so .... greece, the euro
- Thread starter cm1179
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It'll be interesting to see what they actually come up with, as I understand there are few tools available to them due to the EU. Sure, there are some scenarios when the government can impose temporary restrictions but I doubt they can last long and will be challenged in the courts as soon as they are introduced by Liberty and the like.
Tbh greece has not lived within its means as a country for quite a number of years. I read somewhere that most of the middle earners are able to avoid paying any form of tax and this has gone on for quite some time. Situations like this are easily avoided by not spending money you dont really have to spend unlike greece who have been doing it for years. The can plead for all the help in the world but some thing has to give in the end. That is why I suppose I am happy we didnt join the Euro back then.
Is it wrong my first thought of them leaving was this.
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
Grrece is a member of the EU therefore its citizens can come and live here if they wish, tight border controls or not.
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Isn't the Pound an attractive haven should the Euro collapse ?
Soldato
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The Pound has it's own problems, they just happen to be overshadowed by the Euro at the moment.
Nate
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Without a doubt Nate but if investors want a safe bet in currency then the Pound isn't that hazardous surely ?
Soldato
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For the short term maybe - but if the Euro collapses the UK is won't be long following it down the plughole. A safer bet would be the Canadian dollar perhaps.
Nate
Nate
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I'm not that convinced that the UK would implode if the Euro went under. It would be bad for us but I'm not so sure it would be carnage for us as much as it would in the Ez.
Soldato
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As well as epic amounts of oil - note i'm not saying they are a safe bet - just safer than the UK or anybody close to the Euro right now.
It is hard to say, the UK enjoys a privileged position with regards to the bond markets, I'm not sure that would remain so if the markets get spooked.
To be honest I'm just speculating - at this point the Euro could either implode or lead to tighter integration (I don't see this happening before an exit).
A Greek exit IMO would be a much larger equivalent of Bear Stearns, in that if it does happen the Eurozone will be faced with complete meltdown or a proper fiscal union.
If a complete meltdown does occur, a large portion of the UKs exports will be affected as well as another credit freeze ala 2008. But this time it will sovereign bonds that experience the brunt of the credit freeze.
Again - just me speculating.
Nate
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They'll float. It'll sort itself out. So long as confidence in the markets doesn't drop too much we will be fine.
They should exit... As I've been saying for the past six months...
kd
They should exit... As I've been saying for the past six months...
kd
That is epically expensive to produce...
If oil prices go down by much it may not be economical to produce it and that would cause some problems for them.
Australia is also faring pretty well at the moment however they are basically dependent on the Chinese, who are potentially going to burst soon as well, especially if one of their main markets goes pop.