Eurozone contemplates future without Greece

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
03/11/2011 11:36

 

http://www.reuters.com/article/2011/11/03/us-g-idUSTRE7A20E920111103

 

European leaders were preparing on Thursday for the possibility of Greece leaving the euro zone to preserve the 12-year-old single currency.

French President Nicolas Sarkozy and German Chancellor Angela Merkel told Prime Minister George Papandreou at a torrid meeting in Cannes that Athens would not receive a cent more in aid -- Greece was due an 8 billion euros aid payment this month -- until it votes to meet its commitments to the euro zone.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
03/11/2011 11:37

In Athens, Greece's powerful finance minister broke ranks with his prime minister, rejecting a proposed referendum on staying in the euro, hours after they received an ultimatum from France and Germany to make up their minds.



The growing chaos in Greece and uncertainty over the euro zone sent stocks and commodity prices lower in Asia, and fueled a rush into safe-haven German bonds.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
03/11/2011 11:38

On his return with Papandreou to Athens from Cannes, Finance Minister Evangelos Venizelos issued a defiant statement, saying Greece's euro membership was a historic achievement and "cannot depend on a referendum".



A finance ministry source said Venizelos, who was kept in the dark by his Socialist rival about Monday's referendum call, opposed risking a public vote at this crucial moment.

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
03/11/2011 11:53

If Greece does leave the Euro, will the ROC follow its Motherland?

Jeannie


Joined: 04/08/2009
Posts: 3283

Message Posted:
03/11/2011 11:56

If Greece do go, who's next?

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
03/11/2011 12:06

Italy, Portugal,Spain???

yrret


Joined: 17/08/2010
Posts: 761

Message Posted:
03/11/2011 12:18

Greece's net contrinbution in GDP to the eurozone is about 0.5-3% depending who you speak to.

If they leave, nothing will change for the others except the currency and markets will firm up a little.

For the greeks however, they will have to re-introduce a new currency, and risk inflation in the 000's of percent, business' going under, potentially millions more uneployed, it will be a little like Zim was a while ago, for the currency to have any standing, they will have to find someone who wants it.

Now, a little way down the line, with the new low value currency in place, and exports cheap ..... very very cheap, they could well end up with a manufacturing boom.

Only problem will be though they will still all be revolting (or is it rioting) and feeling sorry for themselves, all still wanting to work for the civil service for 4 hours a days, and all still wanting to retire at 50, subsidised by anyone who will.

They will have to 'work' their way out ........ not likely to happen.

ang1706


Joined: 28/01/2009
Posts: 570

Message Posted:
03/11/2011 12:35

If they leave, do you think it will affect the ROC standing??

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
03/11/2011 13:04

I would think almost certainly.

cyprusairsoft



Joined: 22/06/2009
Posts: 2066

Message Posted:
03/11/2011 13:11

already is look a the empty shops south side and those closing down

marks


Joined: 01/11/2011
Posts: 83

Message Posted:
03/11/2011 13:19

Eurozone should worry more about the total collapse of the euro which is only a matter of time.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
03/11/2011 13:23

The "all for one and one for all" scenario will go straight out of the window. A case of "I'm all right jack" for some countries.

Jeannie


Joined: 04/08/2009
Posts: 3283

Message Posted:
03/11/2011 14:08

Just been announced on BBC News that Greek P.M. has offered his resignation.



What next, I wonder?

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
03/11/2011 14:17

military intervention....

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
03/11/2011 14:21

Definitely a coalition.

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
03/11/2011 14:44

I think it's the proverbial "House of Cards" and no EU state is safe...........

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
03/11/2011 15:00

You are right Rob.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
03/11/2011 18:04

Panic over. - the Greek euro referendum has been scrapped.

marks


Joined: 01/11/2011
Posts: 83

Message Posted:
03/11/2011 18:09

Think about this, Greece, Italy, Portugal, Ireland etc etc survived for thousands of years before Germany decided to 'control' all of Europe, it is Germany's fault, they created this monster and all the aforementioned countries are now stuck in it, they were drawn in with promises of cheap money but nothing comes cheap.

mcstyler


Joined: 15/08/2011
Posts: 205

Message Posted:
03/11/2011 18:10

I knew it, it's a world crisis it will sort itself out in time, the euro will be fine i'm fairly certain on that.

marks


Joined: 01/11/2011
Posts: 83

Message Posted:
03/11/2011 18:13

mcstyler I love your humour.

mcstyler


Joined: 15/08/2011
Posts: 205

Message Posted:
03/11/2011 18:16

marks



actually i'm being serious on this one.

marks


Joined: 01/11/2011
Posts: 83

Message Posted:
03/11/2011 18:26

You're never serious lol but just in case, the euro will be history within 5 years.

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
04/11/2011 19:03

If the Euro monetary system collapses before the £ most Europeans, pseudo or otherwise, will be arriving at Dover with all the regular flow of illegals.