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Greece Update
Just as expected:
- EU'S JUNCKER SAYS `STUPID' TO TALK OF GREECE EURO EXIT
- EU'S JUNCKER SAYS `NO WAY' GREECE WILL LEAVE EURO AREA
- EU MINISTERS TO DISCUSS NEW `ADJUSTMENT PROGRAM' FOR GREECE
But yes, the EURUSD will open at 1.43 on Monday, not 1.45. FX ping pong game mission accomplished.
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What is wrong with the Euro is what is right with it. Of course Greece aint leaving the fuckin Euro zone. It joined it for price stability.
And as far as deflationists are concerned, are they buying Euro's with both hands because "there is debt distruction, reverse of dilution, blah blah blah" in the Euro zone ???
Faith placed in ANY fiat currency is misplaced faith.
Either way, the Euro is a better currency then the dollar. Consensus is the opposite of course which means the opposite is true.
"The dollar is the least worst fiat"....I mean, I have never seen more investors agree on one thing then that. Even Keynes and Austrians usually agree on that which means it is wrong.
You are either an idiot or a lying piece of shit.
Take your pick.
Thanks for proving my point, jackass.
Both currencies are fiat. They just compete on which one is the worst on a daily basis.
MESSAGE TO GREEKS:
Get the vaseline ready and tell the banksters to....
Get your dignity back. Default, default, default.
Roll out the Drachma and flood the system. Forgive all, or most debt to people, get off the people's backs, freeze government hiring and you will thrive. Be the next Iceland
They use olive oil over there.
Greeks have a debt addiction, so they only have three options going forward-
1) kiss,make, up and back in the middle of the ECB/IMF menage-a-trois
2) success in quitting cold turkey- and enduring lots of shakes and vomiting for years to come
3) failure in quitting cold turkey- which results in a gangbang by a vindictive mongol horde of rampaging bankers who won't be offering vaseline or olive oil to reduce the pain
You should run for Greek parliament. If you ran on the platform based on your last three sentences, you would win.
Arg I am so tired of the fiat currency flogging I see every day at every website where goldbugs congregate to worship yellow metal. It is a big world with a whole lot going on, and so very few people into gold have any education in finance and accounting, opinions yes, college credits? OK. Just saying....
Finance 101: Money (call it anything you want, legal tender, fiat, FRN's, greenbacks, dollars, silver or gold) have to have three common traits in order to be money, they have to serve as a unit of account, a store of value, and a medium of exchange.
The dollar and all other fiats suffer the same problem right now in that as a unit of account they all fail because the dollar is the reserve currency and as such our FASB accounting standards are the reserve accounting standards of the planet. There are no ethical or rational accounting standards anymore, or should I say there is one for you and anything goes for those that have more money than you.
The dollar and all other fiats also suffer from medium of exchange issues because everything else that could possibly be considered money now is denominated in dollars. Euros, gold, oil, yen, there just is nothing you could name that is not priced in the reserve currency which as I say above is no longer a universal unit of account.
Store of value, do I even need to go there?
And the bugs all hype this the most, metals are the only true money because they have intrinsic value, but I say oh really? Like in 1932 when by presidential order (fiat) it's value went from $20 to $35 with a stroke of a pen and by the way you go to prison if you do not sell all of it to the government at that price. And that can't happen again because why?
So I should trade greenbacks which are granted a horrible investment as far as store of value goes, like 1500 of them for a single ounce of gold in the hopes that I can buy an extra box of Kraft Mac & Cheese tomorrow, even though gold does not even remotely serve the other two functions of money, try going into Safeway with an ounce of gold, or silver, for your next six pack and see how far it gets you, if it is not legal tender it is a commodity investment and not money. An investment is a bet. I have seen so many people burned on the gold bet the only way I would hold any would be in dental fillings or recreational gold panning.
If you want to gamble with your wealth on commodities why not gamble on oil, it is a bigger market with a higher VIX, more chances to win, more opportunity to cut losses.
All who cry about the dollar going down are doing so partly out of anger, partly political and partly angst about the future. But, they are making dumb bets against powers bigger than they. It is all a lot like Reno, sure you win part of the time and even have a streak, but the house stays in business year after year because the odds are fixed in their favor. Most of the people who post here at ZH are gambling addicts, this streak is for real.
I come because I am really angry about lying and corruption, and theft, and I do plan to act upon it, I might not be Che Guavera or Obama sin Laden or whatever, but I do have two hands and a head (two of those actually) and I am not planning to keep getting screwed so that my congressman's kids can inherit a house in Bar Harbor or Aspen. Or in Boca, or Sun Valley, or up at Tahoe. You yak away post after post about the shenanigans and unfairness of it all and do nothing, that is the definition of impotent. And since I am totally sure none will ever do more than bitch and whine I will just act alone. There comes a day when you just have to quit being a woman and do it! (no offense to penis impaired who feel the same way please).
There is a lot of truth in that post, unfortunatly.
Truth or not, I would rather be in Euro's when gold breaks through 10,000 an oz then dollars.
The thing I would disagree with is the statement that gold and silver can't be used to buy day-to-day things. I would change that to "they can't buy day-to-day things yet". In my opinion, physical gold and silver are an insurance policy against a specific future course that has a non-zero chance of happening. Ideological purity is all well and good ("gold and silver will never be real money again"), but I prefer to hedge my bets.
"Dr Phil, is that you?"
Hmmm.....btr you seem to me to be much the same as everyone else (well...maybe a little more thoughtful or eloquent than some). Like everyone else, you do what you can, when you can do it. Life's a gamble. Ever had a car accident?
PS To steal and distort someone else's quote (I shoulda been a politician eh?): No-one gets outta here alive.
I AGREE WITH SOME NOT ALL.
the essential point is that when you have system that thinks money printing helps, then what is the store of value.
what the gold bugs don't get is that how much of the price of gold is based on low 8interest rates and margin, just like stocks. hence margin calls, higher interst rates, will hurt gold as well. all asset classes. this is the disaster, it really isn't just money printing, it is the excesswive credit that goes into financial markets. this is the evil that needs to be destroyed.
Are you complety "fuckin" stupid.
Greece joined the "fuckin Euro zone" for the free "fuckin" money.
And here is the truth.
The Germans knew it.
They still all have seperate "fuckin" bond markets. Iceland was not in the Euro zone and they got lots of "free fuckin money".
Grow up.
Try for once to see.
See what ?
That the Euro zone is a net creditor ?
Has more gold then the US ?
Biggest trading partner with China ?
loser
Eurozone is also the biggest manufacturer and exporter in the world. There´s real economy in eurozone, not in all eurozone countries, though, and Greece is one of such "empty" countries.
Gotta agree with Lord Wellington. There may have been other reasons to join the EU, but being able to fund their budget deficits with lower interest rate Euro bonds was a big benefit for Greece.
Welcome to the Hotel Eurofornia
There you are.
There ain't have been some clever bastards.
http://www.youtube.com/watch?v=PPvRsLWlDXw
Absolutely explosive piece in todays Irish Times.
Morgan Kelly is on fire
Listen to this little nugget......
Ireland’s Last Stand began less shambolic ally than you might expect. The IMF, which believes that lenders should pay for their stupidity before it has to reach into its pocket, presented the Irish with a plan to haircut €30 billion of unguaranteed bonds by two-thirds on average. Lenihan was overjoyed, according to a source who was there, telling the IMF team: “You are Ireland’s salvation.”
The deal was torpedoed from an unexpected direction. At a conference call with the G7 finance ministers, the haircut was vetoed by US treasury secretary Timothy Geithner who, as his payment of $13 billion from government-owned AIG to Goldman Sachs showed, believes that bankers take priority over taxpayers. The only one to speak up for the Irish was UK chancellor George Osborne, but Geithner, as always, got his way. An instructive, if painful, lesson in the extent of US soft power, and in who our friends really are.........
Jesus Christ - where the Fuck is this mans sources ?
He is the most capable economist in Ireland and perhaps the only one to predict the ferocity of the implosion here.
He has credibility
Do you have the link?
link is from further down this thread...
http://www.irishtimes.com/newspaper/opinion/2011/0507/1224296372123.html
worth reading for this LOL snippet (read it twice, or if you are English, as many times as necessary):
Apparently, Greece has engaged Hank Johnson to tow Greece out of the Euro area. Who says Greece can't leave the Euro area? http://youtu.be/zNZczIgVXjg
Don't let Hank Johnson do it.
America needs Hank Jonhson.
wouldnt they have to push the euro down to 1.20 or at least 1.30 before they start QE3 ? because otherwise the dollar will be dead then
Greece threatens to leave Euro unless they get same deal as Portugal.
Germany says they will get skinned alive back home if they do that, they need something, especially with their economy slowing dramatically.
They decide that Trichet should turn on the printing press. Greece, Ireland, and Portugal all get great terms and don't have to renegotiate for at least a few months. Germany bails out the rest but gets a central banker who will do their bidding which will to print money and create a strong Euro - the Timmay and Bernanke made a strong dollar - wink wink :)
Do they have to do that gang thing where they get beat out?
Actually I love the way EU is handling the currency war. They are not printing, bailouts cost a lot less, interest rate is higher, trade balance is zero and they can still manage with these rumors the currency to be weak and competitive.
That's right. The ECB is in so much better shape then the Fed.
I agree based on "process".
At some point, people will want "product". When that product hits the fan, the euro is gone.
The process is to lay the garbage (or should I say King's clothes) in the street for everyone to see. That will keep the euro from becoming too popular. The entropy of every action results in the King having fewer clothes (The PIIGS et al are laid bare). The counterpoint to those moves is for the US to print more USD (Does it cost anything?).
At some point along the way, the value of the fiat will be exposed for everyone to see and there will be competition for global value assets (commodities, large cap stocks, sovereign debt?). At that point, do you want sovereign debt backed by consensus within the EU, or a robust department of defense?
I would take the creditor status Euro over the Soviet Union..er sorry I mean US debt backed by the "robust debt of defence".
... Aaron Barr, is that you?
Nonsense.
The ECB are going down exactly the same path as every other CB when the end of the road is nigh : the banks in Europe are every bit as fucked , possibly more so , than US banks. The ECB is taking toxic whalesht from these banks as collateral and granting them par value in cash.
It has been going on for well over a year. What do you think is sitting on the ECBs balance sheet when they were doing this over a year ago! :
http://www.reuters.com/article/2010/05/03/us-ecb-collateral-idUSTRE6422F...
And who do you think has been making sure all those PIIGS auctions have been going so swimmingly?
Hmmm? Someones going to have to print those yo-yos. Its quasi QE.
Carry trade unwind bichez!!
Slightly off topic but:
Scottish Elections:
The Scottish National Party won the election in a surprise victory. They have a majority. The party promises within 5 years to have a referendum for Scottish indpendence. Can't let the Greeks have all the fun threatening to leave a union!
Just like Tony Bliar promised one too...
http://www.telegraph.co.uk/news/uknews/1564312/Labours-promises-on-an-EU-referendum.html
Lets not start believing what politicans say now
Oh snap. He can help murder 3 million iraqi citizens but he's going to fold on a referendum promise.
You ever get the feeling that a fuck off storm is coming. That the wizard of oz is true story. That some people are actually going to get sucked up and blown so far away it'll be like trying to walk home from a different galaxy.
Presidente Salmon of the Highlands wanted (desperately) to join the Euro.
And has to safeguard all the financial jobs in Edinburgh (RBS etc.) Maybe he has a new 'Iceland' plan, but I doubt it. His background was civil service and big banking. He wants to be free to join something bigger. He is being trusted this time round because he acts like an old-fashioned bank manager, and the opponents had no leadership of a color other than gray.
Small business, imaginative thinking, exporting people and ideas around the world, and freedom from religious dogma built Scotland first time round, and is it's only hope again. The Scots don't want independence, they all belong to the FO-ALMA tendency. That's what Celts are (Ireland, why do you sleep?)
(F* O* -and leave me alone)
To be honest with so much denegations there must be something true behind those Greek rumors.
And we ALL know that they will default one way or another
Greece PM "We do not need a bailout" (they got a bailout)
Irish PM "We do not need a bailout" (they got a bailout)
Portugese PM "We do not need a bailout" (they got a bailout)
EU'S JUNCKER SAYS `NO WAY' GREECE WILL LEAVE EURO AREA.... Er, let me guess????
Is Calerfornia going to leave the dollar zone too ?
California left the Dollarzone and entered outter space about 3 years ago i thought!
IDK, I like my free dollars! As long as I don't have to work, I like them even more!
Maybe Greece will leave the California zone.
Did California recently switch from its own currency to the USD barely 10 years ago? Hardly a comparison.
Doesn't matter. They started designing the Euro in 1962. Greece is in and there is no way they can reintroduce a currency. How could they issue it ? How could it hold any value ?
Maybe the more immediate question is "Will Montana leave the Bernankebuck Zone"?
Why would it have to hold any value? Like other paper money, it doesn't have to be backed by anything. (They do have 100t of gold and of course they'd have some foreign currency reserves).
And of course they can issue it. It takes few changes in the parliament and and that's it. How do people compare exchange rates betweeen EUR and USD back to the 80's? But answer to this question isn't needed - they can just make it up and let it float from thereon. It doesn't make sense to the old exchange rate (vs. EUR via the pre-EUR Mark-Drahma ratio) as they'd have to devalue.
devaluing is not the answer to Greeces problems. Default is the answer.
so does this mean sunday nite the euro bounces, dollar falls and PMs bounce hard
So they meet for a secret meeting on a Friday night. A meeting they wanted to keep secret and was important enough they couldn't do it over the phone, but now a couple hours later they are going their separate ways? There have to be more meetings and this drama isn't done yet for the weekend. Or they insulted each other so much that they couldn't look at each other anymore and this will get really ugly. Or they just argued about who leaked the meeting. Hmmm...that might be the most likely result.
it matters not this meeting is Top Secret. All political meetings have the same simple process;
i. what shit are they in
ii. jawboning (200 tons of CO2 emissions) from posturing windbags
iii. what is the easiest, most politically expedient 'solution' for getting out of the shit and digging yourself deeper in the shit 3-4 years down the line (ie. kick the can)
so Greece want out of the Euro Project because they can't service their debt so want (threaten) to pull the plug on the Euro so they can trash their own currency (see UK and US policy) devaluing their unserviceable debt
Using the above 3 step process we arrive at the windbags caving in to another bailout instead of letting the Greeks a way out (Marxist Brussels would never approve of a smaller Empire) ...and 3-4 years we'll be back here at Square 1 just deeper in the dog-doo
great comment mate
I've gotta congratulate you on your cynicism
Greece was not being bailed out for how long, before it was?
Same for Ireland and Portugal. These politicians could lie
to the ghost of their dead grandmother
If Germany attacked France from the rear would Greece help?
Fudgepackers.
I'm still long olives and goat meat from 'Sudden Debt' last reco. Dang, guess I can always eat them if I need to 'convert' my investment.
Sorry, but any time I hear strong protests like what is flying across the wires, doesn't it just make you think they are scared? Doesn't come off as reasoned and logical rebuffs to me.
EU'S JUNCKER SAYS `STUPID' TO TALK OF GREECE EURO EXIT
Yeah, just don't talk about it while it's being threatened behind closed doors. Funny how the consiracy seems to later become the reality.
The Greeks and the Albanians should get a room.
Time those two get to know each other a little better.
Euro will survive a Greek exit.
Greece will not survive in its current form when it becomes a drecksloch like Albania.
Greece leaves, Croatia will join. Balance sheets fixed.
Zivila Hrvatska!
Worthless drachmas bitchez!
Are you'all pinball wizards?
"FX ping pong game mission accomplished."
The next coin in the machine is going to take "ping pong" to a whole 'nother level - going ballistic to full-tilt pinball.
http://www.youtube.com/watch?v=aOUqRZkR8dE
My take on this event.
Greece: Don't come any closer or I'll jump from this bridge
IMF-EU: Now settle down, we can help you through this crisis.
Greece: Fuck you! We read your proposal. It'll be cheaper for us to put all the debt on a Capital One credit card.
IMF-EU: Hmmm. Just give us a day or so to match their interest rate payment plan. Just stay here & don't jump from this bridge.
Europe and IMF Agree €110 Billion Financing Plan With Greece
http://www.imf.org/external/pubs/ft/survey/so/2010/car050210a.htm
Bank of International Settlements
http://www.bis.org/search/?q=Greece&mp=any&_st=false&c=10&sb=1
It's a Wonderful Life: IMF-EU Guardian Angel version.
http://www.youtube.com/watch?v=vfPn1kDQxuI
They have zero creditability with these denials. Every since country that denied bailouts got them.
What does Greece produce really? How are their exports, especially with a euro that was close to 1.50 when every one said last summer it would be at parity?
People are being fuckered here. I says theyre testing the waters with the rumors.
Greece wants to keep the cost (to foreigners) of Greek vacations low so the tourists will keep coming. They want either a cheap Euro or a cheap Drachma.
EU'S JUNCKER SAYS `STUPID' TO TALK OF GREECE EURO EXIT
Stupid it may be, but stupid and wrong are not synonyms. Which bring us, logically enough to:
EU'S JUNCKER SAYS `NO WAY' GREECE WILL LEAVE EURO AREA
As the old saw goes, nothing is confirmed in politics until it is officially denied. Thus, Greece's departure is imminent.
In other PIIGS news: economist Morgan Kelly has another bomb-throwing opinion piece on the Irish crisis/bailout/future default, his first public statement since his November article attracted international attention. The piece is somewhat newsworthy in itself - high-profile and abrasive enough that it's going to stir the shit in Ireland. It also has a fair bit of international interest, as Kelly's clearly been talking to people, and he has some new information about what happened:
PS.: The blog Kelly praised is Nama Wine Lake
Ireland should have said to Timmy approve the deal or we go default. Which do you prefer?
Wow! This could be like another Big Shoe to drop. Especially with shining the light on that weasel rat Geithner's scurrying about in dark corners, stealing cheese for bankers.
The big joke is that Obama's visiting Ireland this month, and so the Irish population is about to ecstatically abase itself before Geithner's political rock and #1 best bud.
Well if 'they' are so desperate to keep the Euro together it sends a great message to all the PIIGS that they can ask for any deal that they want or threaten Euro exit.
The PIIGS should act as a cartel and put these guys over a barrel and bring out the lube.
So the interest rate hike was crap - how do the Eurocrats shave some digits of the Euro when industrial orders in Germany are falling ?
The sky is going to fall, and Greece's haircut will be "better than expected", relative to anything else.
Doesn't really matter, the Ponzi will go on.
There are only two big events which will blow it apart: Austerity in the USA and economic implosion in China.
This is how they will jumpstart a SDR monetary system with Basel protocol's.
breathe! breathe, you fucker!
http://www.youtube.com/watch?v=Qn-KZPXsB7Y&feature=related
Ok so Trichet needs to get creative...ECB can FRANCHISE certain aspects of the Euro Zone Periphery - 1.) Greek Diners are the best in the world & no one works harder - set up Diners all over the world & add a small surcharge to offset the Greek Debt - 2.) Irish Pubs - C'mon lads WHO DOESN'T like an Irish Pub - same model - 3.) Portugal - Cristiano Ronaldo 'Escort' Service - EVERY WOMAN in the WORLD wants this guy - EBAY his a$$ out for the good of his country - AND here is the cherry on the cake - after a year or so have Goldman Sachs or Deutche Bank take each one of these 'Franchises' public but maintaining a class of Preferred Stock to be converted to the Sovereign Debt holders - The only issue I foresee is the need to clone Cristiano Ronaldo but with some 'marketing' help from the talented Mr. Banzai & a few recommendations from Leo, RoboTrader & notwithstanding a few TD posts on the amazing returns such investments can offer & we are talking SOLVENCY people!
Actually, the real money is made by selling new franchise packages.
"1.43 on Monday", shit yeah. Take it for a ride back up to 1.45 and short it again. Same with silver -- short-term bouncy time (43?), then reverse. Take it for a ride.
Only becuase every time the ECB gets the euro back to a reasonable level, the Fed and UST say and or do stupid things to get the dollar back to an unreasonably weak position. The Chinese can hardly be amused at all this beggaring or the royal buggering the are getting from it.
The Euro had such promise. In the end, political will always triumphs.
History repeats.
Life goes on.
It makes perfect sense, the bailout countries will never be able to attract investment witha Euro at such strong levels; essentially, the PIIGS need a currency pegged to the dollar. otherwise, there's no way they can grow - and if Greece moves to Drachma, they can print their way out of Austerity. There is no downside, other thhan getting bombed back to the stone-age.
If this is just noise, then it's a telling test of residual dollar strength.
It makes perfect sense, the bailout countries will never be able to attract investment witha Euro at such strong levels; essentially, the PIIGS need a currency pegged to the dollar. otherwise, there's no way they can grow - and if Greece moves to Drachma, they can print their way out of Austerity. There is no downside, other thhan getting bombed back to the stone-age.
If this is just noise, then it's a telling test of residual dollar strength.
hello i am Greek.
I am a real estate developer and even now in the so called greek-crisis i am building 5 apartment buildings, 1 office building and 2 holiday-residence complexes.
PLEASE listen carefully what i have to say about Greece.
Greece is one of the poorest countries but the Greeks (as an average) are very wealthy.
I am not talking about wealth being happy, healthy and so on.
Greeks (as an average) own more real estate that any other,
They do not rely on lending as much as other eauropeans or americans
They have gold (especially english gold pounds) that no average european or american has
I am not saying they are good people or that they have a lot of exports i am just saying they are wealthy.
However the wealth they have you cannot find it anywhere because it is no declared anywhere.
My friend that works for 850 euros per month has 4 acres of land outside the city near the sea, 24 gold coins (worth 6000 euros) he got as a gift from his family on the day he was born 25 years ago, and his own apartment he bought with no loan for 230000 euros (i am not talking about what his family owns but what he owns). How can this happen? he gets his 850 euros, he has a second job (as a plumber-not declared) that gets him another 850 euros (where he pays no taxes-poor Greece), he has a farm in the 4 acres that gets him minimum 1000 euros (from selling produce) also not declared anywhere (so he pays no taxes-poor Greece) and some times (3 or 4 times per year) he earns another 2000 to 2500 euros doing part time jobs (like waiting or plumbing in hotels in summer-not declared and tax-free ofcourse). So he gets 10200 from his day job thatbecause in Greece until 12000 income you pay no tax he is tax free and 25000 euros from the rest that are tax free. so with a clean income of 35000 spending less that 9000 per year (no rent or mortgage) say 10000 with his vacations (health insurance and so on have been discounted from his 1050 euros pay giving him 850 euros) he gets 25000 euros in his bank each year.
That is why greek people are rich but Greece as a country is poor. The example i gave you can happen in smaller numbers (however not vry often) but at the most of time can be really magnified in case we talk about doctors, lawyers and so on that make with the same method (these are real - calculated numbers) 200000 euros at least but they declare 12000 geting away tax free.
sure there are poor people and rich people like any country, sure there are people loosing their homes to the banks like every country.
But as an average believe me
Greeks are wealthy.
So whether Greece leaves Eurozone or not, whether drachma comes back it doesnt really matter.
All that matters is that the Banksters (Rothchilds and the gang -imf fed central bank of Greece...all properties of the same families...Rothchilds and the gang) come and get Greece for a fraction of what it really costs. It is happening and it will continue to happen and the Greeks will beg for it to happen so that they continue to have theur 25000 at their bank accounts each year because they do not care what happens to the railway stations, the ports, the energy/water companies. They may even give them free like we did with Meganisi Island that the Rothcilds bought to build homes for the super rich just a cople of months ago(they bought land with value 60 mil euros for 6 mil euros).
To sum up...
do not worry about the Greeks just worry about Greece (but why should you-Greeks don't) and wahtever you do always remember it does not matter what you feel or what you do you are not in control no one except a few, very very few people are and what they want will happen and you DO NOT know what will hapen NOONE does. You just guess.
Ich bin ein Berliner. Waffen SS.
Thank you (ευχαριστ?) for your story about just who is impacted by the crisis in Greece!
Yes and no. Everything you write is correct but there is another side to that. Over the years, the government has encouraged almost everyone to work in a government job. Jobs were handed out for votes etc. Over a long enough timeline...... everyone gets used to sucking the government boob. That leaves many vulnerable and many fortunes will be destroyed in this takedown. That land and those apartments will be sold at 1/2 or even 1/4 price in order to live. Now they have added property taxes and wealth taxes. You can't hide behind inherited fortunes. They are out to get it.
It is only a matter of time until your friend is declared an enemy of the state because he works tax free. It is only a matter of time before the side jobs income is chased down violently. It doesn't feed the machine.
Just a giant wealth transfer.
Juncker's remarks are plain Junk.
Watch them (PIIGS) go down one by one.
I'm not sure which old saw applies:
1) I fear the Greeks, even when they bear gifts (i.e. staying in the Euro); or
2) Greece, where men are men and sheep (i.e. the capital-supplying parts of Europe) are scared.
In reply to nauagos020 above, maybe the poor greeks should worry about what happens to Greece. Europe could take over Greece as a debtor in possession and then sell it back to Turkey to recover some of their losses. That would be justice.
The EU is a socialist cockfest.
Ireland are getting a rate cut on their pay back
the banks money.
http://www.bbc.co.uk/news/business-13321551
http://www.bloomberg.com/news/2011-05-07/eu-said-to-consider-requiring-m...
Oh! But the bankers very much do care what happens to Greece, even if the Greeks don't. What will they do with a useless financial system? Who wants to be saddled with a high proportion of non-performing loans, who wants an environment of poor credit expansion? -the bankers don't want to get saddled with Greece - what for, they have Italy and Germany. What the Bankers want is the power to enforce real debt collection - they want to drag Greece up by the shoestrings. ...at least the shooting of OsamaBl is believable.