More market panic about Greece

[Mich the Tester]

Now then, the Beeb are saying that Greece has failed to meet the requirements for the Euro aid package, which is undoubtedly true, but the Dutch press are saying that despite that, they don't actually need the package until end of november, having expected to need it in mid october.

It seems to me you could take this as;
- bad news that the Greek government hasn't yet made enough savings
or
- good news that they aren't burning up money as quickly as was expected

Obviously, the markets seem to be following the bad news.

Let's imagine that today a whole package of rescue measures were announced, plus a big emergency fund, plus recapitalisation of Europe's banks, plus Eurobonds etc. Would the markets then rise? Perhaps not; sentiment seems to be 'DOOOOOOOMMM' anyway and such a package, however humongous it may be, would probably be met with jeers of 'it's not enough!'

[MarillionFan]

Cost me £5k since yesterday(well if I sell out).

Fecking Greeks.

Actually, this is all because the politicians have decided to rediscuss the bailout next month. It was supposed to be a formality if they had met their GDP targets, because they will miss it the politicians want to do some more talking.

[doodab]

Actually, this is all because the politicians have decided to rediscuss the bailout next month. It was supposed to be a formality if they had met their GDP targets, because they will miss it the politicians want to do some more talking.

This is their equivalent of staying in the office a bit later because they feel guilty about spending the whole day posting crap on CUK.

[PAH]

The whole thing feels like everyone in the know knows the outcome (i.e. the patient has a terminal illness), but they've yet to get their own arses covered sufficiently so are taking steps that buy them more time until the inevitable happens.

Greece admitting they're going to miss a target is just one more step down the road to the inevitable, so those in the know have been expecting it anyway.

The markets are panicking because they believed the BS being spouted by those trying to cover their own arses.

[Arturo Bassick]

The whole thing feels like everyone in the know knows the outcome (i.e. the patient has a terminal illness), but they've yet to get their own arses covered sufficiently so are taking steps that buy them more time until the inevitable happens.

Greece admitting they're going to miss a target is just one more step down the road to the inevitable, so those in the know have been expecting it anyway.

The markets are panicking because they believed the BS being spouted by those trying to cover their own arses.

Yep.
Greece is going down and if they are not kicked out of the Euro they will take that with them.
UK may be taken as collateral damage (;-))

[Mich the Tester]

Yep.
Greece is going down and if they are not kicked out of the Euro they will take that with them.
UK may be taken as collateral damage (;-))

Greece's debt is about 330 billion. Why not use part of the EFSF fund (or whatever it's called) of 750 billion to just pay off their debts and then dump them out of the euro? The lenders get their money, Greece can devalue and start growing their economy based on tourism and cheap manufacturing. Seems obvious.

I know it's arguably immoral, and 'they should pay their way' etc, but arguably the Greek public have been shafted just as badly as the rest of us, if not worse.

Trouble is, would the speculators then hit other economies like Spain and Italy, which are much bigger?

[alreadypacked]

Greece's debt is about 330 billion. Why not use part of the EFSF fund (or whatever it's called) of 750 billion to just pay off their debts and then dump them out of the euro? The lenders get their money, Greece can devalue and start growing their economy based on tourism and cheap manufacturing. Seems obvious.

I know it's arguably immoral, and 'they should pay their way' etc, but arguably the Greek public have been shafted just as badly as the rest of us, if not worse.

Trouble is, would the speculators then hit other economies like Spain and Italy, which are much bigger?

The Greeks can never grow their economy enough to pay the public sector workers and the public sector pensions. That's what got them into the s#it in the first place, until they fix that nothing is going to work.

I think the Greeks want to stay in the Euro, blame Europe for the changes to the public sector pay and pensions.
Or as you say devalue and come back in, but that might leave them with an inflation problem when they devalue.

I think they will sort it out, but it will be a slow, bad headline by bad headline process.

[snaw]

The Greeks can never grow their economy enough to pay the public sector workers and the public sector pensions. That's what got them into the s#it in the first place, until they fix that nothing is going to work.

I think the Greeks want to stay in the Euro, blame Europe for the changes to the public sector pay and pensions.
Or as you say devalue and come back in, but that might leave them with an inflation problem when they devalue.

I think they will sort it out, but it will be a slow, bad headline by bad headline process.

Might help if the greek public paid a bit of tax from time to time.

[Arturo Bassick]

Is anybody going to face prosecution for the total fabrication of the Greek economy that allowed them entrance in the first place?

[DimPrawn]

Might help if the greek public paid a bit of tax from time to time.

Says the man who pissed off abroad to enjoy low tax rates.

Talk about Socialists....I think we should rename you Blair II.