End of the Euro

Our "Local" sometimes spit and sawdust, at others a refined winebar. Entertainment is in your hands too - Poledancers? Lunchtime Strippers? Chippendales? String Quartet? Sky Sports?

End of the Euro

Postby keith » Tue Apr 09, 2013 9:22 pm

Cyprus hasn't got enough money to pay April Salaries/Pensions ( so effectively will need another bail out )

Portugals courts have ruled the Austerity measures aimed at Civil servants and their pensions are illegal, as they only attack one group of people.

I feel one of these will tumble and the whole lot will fall.

Bring back the Drachma
User avatar
keith
 
Posts: 1907
Joined: Wed Apr 29, 2009 7:22 am

Re: End of the Euro

Postby Nick » Tue Apr 09, 2013 9:28 pm

When it finally happens we will all wonder why it took so long.
Image
Image
User avatar
Nick
Site Admin
 
Posts: 19411
Joined: Tue Apr 07, 2009 4:35 pm
Location: London

End of the Euro

Postby Rob H » Wed Apr 10, 2013 4:51 pm

This year do you think or will it be a case of the less stable countries being 'allowed' (cut free) to leave?
Rob
User avatar
Rob H
 
Posts: 3314
Joined: Wed Jul 07, 2010 4:25 pm
Location: Featherstone, Pontefract, West Yorkshire

Re: End of the Euro

Postby Nick » Wed Apr 10, 2013 6:27 pm

I wonder if our membership of the ERM will be the model - one day they are forced to leave as the only way that they can raise the money to0 run their countries.



David Cameron is on Lamont's right, though he would probably rather forget that now.
Image
Image
User avatar
Nick
Site Admin
 
Posts: 19411
Joined: Tue Apr 07, 2009 4:35 pm
Location: London

Re: End of the Euro

Postby keith » Wed Apr 10, 2013 6:44 pm

Apparently - According the the French PM there is no way to leave the Euro.

Interesting as France may be next to need a bail out
User avatar
keith
 
Posts: 1907
Joined: Wed Apr 29, 2009 7:22 am

Re: End of the Euro

Postby Nick » Wed Apr 10, 2013 7:30 pm

keith wrote:Apparently - According the the French PM there is no way to leave the Euro.

Interesting as France may be next to need a bail out


:lol:

Yes - I see the argument that there is no way to leave the Euro - but at one point commentator's were talking about "Greek Euro" being worth less than the "German Euro". I think it would be very possible to leave the Euro, it would just take time. There is a model with Cuba - they have 2 currencies, The Peso & the "Convertible Peso" which is tied to the $. So for Greece et al. to leave to leave the Euro the government starts printing Drachma, and only pays it's employees, and collecting taxes and receiving payments for (say) Utilities in Drachma. For a while there are 2 currencies, people generally trade in Euro, but when they want to pay the Govt they pay in Drachma, and if they are a Govt employee they change their Drachma pay for Euros to buy their Mercedes. Eventually if things go right for the Govt. the Drachma becomes the principle currency as everyone spends their Euros which aren't replaced. It ends up that Greeks can't afford to buy Mercedes & have holidays in Germany, and have to buy Greek products - which is the whole objective.

Of course the problem is that in Cuba no one wants the Peso as the only things you can spend them on are products from the government shops (which only stock rice!), & utilities. It's quite common to find judges & professors moonlighting as taxi drivers and tour guides in order to earn some Convertible Pesos. I had a beggar I had given some Pesos to give me them back & ask for Convertible pesos instead!
Image
Image
User avatar
Nick
Site Admin
 
Posts: 19411
Joined: Tue Apr 07, 2009 4:35 pm
Location: London


Return to The Clarendon

Who is online

Users browsing this forum: No registered users and 2 guests

cron