Reply to: Who is prepared to admit they were wrong about the Euro?

[darmstadt]

I'll be meeting with some people from the ECB this evening, who a couple of weeks ago were looking decidedly queasy, and see what they have to say but for the naysayers here, you might be in for a shock...

[TimberWolf]

[PRC1964]

Is that Chicken George or George Bush or Boy George?

George from Rainbow.

[DodgyAgent]

Thankfully not. George tells me all I need to know,

Is that Chicken George or George Bush or Boy George?

[sasguru]

Thankfully not. George tells me all I need to know,

Well I would have thought it would be obvious to anyone, but the biggest moron, that when a country's currency falls, its goods become cheaper.

Stupidity on your level is indeed very rare .

[scooterscot]

I take it Economics was'nt on the curriculum at your kindergarten

Thankfully not. George tells me all I need to know,

[DodgyAgent]

Higher as a proportion of GDP than the UK?

AtW have you paid that poor dutchman back that money he lent you from his life savings?

[sasguru]

Everybody's debt is too high (apart from prudent savers like me who got shafted for it), Germany's debt is better all things considered.

Higher as a proportion of GDP than the UK?

[AtW]

That's exactly it, they can't be bailed out anymore. Even Germany's government debt is too high.

Everybody's debt is too high (apart from prudent savers like me who got shafted for it), Germany's debt is better all things considered.

[sasguru]

I take it Economics was'nt on the curriculum at your kindergarten

Manages to contradict himself in 2 sentences.

[DodgyAgent]

Every since the UK has managed it's fiscal policies the euro has grown in strength. Even with the threat of default today it trades 1.146 to the £.

After the darkness has passed the UK with be left with some of the most expensive goods and services in world. How is that going to help recovery if no one spends its £'s? Doomed.

I take it Economics was'nt on the curriculum at your kindergarten

[TimberWolf]

They can always print money. And why not, everyone else is at it.

[sasguru]

Debts would be wiped out, banks will take the hit and get probably another bailout from taxpayers, the party must go on.

HTH

That's exactly it, they can't be bailed out anymore. Even Germany's government debt is too high.

[lukemg]

If you even look at the UK, you can see some of what happens in action and it's the transfer of capital around the place too. So, reality is that southerners are in effect supporting the northern monkeys, Wales etc
In Euroland, ya squareheads are less than keen on doing this, when the solution is for them to effectively pay money to the poorer areas (as they did with the East), they can't stomach that.
In addition no-one has the currency they need at the moment, krauts need a stronger euro and the greeks need a much weaker one. Hence need for parlimentary union to manage the capital transfer - never going to happen.
Looks doomed to me but since any exit will cost everyone, I expect an acceptance of some payments to limit impact to occur reducing overall impact. It is going to hurt and end in tears though.

[AtW]

Lets see what happens when Greece defaults.

Debts would be wiped out, banks will take the hit and get probably another bailout from taxpayers, the party must go on.

HTH