Greece To Revert Back To The Drachma?

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
07/05/2011 00:52

Speculation from BBC World News that Greece is about to exit the €, now leading to a quick slide in the currency.

http://www.bbc.co.uk/news/business-13317770#

It doesn't bode well for the travel industry in Turkey as, if the case, Greece will become as cheap as it once was back in the '70's & '80's.



Richard

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
07/05/2011 01:14

.................................wow

yrret


Joined: 17/08/2010
Posts: 761

Message Posted:
07/05/2011 06:49

your gonna get a lot of Drachma's to the £, even more a few months later, and it will be a very cheap place to holiday for a long time.

Good way of them writing of their debts though, I doubt the EU tax payers will see a penny returned from the begging bowl of recent.

kavenkoy


Joined: 10/04/2008
Posts: 1787

Message Posted:
07/05/2011 07:05

i cant see it happening really can you ?.



as stated the debt they are in towards the EU handouts last year,do they write them off ?No way will that be accepted .Thats unless they dont do a secret deal to pay back some moeny behind the scenes.They would all write their debts off as quick would they .



I never really grasped the single currency anyway ,its a great concept but uk never joined .



its control from brussels thats neded to change ,as well as better financial management from places like greece ,ireland ,portugal...then stopping massive "encouragement subsidies" to places like poland ,hungary,rumania etc etc



kav

yrret


Joined: 17/08/2010
Posts: 761

Message Posted:
07/05/2011 07:36

You're more than likely right Kav.

Re-inventing the Drachma would make it as attractive as the Zim dollar, their exports would b astronomically expensive, but exports would boom, to get hard currency into the country and a black market would develop from day one.

It would only take 1-2 others to follow, Eire have threatened in the past, and any Eur saving etc will be wiped out overnight as the currency would probably collapse to 1.5-1.8 to the £.

Net result of course, the people/countries who run the currency will all have their own wealth wiped out, so they will prop it up with tax payers money to protect themselves.

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
07/05/2011 19:45

The Greek 'cafe society' and greed mentality will still prevail - holidays cheaper? - Balderdash!

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
07/05/2011 22:02

It seems to me that the EU is a club which demands donations from it's members and it coverts this income into a thing called the Euro. The officials of this club, whilst breeding like rabbits, act like pigs at the trough and put much of this income into their own pockets and squander more on making themselves comfortable in state of the art accommodations. What is left they share out amongst their members and those who do not question their authority and madcap schemes get the most and set themselves up for favourable appointments within the EU when they have been dumped by their own domestic electorate. (remind you of anyone ?). Rather than allow audits which would reveal that they do not have a pot to p...s in they simply print more Euro bank notes and demand a further donation from the more gullible members of the club, such as the UK, to give to the Pork and Cheese and the Geeks, knowing it is unlikely to be repaid. This sets back the date it will all implode !

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
07/05/2011 22:07

Last night, 1€ to 1£=1.11; today 1.15. Something is afoot!



Richard

yrret


Joined: 17/08/2010
Posts: 761

Message Posted:
08/05/2011 08:26

Of course, there is another slant on this (hypothetical):



Take the billions of EU bail out cash, and flip it to dollars/gbp etc (spread it a little).

Put out a rumour of ditching the Euro.

Wait for the Euro to drop say 5%

Flip the cash back to Euro's.

Bingo, just increased your bail out cash by 5% so reduced your debt by 5% (though I would guess they would just pocket the difference and lie, they have in the past).