Domino Effect at Work with Euro - Last Days of the Eurozone ? - UPDATE: S & P put EU on Negative Watch

[ang]

I see that Greece is selling T bonds to repay ECB debt. Robbing Peter ?

Yes.

Greece is issuing T Bills to pay €3.2BN to the ECB for a bond due for payment to the ECB on 20th August - Markets closed to Greece - Solution - ECB has allowed Greek banks to buy the T.Bills to pay the debt to the ECB - Problem - Greek banks No Money - Solution - ECB has given Greece permission to print €3.2BN (ELA) to (yes ) pay the ECB

Round and round it goes - Illusion is King

[ang]

52% of Germans in a recent poll have said it is wrong to pool EU Nations debt -

52% Germans polled said wrong for Europe nations to share debt even if EU takes control over budgets of indiv countries, 31% in favor: Focus

[MPB]

52% of Germans in a recent poll have said it is wrong to pool EU Nations debt -

I doubt they had the same opinion when it came to using a nations private Banking system to launder ECB money to German banks.

[Ogiol]

They are just as ignorant as the majority of any country. its been drilled into them that the blacks of europe (club med plus the think paddies) are lazy and useless. This stereotype has been reinforced by their annual summer pilgrimage to the med. They dont seem to understand that they go there in august when everyone! is on holidays. I sincerely think that german and other nothern european tourists think that a wee trip to mallorca in august is a perfect example of how things work all year round, thus justifying their stereotype of lazyness. Its crazy, but plausable.

[C. Flower]

They are just as ignorant as the majority of any country. its been drilled into them that the blacks of europe (club med plus the think paddies) are lazy and useless. This stereotype has been reinforced by their annual summer pilgrimage to the med. They dont seem to understand that they go there in august when everyone! is on holidays. I sincerely think that german and other nothern european tourists think that a wee trip to mallorca in august is a perfect example of how things work all year round, thus justifying their stereotype of lazyness. Its crazy, but plausable.

Think you might be on to something there...

[riposte]

They are just as ignorant as the majority of any country. its been drilled into them that the blacks of europe (club med plus the think paddies) are lazy and useless. This stereotype has been reinforced by their annual summer pilgrimage to the med. They dont seem to understand that they go there in august when everyone! is on holidays. I sincerely think that german and other nothern european tourists think that a wee trip to mallorca in august is a perfect example of how things work all year round, thus justifying their stereotype of lazyness. Its crazy, but plausable.

When you are part of the Master-race there is no need for evidence to shore up your prejudiced attitudes to other nationalities.

[ang]

Angela has apparently got an alternative - Plan B. Drafted in utmost secrecy by a few trusted officials for the chancellor’s eyes only includes,not the complete break-up of the eurozone, which it seems would be against German interests but the long since mooted alternative of first a Greek exit and onto exits of Countries already in "programmes" -

We propose two options. First, the one that may be forced on you anyway: an exit by Greece arising from gross dereliction of its duties under the various bail-out agreements. We have taken as a given that MPs in the Bundestag will not sanction a single euro more in bail-out money to Athens. If that forces the Greeks out, so be it. Second, we also consider a wider exit of other countries that have failed the euro test. We think this should include all the states that have already been rescued, or are requesting bail-outs, because those countries share with Greece a fundamental loss of competitiveness and vulnerability to foreign capital flight. This means that they cannot be cured within a reasonable period of time while staying within the euro.

http://www.economist.com/node/21560252

[Ephilant]

Angela has apparently got an alternative - Plan B. Drafted in utmost secrecy by a few trusted officials for the chancellor’s eyes only includes,not the complete break-up of the eurozone, which it seems would be against German interests but the long since mooted alternative of first a Greek exit and onto exits of Countries already in "programmes" -
http://www.economist.com/node/21560252

ANGELA MERKEL, the German chancellor—and also, in effect, the euro area’s boss—has always insisted that she wants to preserve the euro area in its current form. But as the euro crisis intensifies and the potential bills for Germany mount, she would be imprudent not to be considering a Plan B. Drafted in utmost secrecy by a few trusted officials for the chancellor’s eyes only, this is what the memorandum outlining a contingency plan might say.

this is some journalists idea of passing a boring saturday afternoon... it's hypothetical. Not to say it won't happen, but is very devious from the economist to put it in the format they did without making it VERY clear that this is still fiction...

[Klaus Kastner]

this is some journalists idea of passing a boring saturday afternoon... it's hypothetical. Not to say it won't happen, but is very devious from the economist to put it in the format they did without making it VERY clear that this is still fiction...

http://klauskastner.blogspot.co.at/2...ster-race.html

[Ephilant]

http://klauskastner.blogspot.co.at/2...ster-race.html

Indeed, bad, BAD Economist.

[ang]

this is some journalists idea of passing a boring saturday afternoon... it's hypothetical. Not to say it won't happen, but is very devious from the economist to put it in the format they did without making it VERY clear that this is still fiction...

It may well never happen. Devious yes, digging for reaction..................

[C. Flower]

Angela has apparently got an alternative - Plan B. Drafted in utmost secrecy by a few trusted officials for the chancellor’s eyes only includes,not the complete break-up of the eurozone, which it seems would be against German interests but the long since mooted alternative of first a Greek exit and onto exits of Countries already in "programmes" -



http://www.economist.com/node/21560252

This at least cuts through the Fine Gael "feed the mushrooms" strategy of reiterating the cosy nonsense that "Ireland is not Greece."

[morticia]

When you are part of the Master-race there is no need for evidence to shore up your prejudiced attitudes to other nationalities.

Talking of master races, perhaps we should put the Jamaicans in charge instead.....😉 ok, I've spent too much time in front of the Olympics.

[DCon]

An ECB Member does not trust Politicians

“We haven’t forgotten what happened in August of last year: We bought Italian bonds and right after that the Italian government reneged on its pledges,” Coene said. “The conclusion is clear: When you take away the market pressure, you take away the pressure on politicians to act.”

http://www.forexlive.com/blog/2012/0...-of-bond-buys/

[C. Flower]

An ECB Member does not trust Politicians



http://www.forexlive.com/blog/2012/0...-of-bond-buys/

The ECB is about to be given a whole lot more power, if all goes to plan.

http://online.wsj.com/article/SB1000...EFTTopWhatNews