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blademaster
I'm moving to Brazil
+2,075|5603
https://i47.tinypic.com/1071e0w.jpg
As discussions took place across EU capitals over whether to bail Greece out, protesters marched through Athens over the Greek government’s plans to reduce the debt deficit

The European single currency is facing an 'inevitable break-up' a leading French bank claimed yesterday.

Strategists at Paris-based Société Générale said that any bailout of the stricken Greek economy would only provide 'sticking plasters' to cover the deep- seated flaws in the eurozone bloc.The stark warning came as the euro slipped further on the currency markets and dire growth figures raised the prospect of a 'double-dip' recession in the embattled zone.Claims that the euro could be headed for total collapse are particularly striking when they come from one of the oldest and largest banks in France - a core founder-member.

'Any "help" given to Greece merely delays the inevitable break-up of the eurozone.'The alarming claim came a day after European Union leaders promised 'determined and co-ordinated' action to shore up Greece's tattered public finances, but disappointed traders by failing to provide specifics.

Further details are expected early next week, but markets were in high anxiety yesterday amid fears political divisions among rich eurozone members could derail any rescue.

The euro slid almost 1 per cent to $1.357 yesterday, meaning it has lost 10 per cent of its value since November. The pound rose to 1.14 euros.Earlier this week Business Secretary Lord Mandelson's claimed that the single currency had been a 'remarkable success' and that it remained in Britain's interests to join.

David Cameron ridiculed that claim yesterday.He told the Tories' Scottish conference: 'Are this Government the only people in the country who still think that would be a good idea? Our deficit and debt are bad enough without the straightjacket of the euro.

'If I am elected for as long as I am prime minister the United Kingdom will never join the euro.'The eurozone is facing a fully-fledged crisis. The Greece episode has made it painfully clear how flawed the euro project was from the very beginning.

'Even if Greece receives a one-off bailout it would not solve the real problem, which is the huge differences in competitiveness between the eurozone's richest and poorest members.

If these differences are to be evened out, the EU would need a single budget and common taxes so it can redistribute resources.'One thing is clear, Britain made the right choice in staying out.'Mr Edwards argued that Portugal, Ireland, Greece and Spain are too economically weak to withstand the rigours of eurozone membership.

Harvard University Professor Martin Feldstein, a long-standing sceptic on the euro, yesterday said the single currency 'isn't working' because member governments have no incentive to keep their public debts under control.

source

How long before all of the countries start giving up on Euro... Britain and Russia did a smart thing by not joining the EU, and number of other countries...Sooner or later other countries are gonna start requesting bailouts in order to improve their economy... its just a matter of time before the Euro is abandoned.....
SplinterStrike
Roamer
+250|5369|Eskimo land. AKA Canada.
My canadian dollar was worth 40 cents in Europe back in september, according to the meter on my PC it's 70 cents now
Shahter
Zee Ruskie
+295|5733|Moscow, Russia

blademaster wrote:

Russia did a smart thing by not joining the EU
russia even in the unlikely event that it had wanted to join eu would have never been given a chance to do so given the economical and political state it had been in for the past coupla decades.
if you open your mind too much your brain will fall out.
TSI
Cholera in the time of love
+247|4938|Toronto
Yes, it's a large problem. It's going to kill the euro's value over the next six months, and maybe affect its stability after that. But I don't think it will lead to the breakup of the currency; at worst, Greece will be cut loose. I do think the 2004 expansion was a bad idea. Now, however, we'll see a GM-esque bailout, followed by a period of massive restructuring.
I like pie.
SEREVENT
MASSIVE G STAR
+605|5065|Birmingham, UK

TSI wrote:

Yes, it's a large problem. It's going to kill the euro's value over the next six months, and maybe affect its stability after that. But I don't think it will lead to the breakup of the currency; at worst, Greece will be cut loose. I do think the 2004 expansion was a bad idea. Now, however, we'll see a GM-esque bailout, followed by a period of massive restructuring.
I read that Greece couldn't be cut off because then other countries in debt like Ireland will want the same. Or is that deinflation? I don't really know much about economica sorry if i've got this totally wrong.
eleven bravo
Member
+1,399|4217|foggy bottom
saw this coming
Tu Stultus Es
Braddock
Agitator
+916|5248|Éire
I've heard Roland Emmerich is making a movie about it.
Harmor
Error_Name_Not_Found
+605|5506|San Diego, CA, USA
With Obama spending an extra trillion a year here in the states I wonder if he'll bailout Europe?
loubot
O' HAL naw!
+470|5536|Columbus, OH

Harmor wrote:

With Obama spending an extra trillion a year here in the states I wonder if he'll bailout Europe?
That missing money from the first bailout probably went to Greece. We have been shystered
ATG
Banned
+5,233|5487|Global Command
The fuckwits in our country will plunge a head with a NAU anyway, convinced we can do better what others fail at.

It is doomed here too.
Turquoise
O Canada
+1,596|5363|North Carolina
I get the impression that Greece is insane....
Ticia
Member
+73|4293

Turquoise wrote:

I get the impression that Greece is insane....
Ah ah. They act like they were the birth of civilization or some crazy shit like that.
TSI
Cholera in the time of love
+247|4938|Toronto

SEREVENT wrote:

TSI wrote:

Yes, it's a large problem. It's going to kill the euro's value over the next six months, and maybe affect its stability after that. But I don't think it will lead to the breakup of the currency; at worst, Greece will be cut loose. I do think the 2004 expansion was a bad idea. Now, however, we'll see a GM-esque bailout, followed by a period of massive restructuring.
I read that Greece couldn't be cut off because then other countries in debt like Ireland will want the same. Or is that deinflation? I don't really know much about economica sorry if i've got this totally wrong.
No, you're right. It can't be cut off under current rules/laws/bs.
However, the key difference between Greece and say, Ireland and Spain is that a) Greece's admission process (the inspections) were falsified*, and b) greece has no real economy, at least not strong enough to save itself. Corruption doesn't help.
Thus, I think it should be cut off. No more EU money. It won't want it, but Merkel's got the right idea. It's time for the more responsible governments to take charge of this joke.




*For instance, the EU subsidy money they get for their olive plantations would require every inch of Greek land to be covered by three storeys of olive trees to be accurately valued.
I like pie.

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