Greek deal reached ...

[sasguru]

Allright, goodloking: assuming Greece goes completely bust, the total burden for states, goverments, banks and insurance companies involved would be around 40 billion euros (source: ze germanz). Nothing compared to the ever-growing and unstoppable hole in UK budget.

Plus let me add this, as long as Obama is US President, the Euro is safe.

And how does this relate to the BofE's QE?

[petergriffin]

And why is that, Oh great economics guru?

Allright, goodloking: assuming Greece goes completely bust, the total burden for states, goverments, banks and insurance companies involved would be around 40 billion euros (source: ze germanz). Nothing compared to the ever-growing and unstoppable hole in UK budget.

Plus let me add this, as long as Obama is US President, the Euro is safe.

[eek]

Has a deal been reached? The Greeks agreed to what they have been asked to do but now the euro want more cuts made

Greeks approve 'tombstone' austerity deal with troika - Telegraph

The sooner someone stops this fiasco and just allows Greece to default and leave the euro the better.

[sasguru]

It isn't any more stupid than printing money like BoE does.

And why is that, Oh great economics guru?

[petergriffin]

It isn't any more stupid than printing money like BoE does.

[BrilloPad]

It will be interesting to see how the Greek elections go in April.

[TimberWolf]

I don't imagine accepting the "£130 billion Euro loan" precludes them from defaulting later anyway, so this seems like a good deal.

[Lockhouse]

Ho hum, nothing to see here.

[Arturo Bassick]

Why on earth are they still going for a bail out when its clearly already failed.

Because the whole thing is being pushed by career politicians who have staked their reputations to the European Union and the Euro. As we saw with the Indian aid fiasco last week, they would rather spend billions of other peoples money than lose face by admitting they are wrong.

[ThomasSoerensen]

They will join their balkan neighbours and exert as much influence as them.
Recovery will take a looooong time if possible at all.

But there is no physical law demanding that all countries develop to the same level.

[sasguru]

I posted I, Cringely » Blog Archive » Caution, train wreck in progress - Cringely on technology earlier and it makes good reading.

Why on earth are they still going for a bail out when its clearly already failed.

Wishful thinking: the belief that that somehow the Greek economy will eventually magically turn into a modern and prosperous economy.
What's actually happening is that all those who can leave (the best and brightest) are leaving and Greece will turn into even more of a basket case than it already is.

[eek]

I posted I, Cringely » Blog Archive » Caution, train wreck in progress - Cringely on technology earlier and it makes good reading.

Why on earth are they still going for a bail out when its clearly already failed.

[sasguru]

... apparently:

Greek Politicians Reach Austerity Deal, Draghi Says - Bloomberg

So the deal involves Greece contracting their economy even more in exchange for a £130 billion Euro loan that they have even less chance of paying because their economy is contracting?

You may think that the bankers went nuts and destroyed the economy in 2007/2008, but at least I can understand their motivation which was greed.
Now the Euro politicians are destroying the South European economy - and the reason is stupidity.