This isn’t meant to be fun. This is the end of civilisation.
Papandreau is “going to the Aras” to offer his resignation to the Greek President, Constantine Poopypantsus.
If accepted a coalition government will take over.
Full Analysis: Greece Should Default and Abandon the Euro
Author: Nouriel Roubini · September 22nd, 2011
Bullet points
[list]
[]Greece is insolvent, uncompetitive and stuck in an ever-deepening depression, exacerbated by harsh and excessive fiscal consolidation. It is time for the country to default in an orderly manner on its public debt, exit the eurozone (EZ) and return to the drachma to rapidly restore solvency, competitiveness and growth.
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[]Exit will require a conversion of euro liabilities into the new currency to limit the balance sheet effects that the depreciation of the new national currency will entail.
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[]Greece can exit the monetary union in an orderly and negotiated manner (i.e. limit the collateral damage to its own economy and financial markets that this exit would imply) if orderly mechanisms are used and appropriate official finance is provided. Such official finance to Greece and other EZ members under stress will limit the contagion and the losses for other periphery and core creditor countries, and will ensure that the domestic Greek financial system and economy does not suffer a chaotic implosion.
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[]Default and exit will be painful and costly, but the alternative of a decade-long deflation and depression would be much worse, economically, financially and socially.
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[*]Moreover, there are historical precedents for countries successfully taking the route of an orderly default on unsustainable foreign liabilities and exit from unsustainable currency pegs and/or currency boards.
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:lol:
Karolos Papoulias
Georgie is said to be fighting on for the moment.
Good news for those of us on Tracker Mortgages with the ECB annoucing a rate drop from 1.5% to 1.25%
[quote=“balbec, post: 519908”]
They are a shower of cunts. Call their bluff I say.[/quote]
I know just the people to help out:
Please note: Some of these people may be dead.
Alan Coren is dead. But his spirit lives on through these crisis talks.
[quote=“The Runt, post: 519917”]
Good news for those of us on Tracker Mortgages with the ECB annoucing a rate drop from 1.5% to 1.25%
[/quote]+1
The referendum is off. Jim Corr was actually right about a “one world government”. It’s called the financial industry (“industry” :lol: ). The fact that Corr is a fruitcake when it comes to everything else is irrelevant. He’s right about this.
+1
Great news. This recession is a doddle.
Georgie still says he wants to fight on. He’s talking about a “national unity government”.
The man tipped to replace him was a Vice-President of the ECB from 2002-2010. There isn’t even a pretence of democracy or sovereignty anymore.
An ideal scenario here from a purely Irish point of view is the Greeks default and the French banks get bailed out by the ECB.
The ECB would then have to take our banking debt aswell.
And we’d erect statues of this man all over the country
http://admin.newstalk.ie/wp-content/files/2011/09/michael-noonan.jpg
Jim Corr is right about a lot of things. Anyone who doesn’t sup from the mainstream medias cup is branded a lunatic.
George is brown bread. If he doesn’t step aside soon he will be ousted like his granddaddy. How can they be sovereign when they don’t have a pot to piss in and they want a vote about handing back the pot they were given by their neighbours?
Could we sell Greece? They owe 200+ Billion. A few islands for the Eurozone members. The East & Cyprus to the Turks. The Macedonians and Bulgarians would love a meditterean port or two? We can leave a token part of Greece to the South and Debt free.
That’s loan shark behaviour.
Forcing more debt onto someone you know can’t repay so you can eventually seize control of more valuable assets.
If the referendum had taken place you had two outcomes.
i) It’s passed - therefore the Greek people have given a mandate, however tenous, to the EU deal.
ii) It’s rejected - Greece leaves the Euro and goes through the scenario Roubini outlined above. It certainly looks a lot more sensible than ten years of “internal devaluation”, ie ten years of progressive driving down of wages with the resulting disastrous knock on effects for the economy. We’re more than likely going to suffer this too.
Both scenarios are better than what has happened - an attempt to have a democratic vote which is flatly denied by Germany. That’s a recipe for even more social chaos in Greece.
