Red Eric

Exactly.

Not that they're going to exit.

bigglesworth

The ECB is trying to emphasise that to members. Of course, IF they are still sovereign, whether they choose to implement Lex Monetae is a sovereign matter. But they cannot, I would think, set it to one side whilst they remain under the authority of the ECJ. So membership of the EU and membership of the Euro have become intertwined. (As they probably intended).

Where that leaves them is anybody's guess. QE simply must be wound down soon. (Law of diminishing returns, and anyway you cannot borrow ad infinitum from tomorrow, especially as tomorrow becomes today)
But neither Greece, nor Italy, nor now Portugal can actually cover their current expenditure without either defaulting or borrowing more to pay the cost of borrowing. Squares and circles. The next BIS report will be ineteresting.
That can is getting a lot of dents in it as they kick it on down the road

Garbatellamike

I think that's a good call and Schaube may not be alone in that..

Garbatellamike

I don't think you can be that certain Eric - it is unlikely but GREXIT is within the art of the possible given the scale of the problem and decreasing room for manoeuvre.

I think the more likely course of action is further extend and pretend but only time will tell.

Oh - no sign of growth then?

Red Eric

Is there a mechanism for chucking a country out of the Eurozone? Because I don't think the Greeks would actually vote for it. And even if there were, it's a very moot point as to whether it would be possible or legal to throw them out of the EU as a result - and that they certainly won't vote for.

I also think that despite Schäuble's probable desire to see them go, he's in a very small minority. He can and does make things extremely awkward for them by his influence in the Eurogroup and I'd certainly like to see a changing of the guard in there.

I wonder what the French elections will bring? Maybe Macron might hold sway and swing the balance of power a little - he seems to be the right sort of reformer, from what I've read. Something needs to happen to make things a bit more cohesive and purposeful.

Garbatellamike

You are wrong again on this thread, which is becoming a recurring theme - the point is as far from moot as it is possible to be. Moreover, I have to point out that a point is either moot or not - you can't have a very moot point or a not very moot point as moot is an absolute

There is something in what you say about Schaube.

I think there are a whole series of elections not just France but again you may be on to something there.






Any sign of growth yet?

Red Eric

I'll happily accept your opinion on the matter if you provide meaningful evidence to support it - otherwise I shall remain sceptical on the basis of what I have read so far.

bigglesworth

A moot was an Old English meeting for discussion.
Nowadays, only used I think in Law colleges and the phrase "a moot point"
Moot usually nowadays means a law students debating competition - really rather fun- on a particular point of law.
Therefore it absolutely means debatable, undecided, open to argument.

Garbatellamike

yes true but Eric used it in its context of an irrelevant argument

Garbatellamike

skeptical methinks

The only opinion you accept on anything is that of the brilliant Red Eric the infallible - I won't hold my breath waiting for you to accept opinion or fact postulated by anyone else.

Red Eric

No I didn't.

Garbatellamike

sorry that's how I read it - I do struggle to follow your logic sometimes. If that's not what you meant please accept my sincere apologies which I also offer to Biggles.

My bad

Red Eric

No need to apologise but to be honest I didn't even know it had the meaning you refer to - I only knew of it being used to mean debatable or to raise a matter for discussion. Although I've heard and read the expression frequently, I've never recognised it as being used to mean irrelevant - although I expect it possibly has been and I've missed it.

So I didn't even know that's what you were referring to - I just couldn't be bothered going in to yet another disagreement on such a trivial matter this time.

Anyway, thanks to both - I've learnt something today.

Garbatellamike

No Eric when I make a mistake I have to apologize as it's the right thing to do........

Red Eric

Great. I always make a point of it, so something we can agree on