The Big Bailout of the Eurozone (Another crisis coming? - Seriously)

Started by muppet, September 28, 2008, 11:36:36 PM

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Declan

#3165
September 19, 2011, 06:30:22 PM
QuoteImho the humiliation of Greece and the austerity packages rammed into other countries could create a bigger appetite for the rise of the extreme right and the extreme left in these countries. The short term thinking in Europe and the States could have very serious long term implications over the next decade.

Definitely - May you be glad you live in interesting times!

whiskeysteve

#3166
September 20, 2011, 01:40:53 PM
From Irish economy blog; How Europe Sees Itself:

Somewhere, somehow, someone's going to pay: http://www.youtube.com/watch?v=pPhISgw3I2w

muppet

#3167
September 26, 2011, 07:32:41 PM
http://www.zerohedge.com/news/europes-latest-rescue-deux-ex-machina-cdo-squared

The latest solution to EU debt crisis is to borrow loads and loads more money and pray.
MWWSI 2017

seafoid

#3169
September 27, 2011, 03:21:49 PM
Martin Wolf on why the financial markets are like a dog who has just clasped its paws around the leg of a table

Presumably, an effort would be made to build a firewall between the exiting country and other vulnerable countries. But it would be tested to destruction.

thejuice

#3170
September 30, 2011, 08:23:33 PM
Anyone see this.

http://www.youtube.com/watch?v=lqN3amj6AcE

So what was so shocking? He pretty much said what everyone knows. Its just the politicians like to pretend that they can do something about it.
It won't be the next manager but the one after that Meath will become competitive again - MO'D 2016

Dougal Maguire

#3171
September 30, 2011, 08:47:15 PM
So what is he saying we should do with our money?
Careful now

Declan

#3173
October 04, 2011, 01:58:38 PM
QuoteHow to bet against France . This is totally amoral


No surprise there -

muppet

#3174
October 18, 2011, 04:14:54 PM
This explains everything, in 3 minutes (FaceBook video).

http://www.facebook.com/video/video.php?v=10150860012110261
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muppet

#3179
October 22, 2011, 05:38:43 PM
http://www.golemxiv.co.uk/2011/10/hungarys-default-the-first-victim-erste-bank/

Apparently Hungary de facto defaulted (sounds like an 80s band) nearly two weeks ago.

Erste bank of Austria has just announced a 1.6 billion Euro loss. It's share price fell nearly 10%.

It is the nature of the losses more than the amount which is critical.

First and foremost the losses were because of Hungay's default (Yeah that's right, Default) and the 'unexpected' slow down in Romania. Hungary passed a law which is now close to coming in to force, which allows people who borrowed in Swiss francs to pay back on Hungarian florints. It is this law which is causing the banks to lose about 21%-25% on a large chunk of their loans.  I wrote about this in Greece, Hungary and Italy – a nexus of debt failure. I made this point then, and it is now clear I was correct, that the law amounted to a default.  While everyone was looking at Greece asking will they, won't they, Hungary did.

Here is the timeline:

2008: IMF are called in http://www.reuters.com/article/2008/10/27/us-financial-hungary-idUSTRE49Q2DT20081027

Nov 2010: Government takes private pensions into State scheme http://blogs.wsj.com/emergingeurope/2010/11/24/hungary-forces-private-pension-fund-members-back-to-state-scheme/

Oct 2011: Default
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