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Reply to: Iceland committed to joining the Euro
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Previously on "Iceland committed to joining the Euro"
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hahaha yeah it's what I hated about holidaying there no proper sanitation
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Originally posted by The Spartan View PostWhat I don't understand is the Greeks, they're trying to pass austerity measures so they can get more money and people are striking and objecting. Won't that mean that the country will go down the pan?
disgusting country
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Originally posted by doodab View PostI'm not convinced by this thesis. German banks are relatively small and certainly not responsible for all the irresponsible lending that has taken place, or even a particularly significant chunk of it, and their manufacturing is competitive because unlike a lot of "lower cost" places they have managed to contain wage inflation. That has less to do with the € and more to do with the fact they simply haven't had the sort of credit bubble that many of the other eurozone countries had IMO. The end result is that Germany is one of the "lower cost" EU countries.
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Originally posted by DodgyAgent View PostOf course! They are not stupid are they. By imposing the Euro they have wiped out cost competition from "lower cost" EU countries and they have kept exchange rates disproportionately low, thus maintaining price competitiveness of their products.
Their banks have lent Eurozone consumers vast amounts of money to buy German products.
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Originally posted by The Spartan View PostBut if countries we've lent to default won't that make our financial position more precarious?
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But if countries we've lent to default won't that make our financial position more precarious?
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Originally posted by AtW View PostAnd UK is different how?
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Originally posted by The Spartan View PostIt seems that the Germans have been the main beneficiaries of the Euro isn't their economy doing really well in comparison with the rest of the EU
Their banks have lent Eurozone consumers vast amounts of money to buy German products.
Now they have to pay for it by bailing the rest of Europe out of its financial crisis
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It seems that the Germans have been the main beneficiaries of the Euro isn't their economy doing really well in comparison with the rest of the EU
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Originally posted by Doggy Styles View PostIceland wanting to join the eurozone is hardly a ringing endorsement of it!
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