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Posted: Fri May 18, 2012 8:32 am
by TheCorsair
Posted: Fri May 18, 2012 11:37 am
by lexaal
I know who will pay a lot of money to avoid an answer.
Just as we said: the 2% of greece is not the biggest problem, but it is the most current.
Posted: Fri May 18, 2012 11:58 am
by TheCorsair
Kick the domino
The last ones left will love it when their currency appreciates and exports are far too expensive to compete against the BRICS
Then the dominoes that fell can compete again...
Like the Phoenix rising from the ashes
http://en.wikipedia.org/wiki/Phoenix_%28mythology%29
etc etc
Posted: Fri May 18, 2012 1:19 pm
by peet
Heh heh, one of the fine headlines of CNN ->. Euro crisis: Should I cancel my vacation?
http://edition.cnn.com/2012/05/17/travel/g....html?hpt=hp_c1
Posted: Fri May 18, 2012 1:37 pm
by takingarms1
Adept wrote:QUOTE (Adept @ May 17 2012, 09:07 AM) I'm not too worried. Greek leaders should never have been allowed to cheat their way into the Eurozone anyway. Euro-union states had to stretch out the process to avoid a full scale banking collapse. Now pretty much everything that can be done has been done, and it's time to let Greece deal with it's own problems. The voters have decided to go for a default on the debt, and that means leaving the Eurozone.
What about the notion that Greece isn't the only euro member who is cheating/cheated their way in, and that this will be the first of multiple similar exits? Any thought that this could lead to a broader european economic collapse?
Frankly it seems to me like something like that needs to happen so things can be organized better. Either that or the cheaters have to be forced to get their @#(! together. Maybe greece being forced out and suffering really hard times will motivate others to follow austerity?
Posted: Fri May 18, 2012 2:11 pm
by Adept
TakingArms wrote:QUOTE (TakingArms @ May 18 2012, 04:37 PM) Frankly it seems to me like something like that needs to happen so things can be organized better. Either that or the cheaters have to be forced to get their @#(! together. Maybe greece being forced out and suffering really hard times will motivate others to follow austerity?
You're right. Something like this had to happen to fix the euro-union. The rules were watered down to "let's all play nice" with no sanctions to those who didn't. That will have to change, and has already been partially addressed.
Unless the whole house of cards collapses, this will be a good thing... in the long run
Posted: Fri May 18, 2012 2:36 pm
by clint
Takingsarms, maybe you should suffer too with the bull@#(! in your mouth.
Thats not Greek people who cheat, but Greek dirigeant. And you want impose austerity to greek even if they had no way for dont allow they dirigent to not cheat.
Okay
Posted: Fri May 18, 2012 3:05 pm
by HJ_KG
,
Posted: Fri May 18, 2012 3:52 pm
by TheCorsair
http://www.dailymail.co.uk/news/article-21...s--reality.html
"Hundreds of pages of German government documents from 1994 to 1998 stated clearly that Italy - now one of the floundering southern European euro states - should not have been allowed to join."
Later on the files bring up another country that was poised for catastrophe: Greece.
Aides warned Kohl - who, along with De Gaulle in France relentlessly drove the European Project onwards as a bulwark against future war - that Italy's austerity measures taken at the time were merely 'window dressing.'
Spiegel dubbed the information in the files as 'Operation Self Deception.'
The Germans seemingly knew they were driving the continent into a fiscal cul-de-sac but went ahead with it anyway.
Posted: Fri May 18, 2012 3:54 pm
by TheCorsair
Oh look who cheated as well...
http://www.bbc.co.uk/news/world-europe-16761087
In 2003, France and Germany had both overspent, and their budget deficits had exceeded the 3% of GDP limit to which they were legally bound.
'Told to shut-up'
The Commission - then led by the former Italian Prime Minister Romano Prodi - had the power to fine them.
But the finance ministers of what was then the 15 eurozone member countries gathered in Brussels and voted the Commission down.
Former EU Commission president Romano Prodi Romano Prodi says he was prevented from fining France and Germany for breaking euro rules
They voted to let France and Germany off.
They voted not to enforce the rules they had signed-up to and which were designed to protect the stability of the single currency.
Britain's then-Chancellor, Gordon Brown - still at this stage committing sterling to its love affair with prudence - voted with the French and German position.
The EU is often criticised for the power wielded by the unelected and allegedly unaccountable European Commission.