Doom - UK to lose billions in Greek crisis

[MrMark]

Yeah, let the Eurozone print loads of euros and devalue it back to the level it was when first implemented. i.e. around 1.4 euros to the pound.

Will also get the greek/spanish tourist industry back off its knees if prices become competitive against Turkey/Bulgaria again.

This economics stuff is a piece of piss.

The Spanish tourist industry is already doing well - been a very good year with 19 million so far!

Recovery in British Tourist numbers to Spain

Plus, their exports have done remarkably well..

Vibrant exports will save Spain, and perhaps the euro - Telegraph

It's the overhang of the property bubble that badly affected Spain - too many properties built - that has badly hit unemployment figures (although the last 2 months have seen a fall). There again, with 9 million economically inactive people of working age in the UK (registered disabled, carers, students etc) is the UK really much better?

[PAH]

Quite. It's not even real paper money any more. It's just bits in a machine.

Yeah, let the Eurozone print loads of euros and devalue it back to the level it was when first implemented. i.e. around 1.4 euros to the pound.

Will also get the greek/spanish tourist industry back off its knees if prices become competitive against Turkey/Bulgaria again.

This economics stuff is a piece of piss.

[doodab]

The winners get nowt because the losers go bankrupt, unless they're bailed out. The bulk of the Tarp funds in the USA were used to bail out AIG who were on the losing side of the CDS's.

As I said

there is a good chance that those institutions who wrote the CDS will be unable or unwilling to pay up when required.

i.e. either the winners will get paid, or perhaps they won't because the losers are unable to pay.

One of the biggest criticisms of the AIG bailout was that the claims of other banks (i.e. "the winners") were paid in full out of the taxpayer provided bailout. The winners got everything they were owed without the government getting any claim on their future profits. I doubt that will be allowed to happen again.

[TimberWolf]

Agreed, money is just a means of moving energy around efficiently. It's not real. Energy is the stuff that does things and it's when we run out of cheap energy that the real 'fun' will start.

[Mason Boyne]

The European debt crisis although massively huge, with far bigger dimensions than Lehman's bros, is tiny compared to the trillions of trillions of US debt building up.

That may be the global economic "killer" blow.

It's only a number. Global stability isn't going to be knackered because of this.

[BlasterBates]

The European debt crisis although massively huge, with far bigger dimensions than Lehman's bros, is tiny compared to the trillions of trillions of US debt building up.

That may be the global economic "killer" blow.

[BlasterBates]

The winners get nowt because the losers go bankrupt, unless they're bailed out. The bulk of the Tarp funds in the USA were used to bail out AIG who were on the losing side of the CDS's.

[doodab]

For everyone who loses on a CDS there will be a winner elsewhere, so the question on my mind is who stands to benefit from these contracts in the event of a default?

Of course there is a good chance that those institutions who wrote the CDS will be unable or unwilling to pay up when required.

[TiroFijo]

Greece Budget Hole Threatens to Swallow Europe - Bloomberg

If Greece defaults will Portugal or Spain go down as well ? Could be interesting. Sounds like Lehman Bros with big knobs on.

I can't see Spain not going down also, with 20% unemployment, 50% youth unemployment and their main industry which was construction wiped out. They also have a bloated civil service just like Greece. Southern Europe is almost a basket case with the exception of Northern Italy.

The EU expansion in 2005 was a bad idea that let East European countries with no money and are just a millstone round the big paying countries of the EU.

[BlasterBates]

http://www.bloomberg.com/news/2011-0...risis-fix.html

If Greece defaults will Portugal or Spain go down as well ? Could be interesting. Sounds like Lehman Bros with big knobs on.

[russell]

The banks should take the brunt of this by taking "haircuts", the euro govs bailed them out when they were in the tulip. All the banks profits over the last few years, post bailout, should be used to wipe Greece's debt.

[Old Greg]

...will cost British banks, not the U.K.

[Sysman]

Greek debt crisis could cost UK £335bn | Mail Online

Nothing like a Retsina with a slice of doom to end the day.

FTFY, 'cos that's all we'll be able to afford

[gingerjedi]

Greek debt crisis could cost UK £335bn | Mail Online

Nothing like a Martini with a slice of doom to end the day.

According to their little chart France and Germany would go completely under ...if I'm reading it right?

Statistics eh.

[BlasterBates]

Greek debt crisis could cost UK £335bn | Mail Online

Nothing like a Martini with a slice of doom to end the day.