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

[Farrandeelin]

If Greece exits the euro, what does it mean for Ireland? Are we fucked big time again?

[muppet]

If Greece exits the euro, what does it mean for Ireland? Are we fucked big time again?

No one really knows. One thing could lead to another that no one foresaw.

But I don't think so. This has been the most talked about 'next Lehman's' ever. It won't be a shock. They owe us €350m, which is fairly small time. The German and French (& hard-pressed Italian & Spanish taxpayers too amazingly) are on the line for way more.

But Tsipras is bonkers. Unless he runs back on his knees in the next two days, he has just f*cked his country royally. Ironically he may have done us, Spain, Italy and Portugal a massive favour. But I doubt that was the plan.

[Rossfan]

Loonyleftie strikes again

[Franko]

Money men playing hard ball now...

http://www.bbc.co.uk/news/world-europe-33303105

[armaghniac]

Greek banks to close tomorrow,with restrictions on ATMs etc.

[Hereiam]

The beginning of the end

[armaghniac]

Euro down as markets open, below $1.10 and £0.70.

I hope anyone changing the Queen's money did so quickly, the Euro is now above Friday against the £ and $.

[Canalman]

If Greece exits the euro, what does it mean for Ireland? Are we fucked big time again?

By no means an expert but I think what a "default" means is that the banks etc that were owed money by the Greek state have to face up to the fact with immediate effect that they will get nada. Will affect their books no end and from then on no one really knows what will happen.

Also, sets a possible precedent for countries leaving the Euro/EU when things get hairy........... undermining the Euro as a currency .

[Franko]

I notice in this morning's news that German bond yields have fallen sharply as people rush to put their money into so-called 'safe' investments.  Some of the more financially literate here could maybe answer me here - Would Merkel be pushing a tough line with the Greeks knowing that this will be a likely consequence?  I.e. are we in another situation (like we had with RBS deliberately bankrupting solid businesses to make more money) whereby the main players are now set up to gain from a Greek default?

[muppet]

http://www.richardcorbett.org.uk/greece-dont-take-it-at-face-value/

[muppet]

If the vote is YES the Tsipiras and his party are gone. It is not yet certain that the IMF/EU are willing to wait on a vote so it might be too little to late.

If the vote is NO, Tsipiras and co will have been right. But they will be out of the Euro probably.

High stakes stuff.

[magpie seanie]

If the vote is YES the Tsipiras and his party are gone. It is not yet certain that the IMF/EU are willing to wait on a vote so it might be too little to late.

If the vote is NO, Tsipiras and co will have been right. But they will be out of the Euro probably.

High stakes stuff.

Yes and while that will mean pain in the short term I think we'll be fighting with each other in queues to book our holidays in Greece next year. They will rocket back to growth pretty quickly (supported by Vladimir of course). Which will make the EU and especially our w**ker politicians look extremely bad.

[muppet]

If the vote is YES the Tsipiras and his party are gone. It is not yet certain that the IMF/EU are willing to wait on a vote so it might be too little to late.

If the vote is NO, Tsipiras and co will have been right. But they will be out of the Euro probably.

High stakes stuff.

Yes and while that will mean pain in the short term I think we'll be fighting with each other in queues to book our holidays in Greece next year. They will rocket back to growth pretty quickly (supported by Vladimir of course). Which will make the EU and especially our w**ker politicians look extremely bad.

That will probably happen Seanie, but only after their wealth and standard of living collapses.

[easytiger95]

i think we can safely say that has already happened Muppet. I think the problem for tsipras is that he sold the Greek public a pig in a poke. they were never going to get an end to austerity - ironically our recovery put the nails in their coffin, because  the EU had an example (although it was a very different situation) to point at and say "Look the Irish took their medicine and it worked, you'll have to do it as well."

I think the only outcome of this will be stronger political ties within the Eurozone, and to hell with anyone outside. Downside of that is loss of autonomy, the upside of it for the PIGS will be that the Northern countries will have to recognize that they are in a transfer union, and the Southern states will have to be subsidized for it to work.

there will have to be debt forgiveness somewhere down the line, but a Greece outside the euro gives the ECB etc an example to say toe the line, or that is what will become of you. 

[ludermor]

If the vote is YES the Tsipiras and his party are gone. It is not yet certain that the IMF/EU are willing to wait on a vote so it might be too little to late.

If the vote is NO, Tsipiras and co will have been right. But they will be out of the Euro probably.

High stakes stuff.

Yes and while that will mean pain in the short term I think we'll be fighting with each other in queues to book our holidays in Greece next year. They will rocket back to growth pretty quickly (supported by Vladimir of course). Which will make the EU and especially our w**ker politicians look extremely bad.

Not so sure about that, they will have alienated the EU which has to be a huge chuck of trading partners.