Greece leaving the Euro?

as per title.... on Radio 2

STAND DOWN

er no - that's what happens when you can only hear half a story.

They played a recording of 'what if' Greece left the Euro. Fecking idiots!

But they will, thus helping to shore up an eventually stronger euro, and with many more financial transactions shifting from London to Frankfurt.

But they will, thus helping to shore up an eventually stronger euro, and with many more financial transactions shifting from London to Frankfurt.

The UK is a major financial centre largely because we speak English (the language of international business) and are on GMT so at some point in the day both the US and Far east are at work at the same time as us. Frankfurt has less of those advantages than London does. If anything the biggest threat is many of Hedge Funds (lightly staffed but huge earners) moving to Geneva.

What makes you think transactions will move to Frankfurt.

The terms and conditions of the proposed euro-denominated transaction tax, as agreed (or so they say they will) by the 26 - an agreement reached outside the formal legal framework of the EU. If it happens, the first fruits of Cameron's veto will be the transfer of billions of euros worth of business from the City to Frankfurt.

The terms and conditions of the proposed euro-denominated transaction tax, as agreed (or so they say they will) by the 26 - an agreement reached outside the formal legal framework of the EU. If it happens, the first fruits of Cameron's veto will be the transfer of billions of euros worth of business from the City to Frankfurt.

Que? That would make London more attractive than Frankfurt, not less.

Que? That would make London more attractive than Frankfurt, not less.

It wouldn't, because the conditions of the tax would be that euro-denominated trades would have to be transacted within the eurozone - precisely for the reason you suggest, that it otherwise give London what to them is an unfair advantage.

Getting the hell out of the euro is the best thing Greece could do, tbh. Trouble is, it will unravel after that, which is why France and Germany are trying to prop them up.

now on the verge...

good too....there is and was no point in a sing currency

Sounds like Greece are the Pompey of Europe,taking lots of money with no intention of paying it back!

Sounds like Greece are the Pompey of Europe,taking lots of money with no intention of paying it back!

spain is next

It wouldn't surprise me if Spain exited first and without warning. Rajoy is in a desperate position, and being PP (essentially francoist fascist) he'll bang the nationalist drum and be loved for doing so.

This is a good read.

http://gonzalolira.blogspot.com/2012/04/spain-will-exit-eurozone-firstthis-year.html

It wouldn't, because the conditions of the tax would be that euro-denominated trades would have to be transacted within the eurozone - precisely for the reason you suggest, that it otherwise give London what to them is an unfair advantage.

Yep. The rump Euro will be a northern European currency based in Frankfurt which will absorb the vast tract of Euro based transactions.

This "new" Euro will be massively powerful n a very short time.

It wouldn't surprise me if Spain exited first and without warning. Rajoy is in a desperate position, and being PP (essentially francoist fascist) he'll bang the nationalist drum and be loved for doing so.

 

This is a good read.

 

http://gonzalolira.blogspot.com/2012/04/spain-will-exit-eurozone-firstthis-year.html

That's a fair point regarding Spain as they are in a dire position and with their nationalist past it would be a popular and ballsy move.

good greece should have never been in the euro in the first place and its better for the weaker country's to leave untill their economys are stronger enought to be in it.

Yep. The rump Euro will be a northern European currency based in Frankfurt which will absorb the vast tract of Euro based transactions.

 

This "new" Euro will be massively powerful n a very short time.

good greece should have never been in the euro in the first place and its better for the weaker country's to leave untill their economys are stronger enought to be in it.

no country should have been in the euro. to have one currency you need one economy - one superstate, now i know that is exactly what the bureaucrats want, but they put the cart before the horse.

maybe we should join the "new" Euro then, if all the workshy European companies have been booted we can dominate the economic world!!!

this has nothing to do with the fact that I'm routinely mistaken for a german

I still don't see the need for all the full on integration/single currency....

barmy idea

I still don't see the need for all the full on integration/single currency....

 

barmy idea

Hitler and Napoleon couldn't achieve the desires of their respective countries on the battlefield, so they had to find another way...

maybe we should join the "new" Euro then, if all the workshy European companies have been booted we can dominate the economic world!!!

 

this has nothing to do with the fact that I'm routinely mistaken for a german

Hitler and Napoleon couldn't achieve the desires of their respective countries on the battlefield, so they had to find another way...

kinda odd in a way...instead of killing 6m people...all hitler had to do is ask it seems

doubt we would not be strong enough economy for the new euro and think we are better off outside . the

We would be strong enough and the Germans would love another germanic race (with the same prudent conservative mindset) in it, but it would be bad for us. The bottom line is that joining the Euro would be the end of us as a sovereign independent country - just look at Italy and Greece with their technocratic poodle leaders akin Philippe Petain in Vichy France. However Spain is another kettle of fish and they won't be dicated to - Rajoy's Partido Popular is a party born from Franco's fascists and dictators don't like being dictated to.

Europe has far too many loonies for any superstate type of thing to even remotely work

we are all far too different

Europe has far too many loonies for any superstate type of thing to even remotely work

we are all far too different

It will work perfectly in northern Europe as all the economies are reliant on Germany.

It will become a very powerful currency.

It will work perfectly in northern Europe as all the economies are reliant on Germany.

 

It will become a very powerful currency.

But that's not what the Germans want. A powerful currency = a strong currency. That is why they are so desperate for the Euro to survive in it's current guise.

We would be strong enough and the Germans would love another germanic race (with the same prudent conservative mindset) in it, but it would be bad for us. The bottom line is that joining the Euro would be the end of us as a sovereign independent country - just look at Italy and Greece with their technocratic poodle leaders akin Philippe Petain in Vichy France. However Spain is another kettle of fish and they won't be dicated to - Rajoy's Partido Popular is a party born from Franco's fascists and dictators don't like being dictated to.

But that's not what the Germans want. A powerful currency = a strong currency. That is why they are so desperate for the Euro to survive in it's current guise.

A currency based out of Frankfurt, run by German bankers and run for the German economy is going to be powerful and strong, as was the Mark and Germany didn't do too badly out of that did they?

A currency based out of Frankfurt, run by German bankers and run for the German economy is going to be powerful and strong, as was the Mark and Germany didn't do too badly out of that did they?

Agreed, but the current weak euro is perfect for them, just what they want for their exports.

disagree i don,t think we will ever match the germans for productivity and investment and infrastructure and long term planning and i don,t think war history comes into it.

History always comes into it. Prussians are by their nature millitaristic and domineering.

The only people who do not think the Euro is screwed are Jacques Delors & his mates.

The Germans are desperately trying to SAVE the Euro because without it a BMW 3 series basic would be cost half a million quid

Oh yeah they had productivity gains - no **** sherlock when they were pegged to the same currency level as Olive farmers in the Algarve

THEY are the beneficiaries of the Euro and they don't give a damn about the poor PIIGS

REALLY don't like Camoron, but his refusal to sign the "economic pact" and standing up to Merkosy is starting to look almost Churchillian

(which is a worry)

disagree i don,t think we will ever match the germans for productivity and investment and infrastructure and long term planning and i don,t think war history comes into it.

History always comes into it. Prussians are by their nature millitaristic and domineering. Just look at the way they all tromp down at sunrise with their towels. Ve Vill have ze best sunbeds.

History always comes into it. Prussians are by their nature millitaristic and domineering. Just look at the way they all tromp down at sunrise with their towels. Ve Vill have ze best sunbeds.

Another total propaganda lie.

They pay the hotel staff to put their towels down 20 minutes BEFORE sunrise

Phil, would a single currency in your neck of the woods ever work

It will work perfectly in northern Europe as all the economies are reliant on Germany.

 

It will become a very powerful currency.

Thats an opinion. Mine is that once Greece defaults, as they certainly will, Spain will follow and a precedent will have been set. Italy will suddenly remember that in the good old days they just used to add another few zeros to the Lira once in a while, and they will bail out as well. Once the dust has settled, the euro experiment will be over and we will all go back to running our own economies. As we should.

Agreed, but the current weak euro is perfect for them, just what they want for their exports.

Without a doubt. As usual they've played a blinder.

Thats an opinion. Mine is that once Greece defaults, as they certainly will, Spain will follow and a precedent will have been set. Italy will suddenly remember that in the good old days they just used to add another few zeros to the Lira once in a while, and they will bail out as well. Once the dust has settled, the euro experiment will be over and we will all go back to running our own economies. As we should.

It's not just my opinion but also the opinion of plenty of economists in The City.

Once the Med nations revert to their own currency the northern Europeans will be left with a very robust currency and interlinked economies.

Another total propaganda lie.

 

They pay the hotel staff to put their towels down 20 minutes BEFORE sunrise

I was on a coach trip in Turkey and the bloody guide was suposed to be giving a bi lingual commentary but kept doing the german first for like 10 minutes and then by the times we;d gone past gave 30 seconds in english. After the third time I was getting really p/ssed off and couldn't help myself and shouted down the coach can we have it English first for a change. If looks could've killed - they weren't happy - but it did the trick.

Thats an opinion. Mine is that once Greece defaults, as they certainly will, Spain will follow and a precedent will have been set. Italy will suddenly remember that in the good old days they just used to add another few zeros to the Lira once in a while, and they will bail out as well. Once the dust has settled, the euro experiment will be over and we will all go back to invading each other.

I've edited your post (many a true word is said in jest though...)

I was on a coach trip in Turkey and the bloody guide was suposed to be giving a bi lingual commentary but kept doing the german first for like 10 minutes and then by the times we;d gone past gave 30 seconds in english. After the third time I was getting really p/ssed off and couldn't help myself and shouted down the coach can we have it English first for a change. If looks could've killed - they weren't happy - but it did the trick.

So with you on that. I've made a whole career out of stereotypes. The stupid thing is the Germans don't think anyone has noticed WHY they want to keep the Euro going

It's not just my opinion but also the opinion of plenty of economists in The City.

 

Once the Med nations revert to their own currency the northern Europeans will be left with a very robust currency and interlinked economies.

So with you on that. I've made a whole career out of stereotypes. The stupid thing is the Germans don't think anyone has noticed WHY they want to keep the Euro going

The stereotypes are so true though. The whole millitary manaovere of putting their towells on the sunbeds is a perfect illustration of how they are. It's planned and executed like they're invading Poland. Blitzkreig on ze front row sunbeds. Not to mention their legendary sense of humour...

It's not just my opinion but also the opinion of plenty of economists in The City.

 

Once the Med nations revert to their own currency the northern Europeans will be left with a very robust currency and interlinked economies.

Just think back to the days when William Hague (not defending him as a Politician and I never listened to him - he was just an eloquent opponent) and others made speeches against the Euro and the world let rip on him. There have been some very good press articles in the past year digging up old speeches that led to people losing their careers because they dared to question the infrastructure behind the Euro or even the "commitment" to fiscal "compliance". In concept the Euro is fantastic for any of us not in it or doing biz there, but you cannot build a Tower Block on no foundations.

Delors should be jailed for being an idiot

The stereotypes are so true though. The whole millitary manaovere of putting their towells on the sunbeds is a perfect illustration of how they are. It's planned and executed like they're invading Poland. Not to mention their legendary sense of humour...

As witnessed on my recently reported Stag trip (which some took offence to) when a German Stag party came up and said "Vot iz ziss song u sing vith zee hands round zee eyes? They REALLY could not understand why we fell off the benches in the beer hall when they did the whole Dambusters thing

The thing I like most about Gerams abroad is how they meet their match with the English and the Dutch. They're so arrogant, but their achiles heel is their lack of a sense of humour, and they hate it when we get together with the dutch and laugh at them. A few drunken rounds of...

...arm held aloft and they skulk away to plot their early morning raid on the sunbeds.

It's not just my opinion but also the opinion of plenty of economists in The City.

 

Once the Med nations revert to their own currency the northern Europeans will be left with a very robust currency and interlinked economies.

How keen do you think the German public are going to be on the single currency once it unravels? The whole point of it was that Germany would effectively be in charge of the whole of the european economy, my guess is that as soon as that prospect has disappeared they will lose their appetite for it. The oft-referred to northern nations dont need a single currency, the weaker southern ones did, which is why they were so desperate to join it. There is a flock of european chickens flying home to roost right now, and I hope dune's assessment is incorrect.

Good summary of projections for 2012/13. Note how the UK economy is comparably better than most.

http://www.chronicle.gi/headlines_details.php?id=24815

This was interesting and is now a Dune right wing, anti German, war reflecting bore. Well done.

This was interesting and is now a Dune right wing, anti German, war reflecting bore. Well done.

Cheerio then, thanks for passing by.