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Spain in state of total emergency

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  • Mich the Tester
    replied
    Originally posted by BlasterBates View Post
    If you are serious about the break up of the Euro best to wait untl things have stabilised.

    Of course that's when it becomes clear that it wouldn't make much difference.
    Indeed, that's why I say the Euro is a red herring. Regardless of your currency, whether it's Euros, Guilders or Groats, if you keep spending it faster than the economy can generate wealth, you're going to go bust. It would be nice if someone would explain that to the Dutch public who are now complaining about the EU demanding deficits ot 3% or less. FFS, it's still a deficit. Secondly, as I've said, we can't allow western European states to fail; I'm convinced that peace in Europe is largely thanks to moderate governments elected by well fed and generally satisfied populations. If some of those populations have less to eat and become discontented, the peace won't last long.

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  • sasguru
    replied
    Originally posted by BlasterBates View Post
    Got it in one.

    The Spanish banks crisis is almost identical to the US banking crisis in 2008 which had nothing to do with the Euro either.....or Dollar if one would like to be pedantic.

    You really are a first class moron if you think this has nothing to do with the Euro. Not the sharpest analytical tool in the block are you?

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  • BlasterBates
    replied
    The thing is if you wanted to break up the Euro now would not be the time to do it because you might spark off global credit crunch, simply because it would mean too many big debts being written off, this would mean there would still need to be a bail out. The next step would be Eurobonds, would cost Germany a premium on it's new issued debt, but at the moment they're at record lows, lower than it was when they had the DM.

    If you are serious about the break up of the Euro best to wait untl things have stabilised.

    Of course that's when it becomes clear that it wouldn't make much difference.

    Leave a comment:


  • petergriffin
    replied
    Originally posted by minestrone View Post
    I remember people proclaiming that Spain's banks were in good shape in 2008.
    I remember people proclaiming that Britain's banks were in good shape in 2012. <placeholder for the future>

    Leave a comment:


  • Mich the Tester
    replied
    Originally posted by TimberWolf View Post
    Hmm, not sure you have managed to pull off not sounding apocalyptic there Chris.
    Well 'Chris' appears to be only analysing this from a financial point of view; he has a good point, but he doesn't explain to Joe Public why 'Spain sinking into the abyss' is so 'apocalyptic'.

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  • TimberWolf
    replied
    Chris Beauchamp, market analyst at IG Index, said: "Without wishing to sound apocalyptic, it does feel as if Spain is gradually shuffling towards the abyss."
    http://www.belfasttelegraph.co.uk/bu...-16166227.html
    Hmm, not sure you have managed to pull off not sounding apocalyptic there Chris.

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  • minestrone
    replied
    I remember people proclaiming that Spain's banks were in good shape in 2008.

    I watched some mega engineering type show on discovery last week on the building of the City of culture. Looks lovely but WTF were they thinking.

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  • Mich the Tester
    replied
    Originally posted by TimberWolf View Post
    Beginning of the end of the Euro?
    I think some European governments are preparing for that quietly. I hope so at least. I think it'd be a shame to see the Euro fail, but if ending the Euro experiment in a structured way is part of the solution, then I can support that. It still won't change the fact that Spain and Greece will need support for some time to come, perhaps Spain for less time than Greece; not supporting the stability of the state in those countries would be a lot more expensive and painful than supporting them. Now go and explain that to a voter with an IQ of 100; that's what makes me worried. A currency can be changed; we've done that before, and it would probably provide some work for IT contractors, but as I say, the stakes are much higher than that.

    Leave a comment:


  • BlasterBates
    replied
    I think the whole Euro discussion is a red herring
    Got it in one.

    The Spanish banks crisis is almost identical to the US banking crisis in 2008 which had nothing to do with the Euro either.....or Dollar if one would like to be pedantic.

    Leave a comment:


  • TimberWolf
    replied
    Originally posted by Mich the Tester View Post
    Just as is so often the case with those who are called pessimists, he may well be right, and it may well cause big trouble for everyone.

    ...

    Just let me know if you want any more of my special brand of pessimism today.
    Beginning of the end of the Euro?

    Leave a comment:

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