Park Life 70 Posted June 29, 2015 Author Share Posted June 29, 2015 http://www.theguardian.com/commentisfree/2015/jun/28/greece-europe-imf-democracy A bit like when WMDs failed to materialise in Iraq, the narrative turned into a moral one, now that Austerity has shown to have fundamentally failed to restore growth, the narrative becomes a moral one. The old tricks are the best. Btw Deutsche Bank exposure to derivitives is greater than the whole German GDP. 78trillion or summink... I would have thought they would have been pushing the hardest to stop unraveling and grey areas coming to light. Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted June 29, 2015 Share Posted June 29, 2015 Depends on which derivatives you're talking about. Another thing that wound me up over the weekend were the complaints from within the Eurogroup that Varoufakis was 'lecturing them'. Basically what is happening is that muppets with bachelor degrees in economics from shithole schools like Bratislava and Wageningen are put out by the fact that he keeps looking them in the eye and telling them they are wrong. The political shills like Lagarde arent equipped to deal with the arguments (probably why they are chosen in the first place, its easier to push an ideological line if you dont understand the theory or the data) so dont care about this but those that are (the eurogroup representatives) have been wound up by the vastly more qualified international economist. Link to comment Share on other sites More sharing options...
Gemmill 35322 Posted June 29, 2015 Share Posted June 29, 2015 http://www.theguardian.com/world/2015/jun/28/the-greeks-for-whom-all-the-talk-means-nothing-because-they-have-nothing When you read stories like that, it's fucking scandalous that the creditors are pushing for more and more of the same. Comes a point when money and the markets have to take a back seat to fixing human suffering. Link to comment Share on other sites More sharing options...
Park Life 70 Posted June 29, 2015 Author Share Posted June 29, 2015 Depends on which derivatives you're talking about. Another thing that wound me up over the weekend were the complaints from within the Eurogroup that Varoufakis was 'lecturing them'. Basically what is happening is that muppets with bachelor degrees in economics from shithole schools like Bratislava and Wageningen are put out by the fact that he keeps looking them in the eye and telling them they are wrong. The political shills like Lagarde arent equipped to deal with the arguments (probably why they are chosen in the first place, its easier to push an ideological line if you dont understand the theory or the data) so dont care about this but those that are (the eurogroup representatives) have been wound up by the vastly more qualified international economist. He's got some nice shirts as well. Link to comment Share on other sites More sharing options...
ewerk 26750 Posted June 29, 2015 Share Posted June 29, 2015 http://www.theguardian.com/world/2015/jun/28/the-greeks-for-whom-all-the-talk-means-nothing-because-they-have-nothing When you read stories like that, it's fucking scandalous that the creditors are pushing for more and more of the same. Comes a point when money and the markets have to take a back seat to fixing human suffering. it keeps the rest of the bail out nations in line. Link to comment Share on other sites More sharing options...
Gemmill 35322 Posted June 29, 2015 Share Posted June 29, 2015 The EU President is currently staging a "none of this is my fault" press conference. Says he feels "betrayed" and like his "life's work is unravelling". Could be worse, at least you aren't having to live in a caravan and rely on community assistance for your next meal like the people in that article, you knobhead. Link to comment Share on other sites More sharing options...
The Fish 9156 Posted June 29, 2015 Share Posted June 29, 2015 Asian markets open euro getting smashed all over the place. Will be 1.50 to the pound by end of play tomorrow. If you have ways of converting into euro do it. ECB will start defending it but no telling where the stops are... Off to France for a Wedding in August, is it worth me picking up some Euros now? You reckon we'll see the gap grow much? We're there for 4 days, so if I can get more bang for my banque that'd be swell. Link to comment Share on other sites More sharing options...
Park Life 70 Posted June 29, 2015 Author Share Posted June 29, 2015 Off to France for a Wedding in August, is it worth me picking up some Euros now? You reckon we'll see the gap grow much? We're there for 4 days, so if I can get more bang for my banque that'd be swell. I'd do it now at around 1.43. As time passes either the ECB will step in or the Greek threat will fade and the euro will stabalise. Link to comment Share on other sites More sharing options...
Park Life 70 Posted June 29, 2015 Author Share Posted June 29, 2015 The EU President is currently staging a "none of this is my fault" press conference. Says he feels "betrayed" and like his "life's work is unravelling". Could be worse, at least you aren't having to live in a caravan and rely on community assistance for your next meal like the people in that article, you knobhead. You can't trust the Germans with europe. Link to comment Share on other sites More sharing options...
The Fish 9156 Posted June 29, 2015 Share Posted June 29, 2015 I'd do it now at around 1.43. As time passes either the ECB will step in or the Greek threat will fade and the euro will stabalise. cheers Link to comment Share on other sites More sharing options...
Park Life 70 Posted June 29, 2015 Author Share Posted June 29, 2015 cheers Barclays do euro accounts...You could use this in the future to mess around and make some free cash on euro fluctuations. Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted June 29, 2015 Share Posted June 29, 2015 Just been sent the following brief on the plan B - Partial default but actually staying in the Euro., "What follows is an illustrative example of a ‘plan B’ – a potential solution that does not involve leaving the Euro. There may be other variants but the implications are likely to be similar. - If Greece stays in the Euro without a solution to its liquidity it stands to reason that Greece would have to create some sort of financing instrument to be able to function – since without a solution GoG will have no money with which to pay suppliers and or workers. - Greece could create a new financial ‘IOU’ type instrument along the lines of the ‘revenue anticipation notes’ used in the US*. - Such IOUs would likely have zero interest rates, could be tied to future tax revenue and would have to be tradable, essentially allowing them to operate as a temporary parallel currency. - It has been argued that such a solution would allow Greece to remain in the Euro and EU – since there is no straightforward way of requiring Greece to leave – whilst effectively providing a mechanism of maintaining/ increasing fiscal transfers" Link to comment Share on other sites More sharing options...
Park Life 70 Posted June 29, 2015 Author Share Posted June 29, 2015 (edited) Just been sent the following brief on the plan B - Partial default but actually staying in the Euro., "What follows is an illustrative example of a ‘plan B’ – a potential solution that does not involve leaving the Euro. There may be other variants but the implications are likely to be similar. - If Greece stays in the Euro without a solution to its liquidity it stands to reason that Greece would have to create some sort of financing instrument to be able to function – since without a solution GoG will have no money with which to pay suppliers and or workers. - Greece could create a new financial ‘IOU’ type instrument along the lines of the ‘revenue anticipation notes’ used in the US*. - Such IOUs would likely have zero interest rates, could be tied to future tax revenue and would have to be tradable, essentially allowing them to operate as a temporary parallel currency. - It has been argued that such a solution would allow Greece to remain in the Euro and EU – since there is no straightforward way of requiring Greece to leave – whilst effectively providing a mechanism of maintaining/ increasing fiscal transfers" There's been a lot of talk about issuing Govt paper (promissory)...notes and that might work but it would have to have time limits wouldn't it? Otherwise the Greeks could issue them willy nilly. Like they love to and back to the beach. Edited June 29, 2015 by Park Life Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted June 29, 2015 Share Posted June 29, 2015 This is Europe, it'll all blow over and we'll be on the beach by the first weekend of August. Nae worries. Link to comment Share on other sites More sharing options...
Park Life 70 Posted June 29, 2015 Author Share Posted June 29, 2015 This is Europe, it'll all blow over and we'll be on the beach by the first weekend of August. Nae worries. Yeah but let's hope the euro goes down a bit more. Link to comment Share on other sites More sharing options...
ChezGiven 0 Posted June 29, 2015 Share Posted June 29, 2015 Doing absolute wonders for the value of my US equities. That kind of attitude got us into this mess though. Link to comment Share on other sites More sharing options...
Park Life 70 Posted June 29, 2015 Author Share Posted June 29, 2015 (edited) Doing absolute wonders for the value of my US equities. That kind of attitude got us into this mess though. Yeah I made a few quid the past couple of weeks. Don't feel bad about it cause our masters would clean us out first chance they had. Edited June 29, 2015 by Park Life Link to comment Share on other sites More sharing options...
Gemmill 35322 Posted June 29, 2015 Share Posted June 29, 2015 (edited) "Don't commit suicide because you're afraid of dying." Juncker's message to the people of Greece that is designed to encourage a yes vote. Christ. Set against the backdrop of a 35% increase in the suicide rate in Greece over the last 2 years btw. Edited June 29, 2015 by Gemmill Link to comment Share on other sites More sharing options...
Park Life 70 Posted June 29, 2015 Author Share Posted June 29, 2015 "Don't commit suicide because you're afraid of dying." Juncker's message to the people of Greece that is designed to encourage a yes vote. Christ. Lord. Link to comment Share on other sites More sharing options...
Anorthernsoul 1221 Posted June 29, 2015 Share Posted June 29, 2015 "Don't commit suicide because you're afraid of dying." Juncker's message to the people of Greece that is designed to encourage a yes vote. Christ. Set against the backdrop of a 35% increase in the suicide rate in Greece over the last 2 years btw. Excuse my german but Juncker is a fucking cunt. Link to comment Share on other sites More sharing options...
Park Life 70 Posted June 29, 2015 Author Share Posted June 29, 2015 He gives a good talk here.. Link to comment Share on other sites More sharing options...
Park Life 70 Posted June 29, 2015 Author Share Posted June 29, 2015 Stigilitz http://www.theguardian.com/business/2015/jun/29/joseph-stiglitz-how-i-would-vote-in-the-greek-referendum Link to comment Share on other sites More sharing options...
Anorthernsoul 1221 Posted July 1, 2015 Share Posted July 1, 2015 (edited) Looks like Bankruptcy and far worse austerity was too much for the Greeks and they've accepted the bailout terms. So the people voted against austerity but they got it anyway. Edited July 1, 2015 by Anorthernsoul Link to comment Share on other sites More sharing options...
Park Life 70 Posted July 3, 2015 Author Share Posted July 3, 2015 Looks like Bankruptcy and far worse austerity was too much for the Greeks and they've accepted the bailout terms. So the people voted against austerity but they got it anyway. Pressure from the good ole undemocratic EU. Can't let the others see anyone getting away with it or the whole thing starts to slide. Link to comment Share on other sites More sharing options...
ewerk 26750 Posted July 3, 2015 Share Posted July 3, 2015 Aren't the people being given a chance to vote on it? What's more democratic than that? Link to comment Share on other sites More sharing options...
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