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Greece about to default

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AtenRa said:
Lets wait and see what happens on Monday/Tuesday, then we talk again.
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If you think that tomorrow you will be able to walk down the street and do business as usual at your bank then quite honestly you're at best delusional. Optimism is a good thing, but facing reality is as well..
 
UglyCasanova said:
If you think that tomorrow you will be able to walk down the street and do business as usual at your bank then quite honestly you're at best delusional. Optimism is a good thing, but facing reality is as well..
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I was doing my business all the week that past and i will be able on Monday. The bank system was working last week, i could do my business through the net. I could move money from my accounts to others and vice versa. I could buy and sell as usual.
 
AtenRa said:
I was doing my business all the week that past and i will be able on Monday. The bank system was working last week, i could do my business through the net. I could move money from my accounts to others and vice versa. I could buy and sell as usual.
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Perhaps you can tell the manufacturing industry your secrets since they seem to be complaining quite loudly about their inability to do..,anything.
 
Ns1 said:
Perhaps you can tell the manufacturing industry your secrets since they seem to be complaining quite loudly about their inability to do..,anything.
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There are sectors that have problems, the ones that import goods. The rest are fine. Im not saying everything is fine, but things are not as bad as some let you believe.
 
It's nice to have a "boots on the ground" perspective here. Reminds me of:
Sahaf.jpg
 
AtenRa said:
There are sectors that have problems, the ones that import goods. The rest are fine. Im not saying everything is fine, but things are not as bad as some let you believe.
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I guess we'll see if Europe decides to give the Greek banks more money tonight ^_^
 
Ns1 said:
I guess we'll see if Europe decides to give the Greek banks more money tonight ^_^
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What people forget is that a vast majority of Greek people have moved their money out of the country. That is one of the reasons Banks have liquidity problems. But that also means lots of them can still do business using their foreign accounts.
 
AtenRa said:
What people forget is that a vast majority of Greek people have moved their money out of the country. That is one of the reasons Banks have liquidity problems. But that also means lots of them can still do business using their foreign accounts.
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So can the EU government kick you guys out of the Euro or EU?
 
norseamd said:
So can the EU government kick you guys out of the Euro or EU?
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Fist of all there is no EU government, there is the European Parliament and European Council.
Secondly, im not an expert on the subject to tell you when a Country can be kicked out or not, but nobody can kick us out of the Euro Zone for the reasons heard the last days, months.

EU Parliament

EU Council
 
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norseamd said:
So can the EU government kick you guys out of the Euro or EU?
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I don't know if they can or not. But, I don't think they want Greece to leave.

And Greece has a 20 Euro printing press.😉

Of course with that French anti Euro leader "La Pen" talking about how wonderful the Greece vote went. She may start talking about France's exit...

.
 
Charmonium said:
That could actually work. Balance of trade FTW.

The real issue is going to be whether or not Greece survives intact in the interim. If it's really going to take a year or more to get the Greek economy on the drachma, that is going to be one very long, suck-ass year.
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I could see other nations sending humanitarian aid, food, pharmaceuticals, and oil to run their power plants. There is also going to be the issue of no one wanting to use Greek currency once it's available. Anyone with a valuable commodity to sell is going to demand euros for it.
 
Greenman said:
I could see other nations sending humanitarian aid, food, pharmaceuticals, and oil to run their power plants. There is also going to be the issue of no one wanting to use Greek currency once it's available. Anyone with a valuable commodity to sell is going to demand euros for it.
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Well, assuming that Greece will start effectively collecting taxes, then the Drachma has value as the currency of taxation. Having little relative value compared to the Euro or Dollar doesn't mean it's valueless.
 
There really is no mechanism to kick any country out of EU or the Euro. You can leave yourself but not really set up to be able to kick anyone out. The common theme seems to be that voting NO was a vote to leave but the ballot certainly did not say that.

However, if there are no more Euro coming, Greece may have to leave themselves.

They voted no for "austerity" but will get it anyways and worse when trying to stand alone. Greece imports a ton of things that they need for everyday life. There will be a humanitarian crisis soon.

Michael
 
They are already in a depression. Yes vote would have been sigining up for 5 more years of it. If they leave Euro but stay in the EU, they will be in a pretty good position to devalue and make themselves cost competitive against the PI_S.
 
senseamp said:
They are already in a depression. Yes vote would have been sigining up for 5 more years of it. If they leave Euro but stay in the EU, they will be in a pretty good position to devalue and make themselves cost competitive against the PI_S.
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Cost competitive in what? What goods is Greece going to become a powerhouse exporter of?
 
Ns1 said:
I guess we'll see if Europe decides to give the Greek banks more money tonight ^_^
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I wouldn't count on that. If the IMF or ECB back down on what they had proposed, then no one is every going to take them seriously again. I can see the ECB extending some emergency liquidity to greek banks, but it's not going to be either easy, fast or w/o stipulations.

Michael said:
There really is no mechanism to kick any country out of EU or the Euro. You can leave yourself but not really set up to be able to kick anyone out. The common theme seems to be that voting NO was a vote to leave but the ballot certainly did not say that.
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Well, there was no mechanism for bailing countries out either. In fact, the rules that govern the EU specifically prohibit that. But when you're balls are to the wall, you find a way around the rules. Unfortunately for Greece, the EU's balls are feeling pretty loose about now. They obviously have no problem with Greece slitting its own throat.
the DRIZZLE said:
Cost competitive in what? What goods is Greece going to become a powerhouse exporter of?
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You don't necessarily have to export anything. You just need to have people want to exchange their currency for yours. Tourism can do that. Hell, depending on what the exchange rate ends up being for Euro/Drachma, Greece could be a screaming deal for Europeans who want a holiday. I don't know the figures but I'm pretty sure that's how Spain gets a lot of money. For people in the UK and Northern Europe, Spain is like the Caribbean for Americans.
 
the DRIZZLE said:
Cost competitive in what? What goods is Greece going to become a powerhouse exporter of?
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Would you have expected Mexico to be a powerhouse exporter of cars? Or previously agrarian China to be a powerhouse exporter of everything.
Cost is king. If it's cheaper to build something in Greece, it will be built in Greece. Especially since Greece will remain in EU even if it exits the Euro currency.
 
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