tag:blogger.com,1999:blog-36227136.post6252806989608057445..comments2024-01-16T08:40:53.682+00:00Comments on <a href="http://www.openeurope.org.uk">Open Europe</a>: Greece leaving the EMU: From taboo to fashionable?OEhttp://www.blogger.com/profile/00556463374230498875noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-36227136.post-54731598804093476962011-06-15T21:32:34.222+01:002011-06-15T21:32:34.222+01:00Let Greece go! The EMU is too good for those Greas...Let Greece go! The EMU is too good for those Grease-balls. THe Euro will only get stronger if it is spun correctly. It will send a message to the rest of the PIGS that Germany;Finland, Sweden and the rest of the paying nations are not going to pay for very poorly run countries. Kickin the can down the road is what happens if they get more money.Williamhttps://www.blogger.com/profile/08063328520956561528noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-39920524780665364972011-06-10T15:10:30.439+01:002011-06-10T15:10:30.439+01:00Tom Archer - thanks for that comment. Very interes...Tom Archer - thanks for that comment. Very interesting. While sympathetic with the thrust of your remarks, are you not underestimating the potential hit that Greek banks would take in such a scenario?Open Europe blog teamhttps://www.blogger.com/profile/13298566546867244328noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-16573857685611762762011-06-10T15:03:51.319+01:002011-06-10T15:03:51.319+01:00The EU federalists have been throwing out a whole ...The EU federalists have been throwing out a whole bunch of scares and mis-information to make it seem that Greece leaving the eurozone would be the end of life as we know it. <br /><br />Not true.<br /><br />In the first instance, Greece would break with the ECB and restore sovereignty to its own central bank (this would take place over a weekend when the markets were shut). <br /><br />There would now be two currencies in place of one: euros and Greek euros. Any change of name back to the drachma would come later, and the conversion rate would probably be set at 1:1 to avoid confusion.<br /><br />As part of the Act of separation, the Greek parliament would exert its sovereign right to re-denominate all euro-denominated dues of Greek citizens and institutions into the new currency, in much the same manner that they converted Drachma liabilities into euros.<br /><br />The Greek central bank then creates new money (mostly electronically) to pay its dues. The new currency would be expected to de-value against the old one immediately.<br /><br />Foreign banks and investors who bought into Greek bonds would be repaid fully and timely, but in the new currency; so there would be no default.<br /><br />Greece would suffer a period of high inflation as the price of imported goods rose; but its tourist and export industries would be re-vitalised, creating many urgently needed new jobs.<br /><br />It would not be Armageddon, few banks would lose money they have not already written off, and we could expect to see a successsion of other countries follow suit.<br /><br />The euro was perhaps the biggest and most foolish vanity exercise in modern history, and the real tragedy is that in an age of electronic payment systems, there was never a case for creating it.<br /><br />A web of bilateral currency locks, with scheduled review dates to relieve strains; coupled to laws forcing banks to handle and convert different currencies without commission charges; would have been much more prudent.Tom Archernoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-52015720840948865872011-06-04T09:15:21.575+01:002011-06-04T09:15:21.575+01:00What I find amazing is that Greece can be given mo...What I find amazing is that Greece can be given money without apparent conditions as to how that is spent being applied, if the press is correct they say that Greece plans to spend £1 million on building a GP race circuit, how crazy is that. Let them leave the Euro zone and fend for themselves.<br />BobBob Davisnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-90170582281428093672011-06-03T21:27:58.024+01:002011-06-03T21:27:58.024+01:00I agree with all that's been said in the a/m c...I agree with all that's been said in the a/m comments . Greece and Ireland are unsustainable expenses on the EU budget . are they to be followed by Italy , Portugal and Spain in the not too distant future ? It certainly seems likely .<br />If Greece does come out of the EU and reintroduce the Drachma will this be the start of the domino effect ? The German population , not it's politicians , has been wanting for years to forgoe the Euro and go back to the Deutchmark . I hope they get their wish in the not too distant future and that the corrupt organization , the EU ,will be no more .Jim Hutchinsonnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-23274418573493384482011-06-03T17:07:27.095+01:002011-06-03T17:07:27.095+01:00The sooner we get out of this EU Gravy Train fiasc...The sooner we get out of this EU Gravy Train fiasco the better for us all. It is getting past a joke now and with a bit of luck UKIP will gain very many more votes at the next UK general election to add to the nearly 1 million in May 2010.gosporttorynoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-24324336057983089522011-06-03T11:11:28.243+01:002011-06-03T11:11:28.243+01:00Hello. Your remark that the eurozone is unsustaina...Hello. Your remark that the eurozone is unsustainable as it currently is, is absolutely correct.<br />I have recently written two articles related to this issue. The first concerns all the consequences of the re-adoption of the drachma that will definitely trigger a chain effect that will have an impact on the entire European South and which can potentially tear apart the euro. The second article deals with the hot question that concerns all european policy-makers: Whether Greece can actually avoid default...<br />In case you are interested here as the links:<br />1st article (about the drachma): http://protes-stavrou.blogspot.com/2011/06/scenario-of-greece-switching-to-drachma.html<br />2nd article( about Greek default): http://protes-stavrou.blogspot.com/2011/06/can-greek-default-be-prevented.html<br /><br />Thanks!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-73009521440968861002011-06-01T13:40:36.720+01:002011-06-01T13:40:36.720+01:00There are now over 100,000 people dependent on the...There are now over 100,000 people dependent on the EU's continued existence for their liveliehood. They are paid truly fabulous salaries and amazing perks. The EU commission is a template for how to rob half a billion people. <br /><br />When Greece defaults, just for a start Dexia Bank in Belgium will just close its doors, probably forever. Fortis will be close behind. Credit Agricole and Bank Parisba will have their current insolvency called and will probably go under.<br /><br />It is easy to talk of Greece's exit from the euro and if they are truly fortunate, the EU but there are forces at work to prevent their chance of a good future.<br /><br />Now the EU will seek direct taxation to circumvent national Governments. <br /><br />It is time for people to begin a true and strong resistance to bring down this evil, corrupt, wasteful, vain EU and replace it with a pan European Trading Association which it was.christhaihttps://www.blogger.com/profile/05295016591612384314noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-86493897624387738882011-06-01T12:51:03.058+01:002011-06-01T12:51:03.058+01:00If this were engineering or science - rather than ...If this were engineering or science - rather than the pseudo-science of economics - those involved would recognise the fundamental laws which cannot be broken, however brave a face and however dervish-like the spin.<br /><br />That Greece will have to leave the euro is just as inevitable as Britain having to leave the ERM in 1992, a week or two after John Major denied any such prospect and claimed that if we left interest rates would have to go up.<br /><br />We stopped putting people in debtors' prison well over 100 years ago, recognising that when any one is in such deep financial trouble that they can never recover, the only humanitarian solution is to wipe the slate clean, allow him to start again and for the creditors to lost the money they risked.<br /><br />Precisely the same applies to nations - it is self-evident that neither Greece nor Ireland can ever recover compeitiveness or stabliity for as long as they are tied to euro exchange rates that suit Germany, and it was madness ever to believe they could. Worse, given the prospect of decades of poverty, anyone with any initiative or determination able to leave will do so, worsening an already impossible burden for those unable to leave.<br /><br />Not that the lunatic elite who drove the euro project ever believed that it was sustainable of course - as leaks have confirmed, they knew full well that a crisis was inevitable - and intended from the beginning to use it to secure more power and control over the smaller less competitive countries as they are now doing. What caused this evil plan to blow up in their faces was that they failed to allow for the possibility of a world-wide economic crisis which would turn their planned euro crisis from maneagable to completely out of control.<br /><br />And the good news? Each day that passes must surely convince "ordinary" people across the EU that what is needed is less of this demented power-grab by incompetent self-serving elitist nincompoops, not more, and so bring forward the now surely inevitable collapse not only of the euro but the entire EUSSR.Idris Francisnoreply@blogger.com