Re: The Eurozone Thread

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[lily]

Wow. It will probably get worse before it gets better.

[Lamplighter]

I really don't think that those two 'summoning' the Greek PM is the most diplomatic thing to do right this minute...

Err, excuse me, I think he was going to the G20 meeting anyway, therefore he was not 'summoned'. ** (see amendment comment below). This is why I do not read newspapers, they distort everything. And, as usual, though this is no football match, bashing the norty Germans is going strong. It pays the papers to do this, they fuel up the dislike and off we go again. And, no I am not siding with the Germans, or the French for that matter, I am just wanting the correct facts to be shown - why are the Brit papers getting so uptight, after all the UK wants nothing to do with the Euro; they should concentrate on the plight of the pensioners and the fact that they will be less well off as the fuel allowance has been reduced to £200 this year, or the families forced to take food handouts. I am now backing out of this discussion and returning to Libya and the Middle East. Lamplighter

** I am amending this comment as I have just seen that there is going to be a pre-meeting; oh, and the Greek Parliament has voted to back Papendreau's referendum proposal, to be held probably in January 2012. LL

[Sabot]

Still at .85 pence to the Euro so perhaps I will get a couple of bob more on my pension this month, but it is still not good since it started off at .65 pence.
I honestly don't understand what the strength of the Euro against the Pound amounts to. Any ideas anyone?

[bb1]

I have absolutely no idea, Sabot, I am just watching the trainwreck.

This may provide some enlightenment:

http://news.sky.com/home/business/article/16101636

Q&A: What If Greek Voters Reject Bailout?

But who knows what will happen next? I just hope no further insults are let loose.

This is worth reading:

http://www.athensnews.gr/#3

I really do think Sarkkozy provoked a lot of this when he picked Ochi Day, of all days, to let fly at Greece.

[bb1]

Anna's views on the matter:

http://www.annaraccoon.com/politics/pouring-greece-on-troubled-waters/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+AnnaRaccoon+%28Anna+Raccoon%29

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I had forgotten all about the G20 conference:

http://news.sky.com/home/business/article/16101983



Not the best of slogans, under the circumstances...

[Pedro Silva]

Ok, now I´m confused: sarkozy and merkel have not enjoyed the greek referendum, but, I ask; how both sarkozy and merkel wants to know about Greece´s future inside eurozone (although the majority in Greece: 86 or 87 % are in favour) if no referendum is carried? All that is needed is the word of Greek government which shows, according the majority above, the Greece´s desire, which is a good outcome according Greece´s pm, also according sarkozy´s speech.

[bb1]

Oh, in the name - I can scarcely believe my own eyes.

http://news.sky.com/home/world-news/article/16102562

Greek Bailout Deal Referendum Scrapped

Greece's Prime Minister has told Sky News the referendum on the the eurozone bailout plan will no longer go ahead - and it was never his intention for it to happen.

The surprise announcement - later confirmed by the country's finance minister - came after an emergency cabinet meeting, in which the opposition party called for early elections and immediate approval of the bailout deal.
George Papandreou has since spoken to the Greek parliament, where he warned that rejecting the rescue plan would signal the start of his country's exit from the eurozone.
The leader has been under pressure to stand down, as a split emerged in his government over the plans to hold a public vote on the rescue deal, but he has made it clear he would not be quitting.
"The referendum was never an end in itself," George Papandreou told the cabinet according to statements released by his office earlier.
"We had a dilemma - either true assent or a referendum. I said yesterday, if the assent were there, we would not need a referendum."

Mr Papandreou will now hold talks with the opposition over their demands for a transitional government and early elections.
But he warned against holding potentially "catastrophic" elections in the near future - as this would entail a "big risk of bankruptcy".
Markets across Europe rose strongly on Thursday afternoon, as investors realised the likelihood of a Greek referendum - and subsequent threat of a 'no' vote - was falling.

Professor Kevin Featherstone, an expert in contemporary Greek politics at the London School of Economics, told Sky News the referendum might be off but Mr Papandreou still faced the threat of a confidence vote on Friday.
FTSE 100 1-Day Chart


"We've seen a number of his own party calling for him to go - a very unusual degree of dissent," he said.
"It must remain open whether he can win that vote of confidence or not."
Professor Fatherstone said that the alternative idea of having some sort of coalition with Mr Papandreou at the helm was difficult to imagine, and that early elections were the most likely.
He added that what Mr Papandreou had achieved was to force the opposition party to talk about accepting last week's bailout deal.
The developments come as G20 leaders began talks in Cannes, where the future of the eurozone bailout deal is dominating discussion.
The Greek finance minister Evangelos Venizelos earlier exposed a division within the Greek cabinet after he declared his opposition to hold a public vote on the bailout deal.
"Greece's position within the euro area is a historic conquest of the country that cannot be put in doubt," he said.
It "cannot depend on a referendum", Mr Venizelos added.
The finance minister said the country's attention should be focused on quickly getting a crucial £7bn installment of bailout funds, without which it faces bankruptcy with weeks.

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Ar@e.

[bb1]

[Pedro Silva]

http://news.sky.com/home/business/article/16103063

http://news.sky.com/home/business/article/16103004

[bb1]

And this may cheer people up - slightly:

[bb1]

And yet more chaos erupts.

[Sabot]

The Euro is still at 86 pence, so no change there.

[bb1]

I hate to say it, but I think the euro is on the verge of total collapse.

[bb1]

I tried - and failed - to follow an earnest discussion about this earlier. I think the gist of it was that France and Germany would have the same currency - the euro or whatever - and the other, current euro nations would go back to their own currencies, as the experiment has been a total failure?

[lily]

This is going to be extremely interesting to watch unfold.

[bb1]

I am struggling to follow it, Lily. Berlusconi has either gone, or is about to, and Italy is rumoured to be the next euro member to fail.

Stories are flying around that contingency plans have been made for everyone bar Germany and France to leave the euro.

[bb1]

http://news.sky.com/home/business/article/16121121

UK Banks Urged To Prepare For Euro Break-Up

Britain's biggest banks are being urged by the City regulator to prepare for a break-up of the eurozone.

The head of the Financial Services Authority (FSA), Hector Sants, has told financial institutions to accelerate plans for a separation of the single currency area, Sky's City editor Mark Kleinman has learned.
Senior excutives from Barclays, HSBC, Lloyds Banking Group, RBS, Santander UK and Standard Chartered were given the warning at a private meeting with the FSA boss.
Although the meeting was not specifically set to issue the warning, Mr Sants said the banks should run a wide range of stress tests as part of their contingency planning.
However, he stopped short of prescribing specific instructions or scenarios.
People close to the FSA told Kleinman that Sants' warning was "the kind of contingency planning expected in a situation like this".
The impact on different banks of a eurozone break-up would vary, depending on their exposures to sovereign debt of member countries.
Whereas Barclays holds billions of pounds worth of European government bonds, Santander UK and Standard Chartered have very little direct exposure.

So, Santander is safe - but they're a Spanish bank, and Spain is in the eurozone.....

I see.

[bb1]

[bb1]

Going, going...

[bb1]

PM's EU Treaty Veto: 'I Did It For Britain'

Prime Minister David Cameron has insisted he put Britain's interests first by using a veto to avoid signing up to a new European economic treaty.

Mr Cameron has come under fire for leaving the UK isolated while other European Union nations agreed on a closer fiscal union to preserve the euro.
As a result of the veto, 38 years after joining the European economic community, Britain has now taken a big step away from a greater Europe.
After 11 hours of bad-tempered talks in Brussels, Britain has been left standing alone on shaky ground as the other EU members forged ahead.
Mr Cameron told Sky News political editor Adam Boulton: "I said to the people of Britain if I couldn't get a treaty that was good for Britain I wouldn't sign up to it. And I was good to my word.
"What I have done is made sure Britain's national interest is protected. We have the right deal for Britain in Europe."

Mr Cameron acknowledged that it was unprecedented for a British Prime Minister to veto an EU treaty, but he insisted he had no choice.
"You've never seen Britain say 'no' to a European treaty before. There was a treaty on the table, it didn't adequately protect Britain's interests," he told Sky News.
"Instead of going along with it, I said no to it. I thought that's my job."
German Chancellor Angela Merkel, speaking near the end of the summit, confirmed the plan would move forward without Britain.
"We have achieved a major breakthrough over the past two days. We are going to implement a new commitment," Mrs Merkel said.
"One country has expressed a clear wish to distance itself, and that is Britain."

More at:

http://news.sky.com/home/business/article/16126594

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[bb1]

[lily]

That's such a witty picture.

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