Greece may exit the Euro ?

Really the only country that can afford to bailout Greece yet again is China. The US tries to hide the fact that they have mismanaged their resources for decades.

So much for democracy and capitalism. Neither can come to the rescue. Indeed a sad day.
 
Pat494 said:
Really the only country that can afford to bailout Greece yet again is China. The US tries to hide the fact that they have mismanaged their resources for decades.

So much for democracy and capitalism. Neither can come to the rescue. Indeed a sad day.
Click to expand...

Hey, Pat. you are in luck! Can's been kicked six months down the road. :)

This will do Greece's friends, the Spanish Podemos, a great boost come the next elections at year end.
 
Splitlink said:
Hey, Pat. you are in luck! Can's been kicked six months down the road. :)

This will do Greece's friends, the Spanish Podemos, a great boost come the next elections at year end.
Click to expand...

Don't you just love all these politicians.......

Can't abide by the rules ? , that's ok, we will just bend them to suit ! :LOL:
 
Greece's current bailout program runs out this month. Christine Lagarde told Greece that there wouldn't be a grace period. If €1.6 billion is not paid back by June 30, then it will be in default. The default is imminent. July will bring some interesting things.

Greece defaults on payment to IMF and ECB. The ECB pulls their emergency banking support. This leads to a run on Greek banks, capital controls and possibly even a Grexit. This is the most likely scenario.

The UK exports many products to Greece. Chief among these products being medicinal and pharmaceutical products (20%), manufactured articles and petroleum products. This may affect the UK quite a bit if Greece cannot purchase UK exports. Imports in Greece have slowed down. In April 2015, Greece's imports were down to €3.8 billion from €4.6 billion. A broke Greece means less income to the UK for exports. Greece also relies upon 17 million British tourists annually. The British government may be issuing travel alerts to British citizens in the event that Greece defaults. This will hurt Greece further if British tourists stop spending money there.

I can see the fire kindling already.
DB___Animated___Flame___822.gif
 
There's talk that Friday will see the last normal banking day in Greece. On Monday the bank doors could be closed....Make of that what you will.
 
Default baby, default. Plunge the euro into darkness and strengthen the dollar. :clap:

500-euro-scheine-brennen.jpg
48058_1.jpg
 
You could be left with monopoly money if your euros' serial numbers begin with "Y". DialAFlight says that Greek euros could become worthless if Greece is ejected from the euro.
 
hhiusa said:
Greece's current bailout program runs out this month. Christine Lagarde told Greece that there wouldn't be a grace period. If €1.6 billion is not paid back by June 30, then it will be in default. The default is imminent. July will bring some interesting things.

Greece defaults on payment to IMF and ECB. The ECB pulls their emergency banking support. This leads to a run on Greek banks, capital controls and possibly even a Grexit. This is the most likely scenario.

The UK exports many products to Greece. Chief among these products being medicinal and pharmaceutical products (20%), manufactured articles and petroleum products. This may affect the UK quite a bit if Greece cannot purchase UK exports. Imports in Greece have slowed down. In April 2015, Greece's imports were down to €3.8 billion from €4.6 billion. A broke Greece means less income to the UK for exports. Greece also relies upon 17 million British tourists annually. The British government may be issuing travel alerts to British citizens in the event that Greece defaults. This will hurt Greece further if British tourists stop spending money there.

I can see the fire kindling already.
DB___Animated___Flame___822.gif
Click to expand...

Even the poor refugees may think twice as well soon .....?
 
hhiusa said:
You could be left with monopoly money if your euros' serial numbers begin with "Y". DialAFlight says that Greek euros could become worthless if Greece is ejected from the euro.
Click to expand...

Then it must be true..... ;)
 
Britain must be “prepared for the worst” over the prospect of Greece leaving the euro, George Osborne has warned after the latest talks between eurozone finance ministers broke down.

The Chancellor said Treasury officials would complete contingency plans to protect the UK economy from the effects of a ‘Grexit’, which could also lead to Greece leaving the European Union.

The debt-ridden country must reach an agreement with the International Monetary Fund by the end of June or face defaulting on a £1.1 billion loan repayment. Greece’s creditors – the European Commission, IMF and the ECB, are unwilling to release further bailout funds until it agrees to public sector reforms.

Speaking as he arrived at a meeting of EU-wide finance ministers, Mr Osborne said: "We've entered the 11th hour of this Greek crisis and we urge the Greek government to do a deal before it's too late. We hope for the best, but we now must be prepared for the worst.

“In the United Kingdom we’ve taken the measures to increase our economic security so we can deal with risks like this from abroad and clearly we must go on and complete that plan.”

Today’s talks come after last night’s make-or-break meeting of eurozone finance ministers in Luxembourg ended without agreement amid reports in Greece of £1.4bn being withdrawn from bank accounts by frightened savers in the past three days.

However the Greek Prime Minister, Alexis Tsipras, pointed to the emergency meeting of leaders from Eurozone nations called for Monday as a sign that a solution to his country’s debt crisis could be reached.

“The leaders’ summit on Monday is a positive development on the road toward a deal. All those who are betting on crisis and terror scenarios will be proven wrong.

"There will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro."

His comments come as he visits St Petersburg Russia, where he will meet President Vladimir Putin at an economic forum. News of the meeting has fuelled speculation of an Athens-Moscow alliance.

However it is being seen by critics as an audacious attempt by Mr Tsipras to pressure its creditors into watering down austerity demands as the country teeters on the edge of default and bankruptcy.
 
The Greeks withdrew E1.5 billion yesterday.
Not a vote of confidence in their leadership imho

They could look to the administrators that got Iceland out of a hole.
 
Pat494 said:
Britain must be “prepared for the worst” over the prospect of Greece leaving the euro, George Osborne has warned after the latest talks between eurozone finance ministers broke down.

The Chancellor said Treasury officials would complete contingency plans to protect the UK economy from the effects of a ‘Grexit’, which could also lead to Greece leaving the European Union.

The debt-ridden country must reach an agreement with the International Monetary Fund by the end of June or face defaulting on a £1.1 billion loan repayment. Greece’s creditors – the European Commission, IMF and the ECB, are unwilling to release further bailout funds until it agrees to public sector reforms.

Speaking as he arrived at a meeting of EU-wide finance ministers, Mr Osborne said: "We've entered the 11th hour of this Greek crisis and we urge the Greek government to do a deal before it's too late. We hope for the best, but we now must be prepared for the worst.

“In the United Kingdom we’ve taken the measures to increase our economic security so we can deal with risks like this from abroad and clearly we must go on and complete that plan.”

Today’s talks come after last night’s make-or-break meeting of eurozone finance ministers in Luxembourg ended without agreement amid reports in Greece of £1.4bn being withdrawn from bank accounts by frightened savers in the past three days.

However the Greek Prime Minister, Alexis Tsipras, pointed to the emergency meeting of leaders from Eurozone nations called for Monday as a sign that a solution to his country’s debt crisis could be reached.

“The leaders’ summit on Monday is a positive development on the road toward a deal. All those who are betting on crisis and terror scenarios will be proven wrong.

"There will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro."

His comments come as he visits St Petersburg Russia, where he will meet President Vladimir Putin at an economic forum. News of the meeting has fuelled speculation of an Athens-Moscow alliance.

However it is being seen by critics as an audacious attempt by Mr Tsipras to pressure its creditors into watering down austerity demands as the country teeters on the edge of default and bankruptcy.
Click to expand...


Perhaps this is their strategy; negotiation tactic for getting the best deal possible.

We now have this offer from the EU, can Russia match or better that offer? Let the EU sweat a little. :whistling

Used it many times on suppliers my self. John Lewis and some others advertises lowest price match - refund offers all the time.
 
Am I right in thinking that major American banks helped and encouraged Greece to join through massive loans. If I was a bank I might think this is a bonus if Grease goes belly up, there is always the rest of Europe to help out!
 
I am rather excited for Monday. I am sure there many people betting against Greece paying back its debt. People made a lot of money during the great depression in the 1930s, the 2008 recession and there will be plenty to make with Greece's inexorable default. I have put money in floating currency, so I hope the euro tanks so that I can buy back cheap. It also likely the pound will suffer, but either way, it will certainly be enjoyable to watch it unfold from across the pond. :clap:
 
My feeling is Greece will default the stumble on the first payment at the beginning of the month speaks volumes. Merkel is trying as hard as she can to help Greece out as Germany's main income is from exports and Greece plays a vital role in this, but even Germany's aid is running thin. Long term I think the EURUSD pair will drop to 1.06-1.08.
 
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