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Old 04-08-2012, 07:04 AM   #796
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Default Re: Financial clusterfuck in Europe

http://greece.greekreporter.com/2012...-greek-crisis/

Quote:
Venizelos: Germany Has Gained 400 Million Euros From the Greek Crisis


So far, Germany has gained 400 million euros from the Greek crisis, Evangelos Venizelos said today in an interview for the weekly Der Spiegel. Up to now Venizelos said, the German government borrows money “for almost free” and then lends Greece money at a fixed rate.

Schauble Is My Friend

Venizelos said that after months of working together, he and the German Finance Minister are friends, and this friendship led to different priorities and views.

We Might Need a Third (!) Package

The former Minister of Finance and the PASOK leader didn’t not rule out that the country may need a third rescue package to solve the financial crisis.

“We have the commitment of all members of the Eurozone that we will receive the necessary help until we can regain access to private money,” said Venizelos. “This also ensures that all countries will receive the money they have provided and that Greece will remain a member of the single currency. We are now in the most critical phase of the rescue of our country,” he stressed.

Venizelos

No comment, really, unbelievable.I don't even know where to begin. I'll just say that there are indeed some incompetent and irresponsible politicians and Greeks should get rid of all of them as soon as possible, and start from the scratch.

Last edited by ssin : 04-08-2012 at 01:49 PM.
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Old 04-08-2012, 09:34 AM   #797
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Default Re: Financial clusterfuck in Europe

Unreal stuff... So if I give a friend a car and get back a bag of chips, I can say I've gained a bag of chips?
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Old 04-08-2012, 12:57 PM   #798
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Default Re: Financial clusterfuck in Europe

Quote:
The pain in Spain
Five reasons why Spain's problems are worse than the market anticipates:

Quote:
1. Spain’s national debt is 50% greater than the headline numbers

Spain’s debt-to-GDP balloons from 60% to 90% of GDP with regional and other debts.

2. Spain’s housing prices will fall by an additional 35%

Spain built one house for every additional person added to the population during the past two decades; the fall will decrease GDP by ~2% each of the next two years.

3. Spain has “zombie” banks with massive loans to developers and to homeowners

Banks have not begun to realize losses and are vastly undercapitalized.

4. Spain’s economy has not stabilized and will continue to deteriorate

Spain has the highest unemployment in the developed world, one of the highest overall debt loads, and the most uncompetitive labor market in Europe.

5. The EU will not have the firepower or political will to bail out Spain

Rescue fund headline numbers are misleading and count capital that is not yet committed.
http://www.scribd.com/doc/88388379/I...-Pain-in-Spain
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Old 04-08-2012, 09:20 PM   #799
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Default Re: Financial clusterfuck in Europe

Basically the whole of Europe is fucked except Germany. We can analyze it to death but ultimately everyone expects someone else to bail them out. This is where social/liberal democracy comes crashing down.
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Old 04-08-2012, 10:14 PM   #800
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Default Re: Financial clusterfuck in Europe

i will never understand your point of view on this particular topic.

germany is fucked royally due to europe being fucked big time - because germany would never bail on europe. europe sinks, germany sinks. the only european countries coming out of this are likely gonna be the uk and norway, but then again, once europe sinks, the city sinks, and so the uk sinks as well. and that's when wall street sinks. and that's when china sinks.

print! print! print! inflation FTW!
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Old 04-09-2012, 04:48 PM   #801
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Default Re: Financial clusterfuck in Europe

Germany seems to be coping pretty well so far. Fastest growth, lowest unemployment, rising exports, falling (even negative) bond yields.

Only thing that royally fucks Germany is Merkel and her bail-outs. But as far as I'm concerned the rest of Europe can screw themselves. I hope German voters see it the same way.
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Old 04-09-2012, 06:27 PM   #802
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Default Re: Financial clusterfuck in Europe

by michael cembalest, jp morgan analyst:

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Old 04-10-2012, 03:27 AM   #803
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Default Re: Financial clusterfuck in Europe

They're called the PIIGS for a reason.



I love the euro but I think it's time these nations form their own currency. Call it the swine-uro S€ or Pig Dollar P$.
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Old 04-13-2012, 01:50 AM   #804
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Default Re: Financial clusterfuck in Europe

have been waiting to see this... it's beautiful, because we know all faith has been lost in the status quo and rock bottom has been reached... won't be long before we see co-op community banks in such a form...

http://www.bbc.co.uk/news/world-europe-17680904
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Old 04-13-2012, 02:18 AM   #805
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Default Re: Financial clusterfuck in Europe

Predictable outcome of a flawed system.

Sir James Goldsmith in 1993

Q: You are an opponent of the project for single currency. Why?

A: The effects of a single currency go far beyond the economy. They would transform the political structure of Europe as well as the stability of its societies.

A currency is both an economic tool and a reflection of the economic and social condition of a society. The quantity of available money must be determined in a way which does not lead to unacceptable levels of inflation, deflation or other disruptions. Obviously, a single currency would mean that the principal economic strategy of each European nation would also need to be determined centrally. It would be impossible to have a single currency while at the same time maintaining different economic programmes in each of twelve nations.

The true purpose of proposing a single currency is to force through the creation of a unitary European state while pretending to promote a purely economic idea. It is yet another example of the Eurocrats acting by stealth so as to achieve their aim of a homogenized European union. Furthermore, a single currency would disrupt European societies. To understand the effects of a single currency imposed uniformly on both rich and poor regions, look at Italy.

The economy of northern Italy is highly competitive compared to the remainder of Europe, whereas that of the south is not. Obviously, the currency used in the south cannot be adjusted relative to that of the north in order to reflect the differences in their economies because the south and the north maintain the same currency. The economy in the south stagnated and unemployment increased. Unemployed southerners moved north to seek work and to stem this migration Italy subsidized investment in the south to create jobs. To do this, special institutions were formed such as the Cassa del Mezzogiorno and its successors, through which were channeled massive transfers of funds to the south. The policy failed. Much of the investment went into useless bureaucratic mega-projects and much was stolen or diverted for political purposes. Instead of generating employment, the subsidies generated corruption. They also failed to stop migration, which continued to uproot southern communities and to overpopulate and destabilize those in the north. This is a typical case of mutual poisoning. Families and communities in the south are destroyed and urban slums and social crisis develop in the north.

This fiasco caused great resentment in northern Italy, resulting in the formation of the Lombardy League, whose platform is to re-establish autonomy for the north. The League has become an important political movement and is part of the present governing coalition.

These subsidies and migrations took place within the same nation, yet they aroused strong separatist passions. Imagine how much greater would be the resentment if they took place between different nations, such as Greece and the Netherlands or Spain and Germany. Undoubtedly, there would be great tensions if at some time in the future Greece and Spain—or indeed any other nation—were unable to maintain the standards of economic stability prevalent in the Netherlands or Germany. With a single currency, no individual nation would be able to adjust the value of its currency to reflect its own economic realities. The results would be the same as in Italy, but on a much larger and more devastating scale: uprooting of the peoples of unsuccessful nations; mass migration; destabilization of the towns in successful nations; emergence of centrifugal forces which could create possibly violent separatist movements and pull Europe apart.
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Old 04-13-2012, 05:40 PM   #806
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Default Re: Financial clusterfuck in Europe

pretty funny if it wasn't for the sad part

http://www.usatoday.com/money/perfi/...tcy/54227664/1

Quote:
More than 200,000 money-strapped households will use their tax refunds this year to pay for bankruptcy filing and legal fees, says a new study by the National Bureau of Economic Research.
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Old 04-14-2012, 01:57 PM   #807
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Default Re: Financial clusterfuck in Europe

Quote:
Originally Posted by Rrrainer View Post
Five reasons why Spain's problems are worse than the market anticipates:



http://www.scribd.com/doc/88388379/I...-Pain-in-Spain
You have to ask yourself where Spain will be a generation hence. Added to this is their suicidal birthrate of 1.3 babies born per woman. That is almost an entire baby below replacement level.

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Old 04-14-2012, 11:43 PM   #808
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Default Re: Financial clusterfuck in Europe

they were right... women held the keys all along

http://www.dailymail.co.uk/news/arti...#ixzz1qN4uPzDz
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Old 04-16-2012, 06:07 PM   #809
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Default Re: Financial clusterfuck in Europe

http://online.wsj.com/article/SB1000...235907294.html

Quote:
Argentina to Seek Takeover of YPF
spain is about to get fucked from all kinds of angles.
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Old 04-16-2012, 07:32 PM   #810
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Default Re: Financial clusterfuck in Europe

Would be hilarious if the Argentine economy overtook Spain at some point. Probably won't happen within my lifetime.
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