Garbatellamike

You could well be right.

Maybe1day

I would have added Legislation too to the last sentence - and madder than a forum of expats!

ps. is EMR on his hols?

Pulaski

As mad as the single currency without common taxation is having open borders without a single border authority and immigration policy, as we are now seeing.

InVinoVeritas

I think he's on a typing course.

Pulaski

Hopefully GeniB is not the tutor.

Garbatellamike

I see the Troika inspection team is going to Greece on 18 Jan to evaluate progress - should be interesting to see what they find.

On a similar note does anyone know how the Anti-Austerity Givernment is getting on in Portugal as it seems to have gone very quiet?

InVinoVeritas

I have been watching Greece with Simon Reeve on BBC iPlayer - quite eye-opening. I would say there's not much chance of anything changing in Greece.

Garbatellamike

https://www.socialeurope.eu/2016/04/...uture-greece/?

Interesting and balanced summary of the latest situation in Greece methinks

amideislas

Well, the yanks have the Dollar, but taxes vary greatly from state to state.

The problem with the Euro isn't the lack of common taxation, but the fact that it [was] a single currency with multiple fiscal policies governed by multiple central banks. In other words, a Greek Euro was worth less than a German Euro. And obviously that didn't work. But they've (for all intents and purposes) fixed that now. The ECB is now the central bank of the Euro. End.

But this does raise another point. The lack of a central fiscal policy for the Euro was the first problem. You mentioned a central tax policy. Well, they're working on that too. But the next problem is a central immigration and customs agency, which enforces EU borders. That's really not too far off. The last hurdle will just sort of evolve into itself; a central government. It will take a while, but that's the point when Britain will finally call it a night, shake hands and become one of Europe's friendly neighbours.

iano

The last hurdle might well evolve into itself, whatever that means, but only the will of the people will carry us over it. Long, long way off if at all.

amideislas

It's already 2/3 of the way there. The streets are already paved. And "ever-closer political Union" doesn't mean "we'll do lunch". It means what it says on the tin.

Like I've always said. One morning, we'll just wake up and realise we've become the "Federal Republic of Europe". Prior to that, nobody will refer to it that way, but as a practical matter, that's what it will be.

Garbatellamike

So just as it looks like there might be agreement for some debt relief for Greece some moron gives a press conference and says that if Greece gets debt relief that will able it to return to the markets to borrow more money they can't pay back - you couldn't make it up.

Oh and the moron in question turns out to be the Deputy PM - I bet the Germans will be falling over themselves to cancel the money owed so that the Greeks can borrow off someone else.

Garbatellamike

Greece repaid 1.54 billion euros ($1.695 billion) and accrued interest to the European Central Bank on a maturing government bond on Wednesday. The repayment was made after the country tapped cash from a bailout disbursement worth 7.5 billion euros made to Athens by the European Stability Mechanism (ESB) late in June, following the successful conclusion of the country’s performance review.

Hmm - how long can they keep going like this?

Pulaski

Well if they are given €7.5bn every time they need to repay €1.5bn, it seems like a pretty good racket that they could carry on indefinitely!

Garbatellamike

yes indeed - it seems to me the how long depends on how long Frau Merkel will keep paying the bills.....