Road to a Grecian turn?
#646
Dunroaming back in UK
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Location: Expat in Yorkshire now
Posts: 11,307
Re: Road to a Grecian turn?
I read that he stripped down to his Y-fronts and personally took a 20lb sledgehammer to the machines, which, although idle for the past 15 years, had been maintained in pristine condition, just in case anyone wanted a few drachmas printed at short notice. Eyewitnesses described steam coming out of his nostrils and his eyes flashing like red neon lights.
Honestly fellas - where do you get this stuff from? And is your Google finger broken or something?
Honestly fellas - where do you get this stuff from? And is your Google finger broken or something?
#647
Re: Road to a Grecian turn?
FT quoted an inside source saying Greek unsecured depositors with over 8k would become involuntary retail bank bondholders with 30% of their funds in a similar arrangement to Cyprus without ECB backing.
It isn't clear to me how Greece can vote "No" and remain in the Euro. However I think the Eurozone will continue to bend over backwards to allow Greece to stay. There are a couple of ways they could have done six months (or so) ago with a dual currency or similar but it seems too late to start issuing a new currency...particularly one that no one cares for and would likely plunge into crippling inflation.
My thought is that if Greece voted "No" and defaulted to the Eurozone banks will not be reopening again soon and their economy will continue to grind to a halt. Eventually the deadlock would be broken of course but I think the EZ will sit it out and see what happens.
It isn't clear to me how Greece can vote "No" and remain in the Euro. However I think the Eurozone will continue to bend over backwards to allow Greece to stay. There are a couple of ways they could have done six months (or so) ago with a dual currency or similar but it seems too late to start issuing a new currency...particularly one that no one cares for and would likely plunge into crippling inflation.
My thought is that if Greece voted "No" and defaulted to the Eurozone banks will not be reopening again soon and their economy will continue to grind to a halt. Eventually the deadlock would be broken of course but I think the EZ will sit it out and see what happens.
#648
Re: Road to a Grecian turn?
I read that he stripped down to his Y-fronts and personally took a 20lb sledgehammer to the machines, which, although idle for the past 15 years, had been maintained in pristine condition, just in case anyone wanted a few drachmas printed at short notice. Eyewitnesses described steam coming out of his nostrils and his eyes flashing like red neon lights.
Honestly fellas - where do you get this stuff from? And is your Google finger broken or something?
Honestly fellas - where do you get this stuff from? And is your Google finger broken or something?
Why not use your Google finger, Eric?
#649
Dunroaming back in UK
Joined: Mar 2012
Location: Expat in Yorkshire now
Posts: 11,307
Re: Road to a Grecian turn?
I think the mess Syriza have made of the economy and their turning a poor domestic situation into a real humanitarian crisis will put them under pressure whilst the creditors, as alluded to above, can now play the time-wasting games of Varoufakis against him.
Lagard had it spot on. Do it in 2 stages first Greece reforms then reschedule some debt. You would have to be an imbecile to give debt relief unconditionally to these muppets without there being reform legislation first. I don't think there has ever been a more untrustworthy and dishonest government in Europe.
#650
Polished expat
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Re: Road to a Grecian turn?
Note the "we" in his admission. He does not say when they were destroyed, presumably quite recently. The man is a lunatic and doing this as FinMin he should probably be locked up.
Can you now see how that might have been a little bit misleading when taken in the context of the rest of what he said? My "where do you get this from" was asking where you read the headline but nothing else, by the way.
Last edited by Red Eric; Jul 5th 2015 at 6:56 am.
#651
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Re: Road to a Grecian turn?
Oh, please!!! That was what he said in the original interview, if I remember correctly. Certainly words to that effect - he mentioned something about a spirit of cooperation even in the event of a Yes vote. But he said categorically that he would no longer be Finance Minister in that case.
#652
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Re: Road to a Grecian turn?
In order to instil fear into the Greek population and get the result they want, the heavies throughout Europe have twisted this into "You're voting Yes to stay in the EZ and the EU and No to exit both", which is not the case.
#653
Re: Road to a Grecian turn?
No-one to my knowledge has ever suggested Greece would need to leave the EU, though no doubt some voters may have gotten confused about this.
#654
Re: Road to a Grecian turn?
What you quoted was 6 words from that interview. You then said
Note the "we" in his admission. He does not say when they were destroyed, presumably quite recently. The man is a lunatic and doing this as FinMin he should probably be locked up.
Can you now see how that might have been a little bit misleading when taken in the context of the rest of what he said? My "where do you get this from" was asking where you read the headline but nothing else, by the way.
Note the "we" in his admission. He does not say when they were destroyed, presumably quite recently. The man is a lunatic and doing this as FinMin he should probably be locked up.
Can you now see how that might have been a little bit misleading when taken in the context of the rest of what he said? My "where do you get this from" was asking where you read the headline but nothing else, by the way.
Of course he could have been lying.
#656
Dunroaming back in UK
Joined: Mar 2012
Location: Expat in Yorkshire now
Posts: 11,307
Re: Road to a Grecian turn?
Oh, please!!! That was what he said in the original interview, if I remember correctly. Certainly words to that effect - he mentioned something about a spirit of cooperation even in the event of a Yes vote. But he said categorically that he would no longer be Finance Minister in that case.
#657
Dunroaming back in UK
Joined: Mar 2012
Location: Expat in Yorkshire now
Posts: 11,307
Re: Road to a Grecian turn?
It's clear to me when taken in the context of what the referendum question is actually about ie Do we accept the creditors' offer of 25th June or not?
In order to instil fear into the Greek population and get the result they want, the heavies throughout Europe have twisted this into "You're voting Yes to stay in the EZ and the EU and No to exit both", which is not the case.
In order to instil fear into the Greek population and get the result they want, the heavies throughout Europe have twisted this into "You're voting Yes to stay in the EZ and the EU and No to exit both", which is not the case.
#658
Re: Road to a Grecian turn?
They are voting to stay in the Euro but without more austerity. They just can't work out if that would be a Yes or a No.
#659
Dunroaming back in UK
Joined: Mar 2012
Location: Expat in Yorkshire now
Posts: 11,307
Re: Road to a Grecian turn?
#660
Re: Road to a Grecian turn?
Can't imagine there is any reason for the EU to rush a deal at this point. Can't see the ECB wanting to resume their intervention either, the debt for cash program was nearly over anyway so it seems likely it'll be up to the Greek government to provide capital to banks (capital they've not got) or tell unsecured depositors they are bondholders (the Cyprus solution).