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The Euro Zone Mess

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Re: The Euro Zone Mess

Postby Maximus » Thu Jun 14, 2012 11:10 pm

bsharpish wrote:And the exchange rate has got virtually nothing to do with the parlous state of the local and, indeed, the global economy.


F@@£ing hell man

:lol: :lol: :lol: :lol:
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Re: The Euro Zone Mess

Postby bsharpish » Thu Jun 14, 2012 11:17 pm

And I ask again ...... The UK is not a Euro zone economy and has its own problems .......... What has it got to do with the " euro mess" the context of this thread ?

The fact that the UK can print money and devalue it's currency is a benefit in this scenario.
The fact that the PiGS can't is what's crippling them

And the fact that these are predominantly 6 month loans, secured by assets to facilitate bank liquidity in the event of a grexit ( and the chaos that would ensue) means its actually a sensible precautionary move.
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Re: The Euro Zone Mess

Postby GreekIslandGirl » Thu Jun 14, 2012 11:25 pm

Well the PM seems to think the UK's economy has plenty to do with the Eurozone crisis. As the article said - he and his chancellor seem to be blaming it for Britain's crisis.

(P.S. The mythical "grexit" has been confined to the dustbin of history.)
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Re: The Euro Zone Mess

Postby bsharpish » Thu Jun 14, 2012 11:27 pm

Maximus wrote:
bsharpish wrote:And the exchange rate has got virtually nothing to do with the parlous state of the local and, indeed, the global economy.


F@@£ing hell man

:lol: :lol: :lol: :lol:


So how does the euro/sterling exchange rate have anything whatsoever to do with the monumentally stupid "concentration of risk"undertaken by the biggest banks in Cyprus who in a clever move pumped billions into a foundering Greek economy.

Similarly the wall street/ American banking industries " faux pas" in the sub prime market - how did the $\€ rate cause that ?

How did it affect the Spanish banks lending huge amounts to questionable developers who the went on to build Nearly 1 million unwanted homes ?

The same in Ireland

The volatility of forex is no doubt tied to an economies strengths or weaknesses but it's a "chicken and egg" situation
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Re: The Euro Zone Mess

Postby GreekIslandGirl » Thu Jun 14, 2012 11:29 pm

Everyone who "pumped" money into the Greek economy is doing very well in interest rate returns.
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Re: The Euro Zone Mess

Postby bsharpish » Thu Jun 14, 2012 11:36 pm

Like Laiki bank ?

Gonna take a lot of interest to return the 2.35 billion haircut on Greek bonds and possible 7 billion of non performing/non goverment Greek exposure.

Bank of Cyprus ?
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Re: The Euro Zone Mess

Postby GreekIslandGirl » Thu Jun 14, 2012 11:38 pm

The Lucky Bank is fine. They all are.
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Re: The Euro Zone Mess

Postby Maximus » Thu Jun 14, 2012 11:44 pm

bsharpish wrote:
Maximus wrote:
bsharpish wrote:And the exchange rate has got virtually nothing to do with the parlous state of the local and, indeed, the global economy.


F@@£ing hell man

:lol: :lol: :lol: :lol:


So how does the euro/sterling exchange rate have anything whatsoever to do with the monumentally stupid "concentration of risk"undertaken by the biggest banks in Cyprus who in a clever move pumped billions into a foundering Greek economy.

Similarly the wall street/ American banking industries " faux pas" in the sub prime market - how did the $\€ rate cause that ? :shock:

How did it affect the Spanish banks lending huge amounts to questionable developers who the went on to build Nearly 1 million unwanted homes ?

The same in Ireland

The volatility of forex is no doubt tied to an economies strengths or weaknesses but it's a "chicken and egg" situation


I think you have already explained the story of this marvelous journey and I am happy to make no more input to that. I don't really care for it either, because the journey is not as important as the destinations.

Maximus wrote:After it has all been said and done, the eurozone is no worse off than what it was in 2004.
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Re: The Euro Zone Mess

Postby bsharpish » Thu Jun 14, 2012 11:46 pm

zyzzogeton
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Re: The Euro Zone Mess

Postby bill cobbett » Fri Jun 15, 2012 12:12 am

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