Eurozone debt crisis

[superfrank]

Good article by Boris and this from one of the comments underneath.

And it's a bit rich for Merkel to say the the German people would never have supported joining the Euro if they knew they would have to support Greece. The German people were never given a vote on any of it. Not the euro, not Lisbon, not anything. Democracy is dead in euro land.

[Iron]

Greece: Athens faces moment of truth, EU's Barroso says

http://www.bbc.co.uk/news/business-13850580

Jeff

[Iron]

Derivatives Cloud the Possible Fallout From a Greek Default

http://www.nytimes.com/2011/06/23/busin ... .html?_r=1

You'd hope the banks had learned from the 2008 that it doesn't make sense to take on too much toxic debt...

Jeff

[Iron]

Greece passes key austerity vote

http://www.bbc.co.uk/news/world-europe-13960947

IMHO, Greece's MPs have put the interests of Brussles ahead of those of their own people.

It's inevitable that Greece is going to default, so surely it's best (from Greece's perspective) to get it over and done with, rather than enduring 3 more years of severe austerity and selling off all the family jewellery...

Jeff

[mulberryhawk]

True, but the global financial system relies upon countries repaying their sovereign debt. If countries could get away with saying 'We've got a few economic troubles. We may pay you back at some point in the future, when we feel we can afford it', then no-one would lend to nations.

Would you repay your mortgage if their were no consequences for not doing so?

As Ken clarke would say Jeff, if you are going to do a U turn, you should do it with a certain amount of panache.

[Iron]

I'm not doing a U-turn.

All I'm saying is that the job of a Greek MP is to serve the Greek people, and today Greek MPs have collectely failed by that measure.

BTW, speaking of Ken Clarke, I like his announcement today about defending your property against intruders: http://www.bbc.co.uk/news/uk-13959093.

That kind of no-nonsense, uncompromising approach to law and order is all too rare in these PC 'hug a hoodie' times...

Jeff

As Ken clarke would say Jeff, if you are going to do a U turn, you should do it with a certain amount of panache.

[mulberryhawk]

Im only winding u up Jeff , its hard to know what the right course of action is to take for the poor old Greeks.

[Iron]

Im only winding u up Jeff

I know.

its hard to know what the right course of action is to take for the poor old Greeks.

I know, and I wouldn't like to be responsible for deciding whether my country defaulted.

But I think that the Greek authorities bottled making a painful but necessary decision; as it is, they've just delayed the inevitable...

Jeff

[Iron]

Greece crisis: 'meltdown' fear from Michael Portillo

http://www.bbc.co.uk/news/uk-politics-13989571

I think Mr Portillo and Gisele Stuart are spot on...

Jeff

[Euler]

Portugal debt downgraded to junk status

http://www.bbc.co.uk/news/business-14038529

[superfrank]

It is junk - who'd ever want to own it in a free market?

But the EC doesn't like economic reality...

Ratings agencies criticised by European Commission
http://www.bbc.co.uk/news/business-14043293

[Iron]

Stock markets fall on fears eurozone debts may spread

http://www.bbc.co.uk/news/business-14113796

[Euler]

Ireland downgraded to junk status.

http://www.bbc.co.uk/news/business-14131959

[superfrank]

“If the European Union could monetise the value of the credibility it has destroyed it would be richest organisation on earth,” said one major credit manager.

European stress tests: banks set for 'chaos Monday' after nine fail
http://www.telegraph.co.uk/finance/news ... -fail.html

[Iron]

Stricter bank test leaves 80 billion euro hole - analyst

http://uk.news.yahoo.com/stricter-bank- ... 21603.html