The Euro Crisis

[kwatt]

Have you guys been keeping up to date on this?

I’ve been reading up and there’s some seriously scary stuff happening in Euroland ATM. The Economist (always a good source) is alluding that the end of the Euro may be nigh.

I’m just saying in case you’ve any Euros kicking about, now might be a good time to cash in the chips.

But, the upshot was that (depressingly) most seem to think that a double dip recession is pretty much inevitable with the Chancellor’s speech this week very much liable to be doom, gloom and then portents of hell on Earth so far as the economy goes.

The UK is better placed than many but we won’t escape unscathed if the Euro does collapse and, it could happen apparently.

K.

[iadom]

Re: The Euro Crisis

Reading it, I am having constant nightmares, pension pot shrinking before my eyes. An equity based ISA that has lost over £2000 in six months, annuity rates on the floor, its very worrying to say the least. 😥

J.

[EFS]

Re: The Euro Crisis

Probably been posted before but shows how Europe works.

Or doesn’t 😕

It is a slow day in a little Greek Village.
The rain is beating down and the streets are deserted.
Times are tough, everybody is in debt, and everybody lives on credit.
On this particular day a rich German tourist is driving through the village, stops at the local hotel and lays a €100 note on the desk, telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night.
The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the €100 note and runs next door to pay his debt to the butcher.
The butcher takes the €100 note and runs down the street to repay his debt to the pig farmer.
The pig farmer takes the €100 note and heads off to pay his bill at the supplier of feed and fuel.
The guy at the Farmers’ Co-op takes the €100 note and runs to pay his drinks bill at the taverna.
The publican slips the money along to the local prostitute drinking at the bar, who has also been facing hard times and has had to offer him “services” on credit.
The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the €100 note.
The hotel proprietor then places the €100 note back on the counter so the rich traveller will not suspect anything.
At that moment the traveller comes down the stairs, picks up the €100 note, states that the rooms are not satisfactory, pockets the money, and leaves town.
No one produced anything.
No one earned anything.
However, the whole village is now out of debt and looking to the future with a lot more optimism.
And that, Ladies and Gentlemen, is how the bailout package works

Steve.

ps I know the maths doesn’t work but that’s the whole point.

[kwatt]

Re: The Euro Crisis

Well the OECD hasn’t helped a lot today.

It will be interesting to see what happens tomorrow when we get the score card but, in all honesty, I don’t think there’s a whole heap that any chancellor could do as much of it is completely beyond his control. All he can hope to do is patch up as best he can.

K.

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