[QUOTE=HBG;10085930].
The lady in charge of the IMF summed it up nicely when she told Greece they could solve their debt problem by paying their taxes.[Quote]

Am I the only one who finds this somewhat trite? If they have no money who is going to loan it to them the local bank?

Jim

[QUOTE=Bigger Jim;10086560][QUOTE=HBG;10085930].
The lady in charge of the IMF summed it up nicely when she told Greece they could solve their debt problem by paying their taxes. Well you could always as some of the EU's plans suggest fine the country that is bust and cant meet it's obligations that will help.

[QUOTE=bobd22;10086566][QUOTE=Bigger Jim;10086560] if a country has no money what is the use of fining that country -they havnt got any money to pay the fine.

sounds just like the banks sending you a £75 letter advising you are overdrawn. if theres no money theres no money and the debt gets artificially worse, not better.

but then doesnt Greece have rather a higher percentage of millionaires per population than most other countries ? ?

[QUOTE=Domino;10086608][QUOTE=bobd22;10086566] Sorry Domino I was being sarcastic mate but that just about sums up the EU's handling of this fiasco. I see they are now predicting that the conservative Greeks will win the election and stick by the cuts??? and so it goes on

[QUOTE=bobd22;10086615][QUOTE=Domino;10086608] Yeah, realised that after i had hit the Submit Reply button

There have been know-it-all's claiming the demise of the €uro for months now, Greece is leaving for the same period. The rules of the €uro as originally written by the Bundesbank back room staff do not allow for a member state to leave. Something they learnt after UK left the ERM trial run in a bloody mess.

Spanish banks are coming up with debts that are reminiscent of the RBS fiasco with Bankia, just 4-5 years later.

I still say, as I have done for many many months - a country is like a super-tanker (the Greeks know alot about them) has a turning circle of 8 miles and needs 6 miles to stop. Nothing that is done now will be seen for several months, so any action will show up at Christmas.

In the meantime the bright young things will still be looking at making £millions on small changes in currency trading, in short term loans at increasing % interest rates.
Its just the same in the money market as it was in 1992 when we dived out of the ERM - based again on the stability of the Deutsche Mark as now with the €uro.
We never learn

[QUOTE=Domino;10086642][QUOTE=bobd22;10086615][QUOTE=Domino;10086608]

have been know-it-all's claiming the demise of the €uro for months now, Greece is leaving for the same period. The rules of the €uro as originally written by the Bundesbank back room staff do not allow for a member state to leave. Something they learnt after UK left the ERM trial run in a bloody mess.

The rules also state that no member state shouild exceed a debt to GDP ratio of 3 %. But they all have.
One way of Greece leaving would be if they held a referendum asking if they still wanted to be members of the Euro.This has been mooted by a senior German official recently I believe.
Vote YES . Then they have to accept as a nation the budget cuts imposed by
the EU
Vote NO. Then leaving is only option.
Its ironic if it happpens that people would get a referendum to come out ,when most of them were not given one to go in.
Or if they did , they had to keep voting till they said yes

Further bail-out money for Greek banks. Not the Greek people obviously, their banks.

http://www.bbc.co.uk/news/business-18242611

Actually these are bailouts for the German and French banks, At the end of the day, it'll end up in Deutschebank, Commerzbank, etc.. which hold much of the exposure to Greek debt. If Greece isn't bailed out, they don't get their money. Why do you think they've been so hard-line on bailing out Greece so far? Because they're nice?

The big Spanish sell-off taking place this summer. Allegedly

http://www.thecorner.eu/2012/05/spai...e20-bn-e30-bn/

Why doesn't that surprise me they are just looking after themselves and no doubt it may encourage the Greek people that staying with the cuts is the way forward and that Mrs Merkle is really a lovely caring person looking after their interests.

Hey Britain could try selling something, That's the answer.

Doh... forgot Thatcher already sold everything we had years ago

Europe lost its chance when it rejected Tony Blair as its president. I watched him on TV today and what a lovely, caring man he is. I'm sure I spotted a halo over his head at one stage.

[QUOTE=Domino;10086608][QUOTE=bobd22;10086566] But haven't they already done a runner?

Jim

I thought they were just sitting there, looking out at those looking in

Perhaps they think The Gods will look down and send Odysseus and the gang in to sort it out for them

They haven't made much fuss about the Elgin Marbles for a few months so must have something on their mind............

How much does a Greek Urn?
Alot more than the rest of Europe can afford !