Greece & Euro Troubles

[Doomberg]

Seems like Greece are in serious trouble and will lead to more of a drop in the €uro... I placed a short
on EUR/USD last night and a few others on here did the same, but putting that aside how much trouble
are Greece in right now? And how can we benefit from this, the 1st bailout has already happened but
there is planned to be another bigger one which is to be approved very soon:

Reuters: Thu Jun 23, 2011 4:55am EDT http://www.reuters.com/article/2011/06/23/us-greece-idUSTRE75M1D220110623
"The cabinet on Wednesday approved a draft law to implement the austerity plan but must still get
parliamentary approval next Tuesday to secure a new European Union-International Monetary Fund
bailout believed to be worth 120 billion euros."

Now last time i got involved with something like this was the Bank Of Ireland, some of you may of heard
me harp on about BKIR and at one point i was even accused of being part of them .... Anyway my best
trade with them was when I waited until the bailout was pretty much passed, I bought in a few days before
the proposed bailout day and then over the next few days seen a massive jump in the share price and took
my profits. So with Greece looking at being handed another €120billion i'd say the National Bank Of Greece
may be in a similar position very soon.

Whats your views on the Greece situation, any ideas on ways of making profits other than the above?

Also whats your views on the €uro in general? Do you think its in for a tough ride?

Regards,

Doomberg

 

[Martinghoul]

Good luck...

 

[Atilla]

Seems like Greece are in serious trouble and will lead to more of a drop in the €uro... I placed a short
on EUR/USD last night and a few others on here did the same, but putting that aside how much trouble
are Greece in right now? And how can we benefit from this, the 1st bailout has already happened but
there is planned to be another bigger one which is to be approved very soon:

Reuters: Thu Jun 23, 2011 4:55am EDT http://www.reuters.com/article/2011/06/23/us-greece-idUSTRE75M1D220110623
"The cabinet on Wednesday approved a draft law to implement the austerity plan but must still get
parliamentary approval next Tuesday to secure a new European Union-International Monetary Fund
bailout believed to be worth 120 billion euros."

Now last time i got involved with something like this was the Bank Of Ireland, some of you may of heard
me harp on about BKIR and at one point i was even accused of being part of them .... Anyway my best
trade with them was when I waited until the bailout was pretty much passed, I bought in a few days before
the proposed bailout day and then over the next few days seen a massive jump in the share price and took
my profits. So with Greece looking at being handed another €120billion i'd say the National Bank Of Greece
may be in a similar position very soon.

Whats your views on the Greece situation, any ideas on ways of making profits other than the above?

Also whats your views on the €uro in general? Do you think its in for a tough ride?

Regards,

Doomberg

I thought this article was good on the options on the road ahead.

http://www.bbc.co.uk/news/world-europe-13856783

As for the path we go down not sure... If Germany and France take a hit what's the impact. Not a lot. Both rich countries able to recover.

Option 5. Worst scenario for me...

 

[scose-no-doubt]

Whats your views on the Greece situation, any ideas on ways of making profits other than the above?

William hill custom odds on no outright default

 

[safvan]

Well euro is definitely under pressure. Its going to get weak but then this is Mr. Market. The charts say we SHORT so we short. When the prices say things are reversing we go LONG.

Thats how we should really look at it as technical traders.

 

[Pat494]

The Greeks should never have been allowed to join the eurozone.
They need to devalue and can't

Only goes to prove the EU is incompetent

When the austerity measures start to bite, the unions, anarchists etc. will do their bit to make it even worse - silly sods don't seem to realize Marx & co had their go over Russia and failed miserably.

I wouldn't quite put it as strongly as pointing out that they are parasites but some would.

 

[DashRiprock]

so what you punted on a few bank stocks and got lucky, now your doing the same on euro?

this is what the euro looks to me right now

a total mindf00k with long and short traps all over the place. I would look at buying at 1.39, getting involved here is lunacy.

 

[Doomberg]

Dash? How is it lunacy the Dollar is Strong right now and the €uro is in a bad way with worse to come..

Also Elliot wave has been predicting a massive drop for some time now, very possible that its now

Not saying im a pro but it looks pretty safe to me... already been over -200 since last night

 

[DashRiprock]

its lunacy because right now everyone that is long is still long and everyone that is short is still short.

 

[Doomberg]

its lunacy because right now everyone that is long is still long and everyone that is short is still short.

Lol doesn't that cancel each other out

Anyway im hoping for the best here with this, but the EUR/USD was not my main aim on this post..

Just wondering if anyone has plans for Greece its self and ways we could see benefit

 

[Atilla]

Dash? How is it lunacy the Dollar is Strong right now and the €uro is in a bad way with worse to come..

Also Elliot wave has been predicting a massive drop for some time now, very possible that its now

Not saying im a pro but it looks pretty safe to me... already been over -200 since last night

When German and French banks pencil in the 80bn default you can be witness to the fall out.

Then like dominoes watch Spain / Portugal and Italy...

Beware - if that happens the Euro would be unable to hold even 1.20 imo


If I were Greece - I'd default now and get out of the Euro. What's the down side? Let my currency devalue and rebuild with strong foundations. Alternative side of the coin is to be indebted to the European banks servicing debt for the next 20-30 years whilst paying off the loans at a period when whole global economy likely to endure difficult trading climate for years to come.

No brainer to me.

Problem is more European not Greece's.

 

[Ambrose Ackroyd]

The Eurozone and the Euro are doomed.

I said this years ago on the basis that so many different countries and cultures are just not a good mix.

And I still hold that view.

 

[amit1986]

Quoted from briefing.com:

"Headlines crossing indicating that Greece reached an agreement with EU-IMF inspectors on five-year austerity plan."

Little rally happening now

 

[DashRiprock]

I think it's stupid to build up a fundamental view of greece or the euro when you havent got a scooby doo what your talking about. Like, read this:

http://macro-man.blogspot.com/2011/06/quest-chateaux-eurobolleaux-2011.html

Now look, TMM actually know what they're talkin about, but still I doubt would write anything with any value left in it. Prolly they are just talking their own book. But doomberg this is the difference between a proper fundamental view and repeating what you saw on CNBC. sorry to be harsh but true.

And sorry its not the same when everyone is long is still long and everyone that is short is still short, it means its gonna get hairy real soon.

 

[Masquerade]

Fun times...

"Greece reaches agreement with EU/IMF inspectors on 5-year austerity plan"

Why the hell isn't this forum on BST?

 

[DashRiprock]

fade this i rekon

 

[DashRiprock]

Fun times...

"Greece reaches agreement with EU/IMF inspectors on 5-year austerity plan"

Why the hell isn't this forum on BST?

is 5 years diffrent in GMT?

 

[Ambrose Ackroyd]

"Greece reaches agreement with EU/IMF inspectors on 5-year austerity plan"

Did anybody ever reach a meaningful agreement with the Greeks ?

 

[Masquerade]

Going out to eat, don't think I stomach eating Greek tonight.

 

[Atilla]

Quoted from briefing.com:

"Headlines crossing indicating that Greece reached an agreement with EU-IMF inspectors on five-year austerity plan."

Little rally happening now

Meaningless statement.

They get 10% of the monies they need now asusming they have reached agreement on the table - which mean very little on the street or delivery.

This is like saying yes under torture to postpone more pain for later...


True headlines should read...

Greece rejects European proposal for bail out and decides to leave the Euro.