Road to a Grecian turn?
Feb 12th 2017, 12:08 pm
#1201
Lost in BE Cyberspace
Joined: Jul 2016
Posts: 10,006
Re: Road to a Grecian turn?
I don't know, but I doubt it.
I hadn't heard that, but a lot ended up as framed artwork to hang on the wall as they were otherwise thought to be worthless.
ETA: You are correct.
I hadn't heard that, but a lot ended up as framed artwork to hang on the wall as they were otherwise thought to be worthless.
ETA: You are correct.
Russia To Pay Off Old Bonds - tribunedigital-chicagotribune
Feb 12th 2017, 12:12 pm
#1202
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Road to a Grecian turn?
Still only bonds sold in France. Apparently Czar bonds were popular in France in the immediately pre-revolutionary period, and were held by almost half of all French households.
Digging a little further, there was an earlier settlement with the UK - £46 million was paid in 1986 to redeem British-held Czar bonds.
Digging a little further, there was an earlier settlement with the UK - £46 million was paid in 1986 to redeem British-held Czar bonds.
Last edited by Pulaski; Feb 12th 2017 at 12:22 pm.
Feb 13th 2017, 3:48 pm
#1203
BE Forum Addict
Joined: Sep 2014
Posts: 1,114
Re: Road to a Grecian turn?
The original bondholders still lose out as they paid the face value of the bonds (for example £100) over 100 years ago and lost not only the purchasing power (due to inflation) of the principle (fact value), but also the twice yearly interest the bonds promised until maturity. I am sure that someone with £100 in 1900 can buy more goods from it than £100 in 2017.
Those who 'gained' from this Russian deal are those people who took the risk to buy up what appears to be worthless bits of paper from the original investor for a small sum.
Feb 13th 2017, 3:51 pm
#1204
Dunroaming back in UK
Joined: Mar 2012
Location: Expat in Yorkshire now
Posts: 11,294
Re: Road to a Grecian turn?
Feb 15th 2017, 4:37 am
#1205
Hostage Negotiator
Joined: Jun 2013
Posts: 5,173
Re: Road to a Grecian turn?
Are you sure about that?
Ted Malloch: Greece would be better off outside the eurozone | Comment | ekathimerini.com
Ted Malloch: Greece would be better off outside the eurozone | Comment | ekathimerini.com
Feb 15th 2017, 7:18 am
#1206
Dunroaming back in UK
Joined: Mar 2012
Location: Expat in Yorkshire now
Posts: 11,294
Re: Road to a Grecian turn?
Are you sure about that?
Ted Malloch: Greece would be better off outside the eurozone | Comment | ekathimerini.com
Ted Malloch: Greece would be better off outside the eurozone | Comment | ekathimerini.com
He just knows
Feb 15th 2017, 7:22 am
#1207
Polished expat
Thread Starter
Joined: Jul 2014
Location: Arcos de Valdevez "Onde Portugal se fez"
Posts: 16,828
Re: Road to a Grecian turn?
Are you sure about that?
Ted Malloch: Greece would be better off outside the eurozone | Comment | ekathimerini.com
Ted Malloch: Greece would be better off outside the eurozone | Comment | ekathimerini.com
Ted Malloch? Are you serious?
Feb 15th 2017, 4:00 pm
#1208
BE Forum Addict
Joined: Sep 2014
Posts: 1,114
Re: Road to a Grecian turn?
Another bit of bad news for the Euro zone -
Greek economy shrinks between October and December - BBC News
Greek economy shrinks between October and December - BBC News
Feb 15th 2017, 4:04 pm
#1209
Dunroaming back in UK
Joined: Mar 2012
Location: Expat in Yorkshire now
Posts: 11,294
Re: Road to a Grecian turn?
Another bit of bad news for the Euro zone -
Greek economy shrinks between October and December - BBC News
Greek economy shrinks between October and December - BBC News
Feb 19th 2017, 11:19 am
#1210
Dunroaming back in UK
Joined: Mar 2012
Location: Expat in Yorkshire now
Posts: 11,294
Re: Road to a Grecian turn?
I saw this today and thought it was as good a summary of the Greece Problem as I have seen.
Notwithstanding Greece’s own faults, which are many, the EU has in many ways inadequately responded to the Greek crisis. Greece’s debt problem was not dealt with on time until it had become too big to handle. Then, when the situation was "too big to fail", the EU’s wealthier countries chose to save their banks, which had lent money to Greece.
The crisis in Greece was defined by its international creditors as a liquidity crisis, whereas in reality the country suffered from perennial macroeconomic faults such as a bloated public sector, lack of competitiveness and governance.
There is no doubt that the Greeks are to be blamed for reaching the tip of the debt cliff, but the recipe provided to fix the debt problem was faulty and never tested before. And as Greece is facing an ever-increasing crisis with no end in sight, there is greater incongruity between the EU and the IMF, which are both responsible for offering economic and technical assistance to Greece.
The crisis in Greece was defined by its international creditors as a liquidity crisis, whereas in reality the country suffered from perennial macroeconomic faults such as a bloated public sector, lack of competitiveness and governance.
There is no doubt that the Greeks are to be blamed for reaching the tip of the debt cliff, but the recipe provided to fix the debt problem was faulty and never tested before. And as Greece is facing an ever-increasing crisis with no end in sight, there is greater incongruity between the EU and the IMF, which are both responsible for offering economic and technical assistance to Greece.
Feb 21st 2017, 8:33 am
#1211
Polished expat
Thread Starter
Joined: Jul 2014
Location: Arcos de Valdevez "Onde Portugal se fez"
Posts: 16,828
Re: Road to a Grecian turn?
Feb 21st 2017, 2:53 pm
#1212
Dunroaming back in UK
Joined: Mar 2012
Location: Expat in Yorkshire now
Posts: 11,294
Re: Road to a Grecian turn?
many a true word spoken in jest...
Feb 23rd 2017, 8:29 am
#1213
Dunroaming back in UK
Joined: Mar 2012
Location: Expat in Yorkshire now
Posts: 11,294
Re: Road to a Grecian turn?
https://www.neweurope.eu/article/lag...aircut-needed/
It looks like the IMF are rolling over and going with Germany.....
It looks like the IMF are rolling over and going with Germany.....
Feb 23rd 2017, 4:28 pm
#1214
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Road to a Grecian turn?
https://www.neweurope.eu/article/lag...aircut-needed/
It looks like the IMF are rolling over and going with Germany.....
It looks like the IMF are rolling over and going with Germany.....
Feb 23rd 2017, 4:53 pm
#1215
Dunroaming back in UK
Joined: Mar 2012
Location: Expat in Yorkshire now
Posts: 11,294