]

They won't, and even if they do it would show how bad decision it was.

Someone partially agrees with you :-

Are the Germans destined to save the euro? - Telegraph

JW thinks Greek will go then Germany will reel out the big guns.

Nice ending :-

Back in Britain, David Cameron is spot on with his analysis that Europe must either make up or break up. Privately, both Mr Cameron and his Chancellor, George Osborne, must prefer a break-up, which is plainly more in Britain’s long-term interests than Europe making a go of the single currency, leaving our island race stranded on the sidelines. Yet they cannot say that for fear that Germany might ultimately make it work.

[petergriffin]

Okay - not just the Greeks then. Everyone who ever thought that the Euro was a good idea should be bought to justice.

The Euro was certainly a good idea for Germany; every other country in Europe is either Germany's or America's serf and who cares what is good for the serfs!

are going to a new currency. And the longer it takes the worse it will be.

Any other currency than gold is destined to fail. If they were clever they should default but stay in the Eurozone, renegotiating.

Again I think you are confusing economic failure with monetary failure. In the case of Greece the two coexist but not in the case of Germany.

[original PM]

and if Greece do drop out of the Euro and in 6 months time the Drachma (or whatever they decide to use) is a 'viable' currency then we would expect to see Portugal and Italy go the same way.

Probably!

[BrilloPad]

and if Greece do drop out of the Euro and in 6 months time the Drachma (or whatever they decide to use) is a 'viable' currency then we would expect to see Portugal and Italy go the same way.

Probably!

That all depends. Rumour is the Germany want Greece out - then they will start up the printing presses to save the rest. If that is true they will have to move very very fast to keep ahead of the markets.

[DodgyAgent]

G


Okay - not just the Greeks then. Everyone who ever thought that the Euro was a good idea should be bought to justice.

Does that mean we have to hang Milanbenes ?