Will there be a Grexit?

[Doggy Styles]

I'm quite tempted to try and pick up a cheap holiday to Greece for a couple of weeks.

Must be bargains galore at the moment. Just take a bundle of notes in case.

Does it work like that? They use the euro, rather than a devalued drachma. Which is a big part of their problem.

[Zero Liability]

There is the argument that they've already implicitly devalued via lower wages/prices in general. Although they may use the Euro, it does not prevent prices there from being lower. Using the drachma would allow them to effect a more dramatic devaluation, though, and would fix nothing until they get their heads sorted about controlling their fiscal spend and promoting a more competitive economy. They are keen to stay in the Euro, not just because it is stable (for now), but because they want to go on with business as usual tm. Greek (and other) politicians were well aware of what they could get away with by joining it in the first place.

[minestrone]

Does it work like that? They use the euro, rather than a devalued drachma. Which is a big part of their problem.

IF reports are true less people in general are going so there is quite a lot of availability and the agents are reducing prices.

I suppose people get put off when they hear stuff about ATMs being switched off. I only mind if they turn the beer taps off.

[darmstadt]

Your point is?

That you shouldn't post videos of yourself on the Internet as someone, somewhere will find it...

[BrilloPad]

I'm quite tempted to try and pick up a cheap holiday to Greece for a couple of weeks.

Must be bargains galore at the moment. Just take a bundle of notes in case.

Tunisia quite cheap now.

European leaders really cheesed off at the greeks. Fancy bringing democracy into the process!

[tomtomagain]

Fancy bringing democracy into the process!

They didn't bring democracy into the process. They decided to hold a last minute referendum ( after the payments are due ) as a pure stalling tactic.

The Greek government is incompetent.

[barrydidit]

Following the money time:

Bookmaker William Hill has stopped taking bets on whether or not Greece will leave the eurozone, as odds of a Grexit plummet. Greece is the 1/3 favourite to be the first country to leave the EU.

[TykeMerc]

I'm surprised it's gone this far, I expected some sort of compromise to be reached (it's still possible one will be) as so many countries and institutions have a stake in this particular mess.

[jamesbrown]

I'm surprised it's gone this far, I expected some sort of compromise to be reached (it's still possible one will be) as so many countries and institutions have a stake in this particular mess.

Must agree. At some stage, it apparently got rather personal. When you have people like Junker and Lagarde openly making snide remarks about Varoufakis et al., there must have been a complete breakdown in trust and communication. Even the best outcome (if you view Greece staying in the Euro as good) seems rather unclear now; assuming there are capital controls for a week and the IMF board delays in calling the loans due upon default, then the referendum returns a decisive "yes", i.e. do everything necessary to get a deal. Then what? Are the Troika really going to take this at face value and assume the Greek gov't will implement the reforms honestly? Following snap elections, is there really an alternative Greek coalition? Very doubtful on all fronts. Things will move very rapidly and unpredictably from now on.

[minestrone]

Bookmaker William Hill has stopped taking bets on whether or not Greece will leave the eurozone, as odds of a Grexit plummet. Greece is the 1/3 favourite to be the first country to leave the EU.

What actually does happen with their EU membership if they leave the euro?

Is that bad reporting or a deliberate ploy by Hills over the confusion? Or is it in fact totally correct.