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![[Post New]](/s/i/i.gif) 2012/05/14 11:07:33
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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5th God of Chaos! (Yea'rly!)
The Great State of Texas
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http://www.bloomberg.com/news/2012-05-13/euro-officials-begin-to-weigh-greek-exit-from-common-currency.html
Euro Officials Begin to Weigh Greek Exit as Euro Weakens
Greece’s possible exit from the euro moved to the center of Europe’s financial-crisis debate, rattling markets as authorities in Athens struggled to form a government.
Meetings brokered by Greek President Karolos Papoulias were set to continue today after Syriza, the leading anti-bailout party, rejected a unity government following inconclusive elections May 6. That moved the country closer to a new vote, with at least five European central bankers broaching the once- taboo topic of its exit from the euro.
The euro dipped below $1.30 last week for the first time since January. Photographer: Simon Dawson/Bloomberg
.“We’re really getting to a denouement,” Michael O’Sullivan, head of portfolio strategy at Credit Suisse Private Banking, said today in a Bloomberg Television interview. “We’re getting to the part where a decision has to be made” on whether Greece leaves the 17-nation currency union, he said.
Euro finance ministers meeting today in Brussels may discuss the bailout for Greece, as well as the situation in Spain, where the government last week made a fourth attempt to clean up banks. Getting German Chancellor Angela Merkel to weaken her demand that debt cutting be the core of the crisis response will be a key objective of new French President Francois Hollande when the two meet tomorrow in Berlin.
The euro fell for the 10th day in 11, weakening 0.4 percent to $1.2872 at noon in Brussels, the lowest in three months. Bonds in Italy and Spain tumbled, with Spanish 10-year yields climbing to more than 6.2 percent today for the first time since Dec. 1. Each country’s spread against German 10-year notes jumped by more than 30 basis points.
The Euro Stoxx 50 Index declined as much as 2.4 percent to its lowest in almost five months after European Central Bank policy maker Christian Noyer today joined ECB officials Jens Weidmann, Patrick Honohan, Ewald Nowotny and Joerg Asmussen in discussing a potential Greek exit from the euro.
“Whatever happens in Greece won’t be a problem for the French financial sector,” Noyer told journalists today in Paris. “I don’t know a single group that will be placed in difficulty by an extreme scenario for Greece.”
German Finance Minister Wolfgang Schaeuble reiterated in Sueddeutsche Zeitung that member states seeking to hold the line on austerity in Greece could not force the country to stay.
The euro finance ministers, known collectively as the eurogroup, will convene in Brussels at 5 p.m. local time.
The European Commission isn’t considering easing the terms of the joint bailout for Greece from the EU and the International Monetary Fund, EU spokesman Amadeu Altafaj said, denying a report by Athens-based Real News.
No Movement
“I’m not aware of any discussions within the commission to grant new provisions, new concessions in the program” for Greece, Altafaj said by phone yesterday.
A Greek departure from the euro could trigger a default-inducing surge in bond yields, capital flight that might spread to other indebted states and a resultant series of bank runs. Although Greece accounts for 2 percent of the euro-area’s economic output, its exit would fragment a system of monetary union designed to be irreversible and might cause investors to raise the threat of withdrawal by other states.
Europe’s central bankers are discussing the possibility of a Greek departure and how to handle the fallout, Swedish Riksbank Deputy Governor Per Jansson said in an interview on May 11.
European Union Economic and Monetary Commissioner Olli Rehn said in Tallinn that the region is “certainly more resilient” to a possible Greek exit than it was two years ago, when the bloc would have been “massively underprepared.”
‘Akropolis Adieu’
“I still believe that Greece can stay in the euro and find the way to make sure that it respects its commitments,” Rehn said. “It would be much worse for Greece and Greek citizens, especially for the less well-off Greek citizens, if Greece did leave the euro than for Europe as such. Europe also would suffer, but Greece would suffer more.”
Under a story headlined “Akropolis Adieu, Why Greece Must Leave the Euro”, Germany’s Der Spiegel magazine today reported that the EU may provide funding for Greece even after a euro exit, citing plans formulated by Schaeuble’s ministry.
After elections in Greece and France signaled a backlash against the German-led agenda of scaling back spending to battle the debt crisis, officials across the region have re-tuned their rhetoric to emphasize growth and employment.
“Syriza won’t betray the Greek people,” party leader Alexis Tsipras said in a statement yesterday as Papoulias began a final bid to coax parties into a coalition. The failure to form a government has prompted concern that Greece may backtrack on pledges to cut spending as part of the bailout requirements negotiated since May 2010, so foreshadowing a euro withdrawal.
Merkel Setback
The latest defeat was suffered by Merkel yesterday in Germany’s largest state, North Rhine-Westphalia, where her Christian Democratic Union suffered its worst defeat there since World War II. The German Social Democrats, the main opposition party nationally, tightened their grip among German regional governments.
Hollande, who defeated single-term President Nicolas Sarkozy on May 6 to become the first Socialist president of the Fifth Republic in almost two decades, will take office tomorrow and begin his campaign to shift the focus of crisis-fighting away from austerity. Merkel said last week that she’ll welcome Hollande for talks “with open arms.”
“I expect both of them to give a clear signal of commitment to stability of the euro zone of overcoming the sovereign debt crisis,” Peter Altmaier, the deputy floor leader of Merkel’s party, said yesterday on Sky News.
‘Growth Pact’
With Hollande among leaders calling for a “growth pact” alongside the German-championed fiscal treaty, euro leaders will look toward a summit dinner in Brussels on May 23.
Investors will also be watching tomorrow when the Greek government is scheduled to repay 436 million euros ($563 million) on a floating-rate note held by investors who shunned its bond-loss accord. An EU official said May 10 that the payment decision is up to the government in Athens.
The government in Athens would run out of cash by early July if creditors decided to withhold their next aid payment in reaction to stalling progress in Greece, according to a report last week by Bank of America Merrill Lynch.
To contact the reporter on this story: Patrick Donahue in Berlin at pdonahue1@bloomberg.net
To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net
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-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
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![[Post New]](/s/i/i.gif) 2012/05/14 11:11:08
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Renegade Inquisitor de Marche
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Well this should be interesting...
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Dakka Bingo! By Ouze
"You are the best at flying things"-Kanluwen
"Further proof that Purple is a fething brilliant super villain " -KingCracker
"Purp.. Im pretty sure I have a gun than can reach you...."-Nicorex
"That's not really an apocalypse. That's just Europe."-Grakmar
"almost as good as winning free cake at the tea drinking contest for an Englishman." -Reds8n
Seal up your lips and give no words but mum.
Equip, Reload. Do violence.
Watch for Gerry. |
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![[Post New]](/s/i/i.gif) 2012/05/15 01:34:23
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Pyromaniac Hellhound Pilot
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Greece has a big taxation problems. French media coverage (TV5) always say that Greeks do have caste systems.
1. Peasants. ordinary citizens, always taxed. and being taxed heavily
2. Patricians. High class citizens with a high earnings, usually a businessman. always exempted from tax system.
Does greek law provides any priviledges to the Patricians?
a tax policy that... if one say it is designed to 'force' citizen productivity . needs a big reform
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http://www.dakkadakka.com/dakkaforum/posts/list/408342.page |
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![[Post New]](/s/i/i.gif) 2012/05/15 01:43:31
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Renegade Inquisitor de Marche
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Lone Cat wrote:Greece has a big taxation problems. French media coverage (TV5) always say that Greeks do have caste systems.
1. Peasants. ordinary citizens, always taxed. and being taxed heavily
2. Patricians. High class citizens with a high earnings, usually a businessman. always exempted from tax system.
Does greek law provides any priviledges to the Patricians?
a tax policy that... if one say it is designed to 'force' citizen productivity . needs a big reform
Yeah that's just all wrong...
Taxation in Greece is similar to many other countries in that it is based on income.
I don't know for sure but i'm about 99% certain that the Greeks don't have a Caste system either...
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Dakka Bingo! By Ouze
"You are the best at flying things"-Kanluwen
"Further proof that Purple is a fething brilliant super villain " -KingCracker
"Purp.. Im pretty sure I have a gun than can reach you...."-Nicorex
"That's not really an apocalypse. That's just Europe."-Grakmar
"almost as good as winning free cake at the tea drinking contest for an Englishman." -Reds8n
Seal up your lips and give no words but mum.
Equip, Reload. Do violence.
Watch for Gerry. |
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![[Post New]](/s/i/i.gif) 2012/05/15 02:45:35
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Pyromaniac Hellhound Pilot
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If Greeks doesn't have caste system. Why in the name of Olympians do the government give priviledges to those rich men? whom will be heavily taxed elsewhere in europe.
Productivity-inducing tax policy works only in Industrial, Fertile and Mineral-rich nations. (and also subject to time VS national status). Is Greece industrial nation? Does Greece has any significant industrial exports?
nah! nothing! at some point. Thailand at present day is still considered better. Tourism may be our main 'products' but we also have a considerable size of manufacturing industries. let's say. Automotives... while GM and Jasp owns the automobile assembly units. Autoparts are now chiefly produced by either Japs or Thai firms.
productivity-inducing taxation may be better here. or there in the USA. but it is a big WRONG in Greece.
But does Hollande a man who propose that Greece must leave the EU ?
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http://www.dakkadakka.com/dakkaforum/posts/list/408342.page |
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![[Post New]](/s/i/i.gif) 2012/05/15 07:57:13
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Servoarm Flailing Magos
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The economy of greece is smaller than the economy of a single German state. It's irrelevent what they do, really.
Much more important what happens in Spain/Italy.
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Ever thought 40k would be a lot better with bears?
Codex: Bears.
NOW WITH MR BIGGLES AND HIS AMAZING FLYING CONTRAPTION |
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![[Post New]](/s/i/i.gif) 2012/05/15 10:28:03
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Renegade Inquisitor de Marche
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Lone Cat wrote:If Greeks doesn't have caste system. Why in the name of Olympians do the government give priviledges to those rich men? whom will be heavily taxed elsewhere in Europe.
They don't...
Income is taxed.
Anyone who receives income from a job has that income taxed.
The amount taxed depends on the amount earned.
It's all here..
http://en.wikipedia.org/wiki/Taxation_in_Greece
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Dakka Bingo! By Ouze
"You are the best at flying things"-Kanluwen
"Further proof that Purple is a fething brilliant super villain " -KingCracker
"Purp.. Im pretty sure I have a gun than can reach you...."-Nicorex
"That's not really an apocalypse. That's just Europe."-Grakmar
"almost as good as winning free cake at the tea drinking contest for an Englishman." -Reds8n
Seal up your lips and give no words but mum.
Equip, Reload. Do violence.
Watch for Gerry. |
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![[Post New]](/s/i/i.gif) 2012/05/15 11:36:35
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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5th God of Chaos! (Yea'rly!)
The Great State of Texas
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Joey wrote:The economy of greece is smaller than the economy of a single German state. It's irrelevent what they do, really.
Much more important what happens in Spain/Italy.
You think its irrelevant until theypotentially break the Euro when they leave.
Then comes Portugal and Spain.
You can't have a United States of Europe with a hundred different treasuries.
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-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
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![[Post New]](/s/i/i.gif) 2012/05/15 11:41:47
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Servoarm Flailing Magos
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Frazzled wrote:Joey wrote:The economy of greece is smaller than the economy of a single German state. It's irrelevent what they do, really.
Much more important what happens in Spain/Italy.
You think its irrelevant until theypotentially break the Euro when they leave.
Why would they break the Euro? The strength of the Euro is in the high-tech economies of Germany/France/Netherands/Belgium/Denmark/northern Italy. A machine tools factory in Hannover isn't going to go bust because Greece has left the Euro.
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Ever thought 40k would be a lot better with bears?
Codex: Bears.
NOW WITH MR BIGGLES AND HIS AMAZING FLYING CONTRAPTION |
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![[Post New]](/s/i/i.gif) 2012/05/15 12:25:25
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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5th God of Chaos! (Yea'rly!)
The Great State of Texas
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Joey wrote:Frazzled wrote:Joey wrote:The economy of greece is smaller than the economy of a single German state. It's irrelevent what they do, really.
Much more important what happens in Spain/Italy.
You think its irrelevant until theypotentially break the Euro when they leave.
Why would they break the Euro? The strength of the Euro is in the high-tech economies of Germany.
Corrected your typo.
1. European banks are full of Greek sovereign notes. Even more so for Italian, and Spanish notes. In addition to being pretty much owned by your various governments now, European banks have termed a new phrase: Zombie Banks. They are animated but not alive.
2. When the notes fail these banks will again go under or suffer severe losses, such that it shuts down the financial secondary markets between banks. Aka it becomes amarket wide liquidity event - no one can loan funds or give out cash because they don't have it. Its never too late to revisit 2008!
3. Now if the Euro countries were healthy Greece could be disentangled much easier. But Its not. In addition to Greece, Spain, Italy, and the UK have fallen back into recession.
Life is going to get interesting in a few weeks.
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-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
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![[Post New]](/s/i/i.gif) 2012/05/15 12:37:34
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Tea-Kettle of Blood
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Frazzled wrote:Joey wrote:Frazzled wrote:Joey wrote:The economy of greece is smaller than the economy of a single German state. It's irrelevent what they do, really.
Much more important what happens in Spain/Italy.
You think its irrelevant until theypotentially break the Euro when they leave.
Why would they break the Euro? The strength of the Euro is in the high-tech economies of Germany.
Corrected your typo.
1. European banks are full of Greek sovereign notes. Even more so for Italian, and Spanish notes. In addition to being pretty much owned by your various governments now, European banks have termed a new phrase: Zombie Banks. They are animated but not alive.
2. When the notes fail these banks will again go under or suffer severe losses, such that it shuts down the financial secondary markets between banks. Aka it becomes amarket wide liquidity event - no one can loan funds or give out cash because they don't have it. Its never too late to revisit 2008!
3. Now if the Euro countries were healthy Greece could be disentangled much easier. But Its not. In addition to Greece, Spain, Italy, and the UK have fallen back into recession.
Life is going to get interesting in a few weeks.
I agree with most of what the small cute dog said, except that in the last couple of years European Banks have been forced by new legislation to maintain a very substantial amount of their capital as liquid reserves to try and prevent just this type of event.
If Greece left the Euro it would be very bad for Europe because, like you said, everyone is drowning in Greek debt up to their ears. But I think the Euro itself would survive.
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![[Post New]](/s/i/i.gif) 2012/05/15 12:40:23
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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5th God of Chaos! (Yea'rly!)
The Great State of Texas
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European banks generally are still far below Basell II standards (what you're referring to). Further, where do you think they are getting the capital?
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-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
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![[Post New]](/s/i/i.gif) 2012/05/15 12:41:49
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Rough Rider with Boomstick
Brisbane, Australia
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Frazzled wrote:Joey wrote:
Why would they break the Euro? The strength of the Euro is in the high-tech economies of Germany.
Corrected your typo.
You might have a point with Italy. But France, Belgium and Denmark? What are you basing that on?
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sebster wrote:
Orlanth wrote:Its a known fact that Aussies are genetically disposed towards crime, we intentionally set them up that way.
But only awesome crimes like bushranging and, if I understand the song correctly, sheep stealing and suicide. |
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![[Post New]](/s/i/i.gif) 2012/05/15 12:48:35
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Tea-Kettle of Blood
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Frazzled wrote:European banks generally are still far below Basell II standards (what you're referring to).
Well, that isn't the news that are being passed around this side of the pond... What we are hearing is that most banks have passed the Basell II standard stress tests earlier this year if I'm not mistaken...
Frazzled wrote:
Further, where do you think they are getting the capital?
Through social capital increases and by not lending any money whatsoever to anyone (no idea really)?
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![[Post New]](/s/i/i.gif) 2012/05/15 13:03:17
Subject: Re:Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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5th God of Chaos! (Yea'rly!)
The Great State of Texas
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Hazardous Harry wrote:Frazzled wrote:Joey wrote:
Why would they break the Euro? The strength of the Euro is in the high-tech economies of Germany.
Corrected your typo.
You might have a point with Italy. But France, Belgium and Denmark? What are you basing that on?
Unemployment rates, budgets, and crappy GDP. France is quite strong, but going backwards, and their new election will not help that.
Denmark? Seriously? Belgium is #23, Denmark is in the 30s beaten by such titans as the UAE.
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal) Automatically Appended Next Post: PhantomViper wrote:Frazzled wrote:European banks generally are still far below Basell II standards (what you're referring to).
Well, that isn't the news that are being passed around this side of the pond... What we are hearing is that most banks have passed the Basell II standard stress tests earlier this year if I'm not mistaken...
I work in the industry at a corporate level against them. Your news is wrong.
Frazzled wrote:
Further, where do you think they are getting the capital?
Through social capital increases and by not lending any money whatsoever to anyone (no idea really)?
er...what?
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This message was edited 1 time. Last update was at 2012/05/15 13:04:39
-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
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![[Post New]](/s/i/i.gif) 2012/05/15 13:19:15
Subject: Re:Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Tea-Kettle of Blood
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Frazzled wrote:
I work in the industry at a corporate level against them. Your news is wrong.
Given the standard of the "news agencies" in this country, that is a perfectly plausible outcome...
Frazzled wrote:
er...what?
By issuing more bank stock was what I was meaning (and is what happened over here in the last year).
Also bank loans are at an all time low since the 80's, so I was guessing that all that "unloaned" capital was being used to shore up the liquidity reserves.
But... and this is almost unheard of... I might be wrong...
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This message was edited 1 time. Last update was at 2012/05/15 13:19:42
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![[Post New]](/s/i/i.gif) 2012/05/15 13:22:05
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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5th God of Chaos! (Yea'rly!)
The Great State of Texas
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Most European banks equityissuances have gone to their respective govenrments, who have also directly provided loans to them to shore them up.
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-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
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![[Post New]](/s/i/i.gif) 2012/05/15 13:26:44
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Renegade Inquisitor de Marche
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Can't we just invade them?
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Dakka Bingo! By Ouze
"You are the best at flying things"-Kanluwen
"Further proof that Purple is a fething brilliant super villain " -KingCracker
"Purp.. Im pretty sure I have a gun than can reach you...."-Nicorex
"That's not really an apocalypse. That's just Europe."-Grakmar
"almost as good as winning free cake at the tea drinking contest for an Englishman." -Reds8n
Seal up your lips and give no words but mum.
Equip, Reload. Do violence.
Watch for Gerry. |
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![[Post New]](/s/i/i.gif) 2012/05/15 13:37:03
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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5th God of Chaos! (Yea'rly!)
The Great State of Texas
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purplefood wrote:Can't we just invade them?
yes, yes we can. Oh wait, who are we invading today?
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-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
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![[Post New]](/s/i/i.gif) 2012/05/15 13:42:33
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Hulking Hunter-class Warmech
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Frazzled wrote:purplefood wrote:Can't we just invade them?
yes, yes we can. Oh wait, who are we invading today?
Everyone...
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![[Post New]](/s/i/i.gif) 2012/05/15 13:58:51
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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5th God of Chaos! (Yea'rly!)
The Great State of Texas
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Sounds like a plan. I'll get some donuts for the trip.
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-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
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![[Post New]](/s/i/i.gif) 2012/05/15 14:02:55
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Dominar
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It's more or less going to happen.
The young Mr. Tsipras who's taken the radical Left party from #5 to #2 in the political rankings has no reason to capitulate with the likes of Mr. Venizelos which means the Greek people are going to have to go back to the voting booths.
Who do you think is more likely to win then: The radical Left, promising free candy, or the more centrist parties promising expensive, bitter medicine of austerity? But the free candy promise will make them ineligible for more bailout money from Germany, and they'll have to default.
Historically, all Greece does is default on its debts. This time will be no different. They'll be put out of the Eurozone of their own accord.
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![[Post New]](/s/i/i.gif) 2012/05/15 14:08:22
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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5th God of Chaos! (Yea'rly!)
The Great State of Texas
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Yep.
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-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
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![[Post New]](/s/i/i.gif) 2012/05/15 14:11:13
Subject: Re:Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Tea-Kettle of Blood
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They lied, cheated and forged their way into it in the first place so it really is no surprise that they are leaving.
Good riddance and I hope that Athens burns to the ground for this!
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![[Post New]](/s/i/i.gif) 2012/05/15 14:13:13
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Servoarm Flailing Magos
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Frazzled wrote:Joey wrote:Frazzled wrote:Joey wrote:The economy of greece is smaller than the economy of a single German state. It's irrelevent what they do, really.
Much more important what happens in Spain/Italy.
You think its irrelevant until theypotentially break the Euro when they leave.
Why would they break the Euro? The strength of the Euro is in the high-tech economies of Germany.
Corrected your typo.
1. European banks are full of Greek sovereign notes. Even more so for Italian, and Spanish notes. In addition to being pretty much owned by your various governments now, European banks have termed a new phrase: Zombie Banks. They are animated but not alive.
2. When the notes fail these banks will again go under or suffer severe losses, such that it shuts down the financial secondary markets between banks. Aka it becomes amarket wide liquidity event - no one can loan funds or give out cash because they don't have it. Its never too late to revisit 2008!
3. Now if the Euro countries were healthy Greece could be disentangled much easier. But Its not. In addition to Greece, Spain, Italy, and the UK have fallen back into recession.
Life is going to get interesting in a few weeks.
The economy of greece is smaller than the economy of Minasota. All banks already regard Greek debt as useless and have planned accordingly.
It's also very much worth noting a)Greece will likely have little affect on Spain and Italy, which as I said above, are what's really important here, b)Spain's debt is actually pretty low, but its economy is stagnant.
There's no reason to suggest any of this will bleed over into wealthy northern Europe. The worst that could happen is a government debt default by Italy/Spain, but that's less likely than it was, especially in Italy.
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Ever thought 40k would be a lot better with bears?
Codex: Bears.
NOW WITH MR BIGGLES AND HIS AMAZING FLYING CONTRAPTION |
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![[Post New]](/s/i/i.gif) 2012/05/15 14:15:41
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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5th God of Chaos! (Yea'rly!)
The Great State of Texas
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The worst that could happen is a government debt default by Italy/Spain, but that's less likely than it was, especially in Italy.
if that happens the Euro crashes and the European Bank markets vapor lock. Welcome to Great Depression II, This Time Its Europe.
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-"Wait a minute.....who is that Frazz is talking to in the gallery? Hmmm something is going on here.....Oh.... it seems there is some dispute over video taping of some sort......Frazz is really upset now..........wait a minute......whats he go there.......is it? Can it be?....Frazz has just unleashed his hidden weiner dog from his mini bag, while quoting shakespeares "Let slip the dogs the war!!" GG
-"Don't mind Frazzled. He's just Dakka's crazy old dude locked in the attic. He's harmless. Mostly."
-TBone the Magnificent 1999-2014, Long Live the King!
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![[Post New]](/s/i/i.gif) 2012/05/15 14:59:15
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Pyromaniac Hellhound Pilot
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^ What will happen to Asia should this happen?
meow.
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http://www.dakkadakka.com/dakkaforum/posts/list/408342.page |
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![[Post New]](/s/i/i.gif) 2012/05/15 15:20:11
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Battlefield Tourist
MN (Currently in WY)
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Everyone will feel the effects as all banks are interconnected and trade money between themselves.
We would essentially have Great Recession II- The Recessioning.
Governments would probably pour cash into the breach to try and free up liquidity in the market. Thereby leading to more stagnation and more demands for austerity.
However, I'm kinda rusty at this stuff now.
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This message was edited 1 time. Last update was at 2012/05/15 15:21:05
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![[Post New]](/s/i/i.gif) 2012/05/15 15:45:00
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Dominar
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Lone Cat wrote:^ What will happen to Asia should this happen?
meow.
Asian economy would slow as European demand declined, which would result in less global demand for raw materials including crude oil/gas. American economy would face 3-6 mos of sell-off in risk assets (and rally in the Dollar/safe harbors) as mkts try to price in demand headwinds, but for the average joe on the street quality of life would actually increase (assuming you kept your job) as core prices generally fall and deflation occurs, raising real purchasing power.
For a normal schmuck, or one of the great unwashed masses, southern Europe sliding into the ocean would overall be a 'good' thing.
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![[Post New]](/s/i/i.gif) 2012/05/15 15:55:16
Subject: Euro Officials Begin to Weigh Greek Exit as Euro Weakens
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Avatar of the Bloody-Handed God
Inside your mind, corrupting the pathways
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Quick! Someone add some more 0's to all the bank's computers!
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