David Lock

I mean that they simply ran out of Euros to pay their loans.

What would this actually mean for the ordinary man on the Athens omnibus?

dl

dpb

Have to get off and walk when it runs out of juice presumably

Hammer man

iTrader: (25)

Never mind him. Would I get my Ouzo for less £££`s

dpb

In fact i think we should a whip round here see if we cant make an offer on the whole sorry place

Leslie

Total financial implosion surely. Any savings will become worthless and the whole system of government would slide away. Apparently no one will buy their bonds now, hardly surprising really, but that is the only way they can borrow cash and the only other way is to crawl to Europe and the IMF.

Its a very bad situation not only for them but also the the Eu and the Euro.

Our real worry is whether Flash will manage eventually to put us in the same position. If we lose our triple A credit rating then no one will want to buy our bonds either!

Les

hodgy0_2

surely savings would be in Euros

Jamie

I heard Germany were going to buy them out?

Luan Pra bang

the EU would have no choice they would have to bail them out and the Greeks know it.

speedking

So effectively they are underwritten by the EU and cannot go **** up.

kingofturds

iTrader: (1)

Just print out more money worked well for Zimbabwe.....oh wait

SPEN555

The UK is getting spookily similar to Greece and could slip that way as mentioned above.

Funny how it is not mentioned in the election run up.

David Lock

So the key thing seems to be whether they can stay in the Euro zone. Not sure if they can be legally slung out?

So the Euro would drop in the currency markets as investors lose faith in Europe which could actually benefit the pound. Markets would then get iffy about Portugal, Italy and Spain.

Greek Govt would still have some cash (Euros) to import essentials like fuel and medical supplies.

Watch this space

dl

Luan Pra bang

We can't mention broke Britain too much or there would be a fuss over the millions wasted on lesbian dwarf sensitivity courses. People would start asking about the massive salaries paid to mysterious quangos who insist that we need programs to get more one legged chinese transexuals into full time employment.

dpb

yeh convert to the yankie dollar that would upset the pigeons

EddScott

Greece only really realised the depth of the problem after a government change and the incoming government discovering how bad things really were.

Now then, the UK deficit is not far off Greece. We also are not part of the Euro zone so we won't be bailed by the likes of France and Germany who can't allow their currency to fail (which it would if they left Greece hanging - or if Greece left the Euro the same would occur)

So the only route for us is the IMF and such an approach would mean the loss of our AAA rating which I think is only granted to us out of apathy.

The first 2 or 3 months after the election will be very interesting.

EddScott

Assuming the government hasn't flogged the transport system to the private sector (ala the UK:-

The bus won't arrive
The bus won't have a driver because he's been made redundant.
The bus is probably now owned by some up and coming east european country (bit like the UK rail stock which maybe private but receives horrific subsidies)

The ordinary man decides as the bus isn't going to arrive he walks the filthy streets with overfilled dustbins to his sons school.

On the way he takes a fall and requires an ambulance for a nasty gash on his knee. He appears to have tripped over a crumbled pavement.

Whilst on the floor he actually gets mugged but all the CCTV cameras have been switched off the save electricity. He would call the police but doesn't have time for a roaming community liason officer to wonder past and isn't quite sure what a proper copper looks like anymore.

He phones the emergency services but no one picks up the phone. He also considers the last time he actually saw an ambulance in the first place.

He gets up and takes himself to the hospital but A&E is shut and has actually been turned into a long term transplant ward full of people waiting for a surgeon free to do the operation - the migrant doctors are en route but by boat because the hospital trust can't afford the flights.

He gives up and decides to set off once more to the school. He is dismayed to find his son sat at the school gates (which are locked) and he asks how long has he been sitting there? Since I walked here at 8.30am because the school bus didn't arrive.

A day in the life of an individual living in a bankrupt country.

EddScott

This double post thing is really taking the pi55. Every post I make appears twice and its not just me.

dpb

Another reason to vote liberal

dpb

I wonder if it will in fact mean the eu will have to open its borders more fully to migrant workers from say Africa

Petem95

It's a difficult one, because many Western countries inc the UK have been living beyond their means for some time now. For us to live the lifestyle we do, with free health care, benefits, all without really exporting that much anymore - the sums dont add up. It's only possible with ongoing massive borrowing which is exactly whats happened.

When you get to the point where the lenders start wondering if the borrower is actually going to be able to pay this money back, then the borrowing gets harder and harder and the party stops. Happened to Greece - likely to happen to us, and others to an extent.

Solution? For us surely can only mean massive job less - especially public sector, to cut costs. Reduction in services such as NHS, benefits. This combined with a big increase in taxation. The longer we keep our heads in the sand, the harder it will be to get out the hole we're in.

hodgy0_2

and a corresponding increase in crime

Fat Boy

The big problem is that they have been lying about how bad things are for years - not just during the last government but for years before that too- and finally got found out.

Ultimately they will be bailed out by the EU but the cost will be swingeing financial controls over future behaviour such as those proposed by the germans - who have the most to lose/ furthest to fall- which they don't like but they have no choice over no matter how many protest marches they make.

re the buses " if they haven't already been sold to the private sector" - they were decades ago under a deal where they bought 3000 brand new german buses to reduce pollution and stop the Parthenon melting, only to flog the old gas guzzlers off to new private sector competitors in Athens, thus doubling the traffic on the roads and actually increasing pollution. IIRC they took a hefty chunk off Brussels for that deal. Like I say, they've got history...

GlesgaKiss

What about the billions we've sent to no doubt corrupt African governments as 'aid'? So much money has been wasted and against this county's interests it's sickening. What Labour want to do is please everyone and it doesn't work like that.

Afghanistan is beyond a joke too. That and Iraq never needed to happen. I have respect for anyone sent out here, but why? No seems able to answer that. Keeping terrorism at bay so that it doesn't come to us? I'm not buying that. I think they could have been pulled out a long time ago if it wasn't for the embarrassment it would cause the people at the top.

Another example of wasted money that p*sses me off is the Scottish parliament building. All the money that went into the fancy design and features inside that... f*ck sake, just give them a tower block to work in. Instead, if I recall correctly, each mp was given specially designed window spaces where they could sit and ponder life. Sit and ponder how easy a life they have that is!

Apologies for the non greece specific rant, but these things really make me angry and it's the reason we're not far off the Greek situation. I really am going to be properly gutted if Labour get back in again. They've run this country into the ground and taken away its identity to replace it with their own warped ideals.

Petem95

Another thing that needs sorting out is all this money being sent overseas by foreign workers. One of the main drivers for the economy is consumer spending, so ideally people work and spend in the shops, not work and send their pay cheque overseas.

Governments also need to get realistic about the NHS. Yes free healthcare for all is nice, but why pretend we can afford this luxary, when we quite simply cant?

dpb

ironic you say this , i think we shall in the future no longer be buying africa off with these pittances , we shall be reqiuring their help to get us out of the hole we are presently in,thats the whole of europe

David Lock

It was only after this was mentioned on SN that world markets started to fall sharply.

So perhaps we should be more careful

dl

dpb

you a betting man ?

scoobyboy

can't the world just like start again with money? can't someone push a button somewhere and wipe out all the debts so no one owes anyone anything and then we all start again?

pslewis

Greece is selling one of its Islands to Turkey as I understand it - this will clear their national debt ... sorted.

alcazar

iTrader: (2)

Britain could do with going into administration like some footy clubs do. Come out owing nowt after paying peanuts, a few points deducted and away you go.............