Reply to: market reaction to greek result

[sirja]

As usual it'll be the US that restores some confidence in the short term, with anoter round of QE. Until then the path of least resistance is to sell into any railes/short railes.

Long term the US will have to face up to it's own looming fiscal clif but hey, we'll jump off that bridge when it comes

[Mich the Tester]

Meanwhile, over in Spain

Ooh look out Sir, you could have someone's eye out with that!

[Malcolm Buggeridge]

Meanwhile, over in Spain

[DimPrawn]

If

Scientists Use Sunlight to Make Fuel From CO2

Can be commercialised, countries like Span and Italy might become exporters of methanol and other fuels to northern Europe.

[Mich the Tester]

Dear Mr Donuts,

Don't worry - it's a sign of how healthy the Spanish economy is with its vast export growth.

Yours sincerely,
BlasterBates.

Spanish, Greek, Italian and Portuguese exports do tend to rise in the first half of each year as Northern Europeans book their holidays.

They export a lot to Holland each year during the last week of May; not entirely coincidentally that's when Dutch employees get a month's holiday pay in their bank accounts. Bank overdrafts in NL tend to fall in the same week, only to start rising again a few weeks later.

[sasguru]

spanish bond yields cranking up again 7.1

Dear Mr Donuts,

Don't worry - it's a sign of how healthy the Spanish economy is with its vast export growth.

Yours sincerely,
BlasterBates.

[mrdonuts]

spanish bond yields cranking up again 7.1

[Mich the Tester]

First - the Germans can't afford to just cave in and splash the cash, the same mob will have their hands out next year if they don't link it too vicious cuts in public sector costs.
Same as in UK, during a crisis is the only time you can cut public spending, any other time and you are out.
Sooner rather than later, people in all these countries will vote for whoever offers the least pain to them personally. Greece have got the eurozone by the spuds but that is going down every day as everyone is looking to limit the damage/exposure.
Krauts will cough up quite simply because the exit will cost them more but it will be called something else, routed through ECB, IMF etc.

Northern Europe will have to send money to Greece anyway, regardless of whether there's a euro. It has to do that because the risks of a failed state in a strategic location, bordering Turkey and the Balkans and possessing a large army are simply beyond the imagination of the average pampered European nitwit. The Greek state will need to be helped to remain stable, whether we like it or not. Now I'd like some of our so-called 'leaders' to get out and explain that to the hoi polloi.

[lukemg]

First - the Germans can't afford to just cave in and splash the cash, the same mob will have their hands out next year if they don't link it too vicious cuts in public sector costs.
Same as in UK, during a crisis is the only time you can cut public spending, any other time and you are out.
Sooner rather than later, people in all these countries will vote for whoever offers the least pain to them personally. Greece have got the eurozone by the spuds but that is going down every day as everyone is looking to limit the damage/exposure.
Krauts will cough up quite simply because the exit will cost them more but it will be called something else, routed through ECB, IMF etc.

[BlasterBates]

Who said this about the Greek deficit crisis, on this board, back in November?

"Never mind. It will probably blow over over the next few weeks."

I do recall at the time everyone was predicting the imminent melt down of the Euro with yields spiralling out of control.

[Doggy Styles]

Who said this about the Greek deficit crisis, on this board, back in November?

"Never mind. It will probably blow over over the next few weeks."

[sasguru]

"Spain is not Greece" - Elena Salgado, Spanish Finance minister, February 2010.
"Portugal is not Greece" - The Economist, April 2010.
"Greece is not Ireland" - George Papaconstantinou, Greek Finance minister, November 2010.
"Spain is neither Ireland nor Portugal" - Elena Salgado, Spanish Finance minister, November 2010.
"Ireland is not in ‘Greek Territory’" - Irish Finance Minister Brian Lenihan. November 2010.
"Neither Spain nor Portugal is Ireland" - Angel Gurria, Secretary-general OECD, November 2010.
"Italy is not Spain” - Ed Parker, Fitch MD, June 12, 2012
"Spain is not Uganda" - Spanish PM Mariano Rajoy, June 2012
"Uganda does not want to be Spain" - Ugandan foreign minister, June 13, 2012

Spain would love Uganda's growth rate of 5% p.a.

[Mich the Tester]

"Spain is not Greece" - Elena Salgado, Spanish Finance minister, February 2010.
"Portugal is not Greece" - The Economist, April 2010.
"Greece is not Ireland" - George Papaconstantinou, Greek Finance minister, November 2010.
"Spain is neither Ireland nor Portugal" - Elena Salgado, Spanish Finance minister, November 2010.
"Ireland is not in ‘Greek Territory’" - Irish Finance Minister Brian Lenihan. November 2010.
"Neither Spain nor Portugal is Ireland" - Angel Gurria, Secretary-general OECD, November 2010.
"Italy is not Spain” - Ed Parker, Fitch MD, June 12, 2012
"Spain is not Uganda" - Spanish PM Mariano Rajoy, June 2012
"Uganda does not want to be Spain" - Ugandan foreign minister, June 13, 2012

[mrdonuts]

"Spain is not Greece" - Elena Salgado, Spanish Finance minister, February 2010.
"Portugal is not Greece" - The Economist, April 2010.
"Greece is not Ireland" - George Papaconstantinou, Greek Finance minister, November 2010.
"Spain is neither Ireland nor Portugal" - Elena Salgado, Spanish Finance minister, November 2010.
"Ireland is not in ‘Greek Territory’" - Irish Finance Minister Brian Lenihan. November 2010.
"Neither Spain nor Portugal is Ireland" - Angel Gurria, Secretary-general OECD, November 2010.
"Italy is not Spain” - Ed Parker, Fitch MD, June 12, 2012
"Spain is not Uganda" - Spanish PM Mariano Rajoy, June 2012
"Uganda does not want to be Spain" - Ugandan foreign minister, June 13, 2012

[BlasterBates]

It is a not a debate about we are better than them is it? It is a debate about democracy and sovereignty and economic advancement. You seem intellectually incapable of grasping this.

What you are saying if applied to the points in Boris's narrative is that the increase of exports in Ireland, Portugal and Greece are such that these economies will soon be out of trouble and that Boris is wrong then fine. But you are not. You have (selectively) picked some statistics and made the utterly irrelevant point that one country is exporting faster than another.

Yes we will see won't we. But take note Portugal and Ireland have moved quietly out of the headlines. I think you may see the same with Greece. Spain and perhaps Italy still has some way to go.

Greece voted for a pro-Euro party. Presumably your view of democracy is that only if a country votes for a party that you agree with is it democracy. Incidentally the only anti-European parties standing in recent elections were all faschist.

You need to accept that Greece voted democratically for a pro-Euro and pro-European party. Perhaps Boris should respect the democratic decision of the Greeks, rather than arrogantly assuming that because he's a mayor responsible for errecting traffic signs he somehow knows better.