What's up in Greece ?

[squirrel]

Some say a bank run has begun in Greece. (zerohedge)

With the new election being announced, that will surely delay any action to resolve this "issue".


On another note Hollande's plane was struck by (Zeus')lightning while on his way to meet with Merkel in Germany.

[Emil]

Originally Posted by squirrel

Some say a bank run has begun in Greece. (zerohedge)

With the new election being announced, that will surely delay any action to resolve this "issue".


On another note Hollande's plane was struck by (Zeus')lightning while on his way to meet with Merkel in Germany.

wouldnt you run to the bank if you lived there?! absolutely you would. Greece will most likely be out of the EU, this is the final leg of the crisis for them. it aint even about them anymore. Once Greece will be out, they need to safe guard Portugal, Ireland and the rest of the shit countries.

[alexd]

Originally Posted by Emil

the rest of the shit countries.

Bit harsh isn't it ???

[squirrel]

Originally Posted by alexd

Bit harsh isn't it ???

It is. The whole western world is over leveraged.

Alex, how are things in your home country ? Are people really mass withdrawing euros from their bank accounts since Monday ?

[jose]

Syriza will win the next elections AND 80% of the Greeks say they rather stay on the Euro...

Militars will be in charge before the year is over.

[Emil]

well, if you live there and your pensions will get erased, benefits taken away, you lose your jobs, enjoy 40% unemployment in the 20-30 yrs of age group i.e. most young people who should be the driving force of the economy like in Spain are jobless with zero prospects of finding a job and pretty soon whatever money you have in the banking systems most likely will be vacuum as the Iceland example shows us thier equivalent if FDIC nearly didnt have enough money to cover all of the deposits...if after that you still think i am harsh, then look me up after that and i will offer my formal apologies.

[Emil]

Originally Posted by jose

Syriza will win the next elections AND 80% of the Greeks say they rather stay on the Euro...

Militars will be in charge before the year is over.

it aint about what Greeks want and dont want, it is about what Germans want, wake up and smell the roses. People with money have the final say. If greeks just want to stay in EU and not do any austerity measures, then one day German voters will decide that enough is enough.

Btw, as numerous emerging markets example showed us, best thing for Greece longer term would be get out of EU, adopt own currency, devalue massively, default AGAIN and clean the balance sheet and start over, like Latvia did to some extend, like Iceland did, like Russia did back '98.

[Rubber Duck]

Originally Posted by alexd

Bit harsh isn't it ???

Yeah, it is a bit rough on Greece lumping them in with the US and Japan.

[alexd]

Originally Posted by Rubber Duck

Yeah, it is a bit rough on Greece lumping them in with the US and Japan.

[alexd]

Originally Posted by Emil

i will offer my formal apologies.

No need for that - if you are ever over here in Greece, I'll buy you a beer ( though you will have to pay as I will be skint !! )

[alexd]

Originally Posted by squirrel

It is. The whole western world is over leveraged.

Alex, how are things in your home country ? Are people really mass withdrawing euros from their bank accounts since Monday ?

To put it simply, things here are extremely fcuked up !! That's all I can say really without this turning into a never ending political thread !! I guess those of us who are holding Greek IDNs might just need to wait a little longer before they reach their potential ( and by a little longer, I am estimating something around the 100 year mark ! )

[bumblebee man]

Gotta love your optimism, Alex.
Posted via Mobile Device

[yanni]

Originally Posted by squirrel

Are people really mass withdrawing euros from their bank accounts since Monday ?

Nah, it's a outright lie. How can you withdraw something which doesn't exist?

[Wot]

Originally Posted by yanni

Nah, it's a outright lie. How can you withdraw something which doesn't exist?

Bank accounts or Euro?

Understandable as the New Drachma ,if it happens,will be of little value and I guess most think the Euro will at least hold steady (Or maybe they will exchange for Swiss Franc or other currency?).

I mentioned to a member here that the whole thing is a plot by Turkey. If Greece leave the EU then Cyprus will follow then there will be nobody to object to Turkeys entry and I suppose from the EU's point of view swapping Greece and Cyprus for Turkey would be a good move financially and militarily.

[squirrel]

Good luck guys really

[Jay]

Originally Posted by Wot

swapping Greece and Cyprus for Turkey would be a good move financially and militarily.

So sell Greek IDNs, buy Turkish?

[mulligan]

It's all right to be pissed but don't insult people's countries using that language.

Originally Posted by Emil

Portugal, Ireland and the rest of the shit countries.

[bumblebee man]

I wonder why opting out of the Euro zone (not the EU - many people here seem to confuse that) doesn't seem to be an option for the majority of people in Greece.

Actually there's only 2 possibilities:

- Keeping the Euro and cutting public spending AND wages on a large scale. As we can see already this approach is pretty much suicidal for a recessive Economy.

- Opting out and devaluing the new currency. The only chance to (re)gain competitiveness imo. Some help (by the EU) would be needed until the trade defictit is overcome but then you'd have a real restart.

Keeping the Euro without cutting spending is just wishful thinking by the Syriza people.

Capital flight is irrelevant because it happened already. Repaying debt in Euros is irrelevant as well as it won't happen either way.

[Emil]

Originally Posted by bumblebee man

I wonder why opting out of the Euro zone (not the EU - many people here seem to confuse that) doesn't seem to be an option for the majority of people in Greece.

Actually there's only 2 possibilities:

- Keeping the Euro and cutting public spending AND wages on a large scale. As we can see already this approach is pretty much suicidal for a recessive Economy.

- Opting out and devaluing the new currency. The only chance to (re)gain competitiveness imo. Some help (by the EU) would be needed until the trade defictit is overcome but then you'd have a real restart.

Keeping the Euro without cutting spending is just wishful thinking by the Syriza people.

Capital flight is irrelevant because it happened already. Repaying debt in Euros is irrelevant as well as it won't happen either way.

agree 100%. i think option 2 you mentioned is the way to go. there are only 2 ways to get rid of debt problem:

1) grow out of it, but that won't happen as the world isnt going to grow, especially Greece as the debt burden is too big.
2) default and devalue.

[Rubber Duck]

Originally Posted by Emil

agree 100%. i think option 2 you mentioned is the way to go. there are only 2 ways to get rid of debt problem:

1) grow out of it, but that won't happen as the world isnt going to grow, especially Greece as the debt burden is too big.
2) default and devalue.

Yes, and the US is pretending to 1 but actually doing 2.

The only real difference between Greece and the US is size.