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EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

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EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #1

Post  Panda on Sun 10 Jul - 16:58

EC President Van Pompey has called an urgent Meeting of the Council to discuss the situation in Greece, Portugal and now Italy.

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Badboy on Sun 10 Jul - 17:04

SAW THAT ON SKY NEWS,WONDERED WHAT THAT WAS ABOUT:DEBT CRISIS,I PRESUME

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Sun 10 Jul - 17:21

Badboy wrote:SAW THAT ON SKY NEWS,WONDERED WHAT THAT WAS ABOUT:DEBT CRISIS,I PRESUME

Yes Badboy, look like Italy wants Financial help, it has been the next one on the agenda to a while, Belgium too is looking shaky. I just wonder where all
this money is coming from , if they are printing it it means higher inflation. The daft part is, to encourage Private money Bonds are issued for sale to
Private investors and other Governments at a ridiculous rate of almost 13% which means more indebtedness to Greece etc . They should let these Countries default now, it"s only prolonging the crisis.

The way tbings are going, every Country will revert back to it"s own Country and the EU will only be used for Free Trade and Defence, which it should always have been .

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Mon 18 Jul - 15:53

The Bond yields for Spain and Italy at 7% are near the danger zone. The Market hates uncertainty and are pushing the EC to make a decision. there is
a Meeting on Friday and Angela Merkl has threatened not to attend unless firm action is taken.

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Mon 18 Jul - 16:55

The former Governor of the Bank Mr de sousa sees no problem with the Portugese debt . When it was suggested that the Stress Test shouls have incorporated the Greek problem, he did not think this was necessary although the Market is factoring in a Greek default which is why Spain and Italy
have to pay a higher rate of interest on Bond sales.

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Mon 18 Jul - 17:06

Angela Merkel now says she feels confident a decision will be made regarding the second bail out to Greece .

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as above

Post  halfamo on Wed 20 Jul - 15:23

Merkels handling of this is attracting some very negative critisism from her own party and Helmut Kohl former Chancellor says she has ruined his vision of Europe and her handling of the crisis is crazy .

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Wed 20 Jul - 17:25

Truth to tell , the EC doesn"t know what to do because they have never experienced anything like this before. Market Analysts are predicting Greece
and Ireland will default , Spain is a big problem and although Italy has a huge debt it will weather the storm, we shall see how accurate these pundits are

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Wed 20 Jul - 19:46

Still more riots in Greece. Angela Merkel solution to the crisis is not going down well and a Senior FT figure has said it is very obvious that the EC hasn"t a clue how to resolve the crisis and the only solution was to break up the EU

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Badboy on Wed 20 Jul - 19:49

Panda wrote:Still more riots in Greece. Angela Merkel solution to the crisis is not going down well and a Senior FT figure has said it is very obvious that the EC hasn"t a clue how to resolve the crisis and the only solution was to break up the EU
SAW ON CHANNEL4 PICTURES OF TAXI DRIVERS RIOTING AT CHANGES TO THEIR PROFESSION.

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GREEK BAILOUT AGREED

Post  Panda on Fri 22 Jul - 6:33

Eurozone Leaders Agree £96bn Greek Bailout






6:10am UK, Friday July 22, 2011


Eurozone leaders have announced the details of a second
bailout for the debt-ridden Greek economy following an emergency meeting in
Brussels.











The plan will include financing from both the European Union (EU) and the
International Monetary Fund (IMF), as well as the private sector.
The Greek economy will get an injection of 109bn euros (£95.9bn) with more
coming from the private sector in the coming decades.
It is hoped that the announcement will help to calm fears that the eurozone
debt crisis will spread to the much larger economies of Italy and Spain.
Immediately after the plan was revealed the euro rose against other world
currencies and share prices also made gains.
Chancellor George Osborne welcomed the package, praising leaders for
"decisive economic action".








He said: "The first thing British taxpayers should know is that we have
delivered on our promise to keep the UK out of the Greek bailout.
"But Britain also has a huge interest in a stable eurozone. (The) package
from eurozone countries to support Greece is an important and positive
development.
"Even more positive is the demonstration that eurozone political leaders can
take decisive economic action."
This is the first time that private lenders have been involved in the bailout
of a eurozone economy.
European Council president Herman van Rompuy outlined what the eurozone's 17
member nations had agreed.
"We reached three important decisions fully supported by all of us," he
said.
"We improved Greek debt sustainability, we took measures to stop the risk of
contagion and finally we committed to improve the eurozone's crisis
management."
Under the plan, the private sector will provide 135bn euros (£120bn) over the
next 30 years through a variety of measures including a debt buy-back
programme.
As well as the buy-back scheme, private sector creditors will be offered
three other ways to help cut Greece's debt pile by 13.5bn euros (£11.9bn).



Consensus between France and Germany signified that a deal
would be struck


Greek prime minister George Papandreou said the agreement would help ease
the
burden on his country.
Sky's Europe correspondent Alex Rossi said there had been "dithering and
bickering amongst the leaders" during the day.
But he said there had been signs there would be agreement early on Thursday
when it appeared there was consensus between France and Germany - the eurozone's
two largest economies.

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Hammy on Fri 22 Jul - 7:04

greece has a debt of about $350 billion which represents about 140% of it's GDP. they'll never be able to pay it back. you and i wouldn't be allowed to outspend ourselves every year, having the debt restructured as it grows, by our creditors. neither should greece. they'll be back next year.

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Fri 22 Jul - 9:57

Morning Hammy, Yes, this deal is not considered workable by some analysts because it covers 30 Years to repay, never mind any GDP growth which
Greece might enjoy during the period. It has been cobbled together to save the Euro which of course affwects 27 Countries. However, some analysts
are saying Greece should have been allowed to default and let the dice roll where they may.

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Fri 22 Jul - 16:49

Greece has to face "Restricted Default" according to Fitch. EU Banks face E20 Billion dollar hit. Analysts say ECB MUST play their part and it is no means
certain the plan will work. Germany is very much against a Eurobond because it ties every Country in the Union , whether it is solvent or not.

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Sat 23 Jul - 14:20










Eurozone Leaders Agree £96bn Greek Bailout






6:43am UK, Friday July 22, 2011
Eurozone leaders have announced the details of a second bailout for the
debt-ridden Greek economy following an emergency meeting in Brussels.











The plan will include financing from both the European Union (EU) and the
International Monetary Fund (IMF), as well as the private sector.
The Greek economy will get an injection of 109bn euros (£95.9bn) with more from the private
fte sector in the coming decades.
It is hoped the announcement will help to calm fears that the eurozone debt
crisis will spread to the much larger economies of Italy and Spain.








Immediately after the plan was revealed, the euro rose against other world
currencies and share prices also made gains.
British Chancellor George Osborne welcomed the package, praising leaders for
"decisive economic action".
He said: "The first thing British taxpayers should know is that we have
delivered on our promise to keep the UK out of the Greek bailout.
"But Britain also has a huge interest in a stable eurozone. (The) package
from eurozone countries to support Greece is an important and positive
development.
"Even more positive is the demonstration that eurozone political leaders can
take decisive economic action."





This is the first time that private lenders have been involved in the bailout
of a eurozone economy.
European Council president Herman van Rompuy outlined what the eurozone's 17
member nations had agreed.
"We reached three important decisions fully supported by all of us," he
said.
"We improved Greek debt sustainability, we took measures to stop the risk of
contagion and finally we committed to improve the eurozone's crisis
management."
Under the plan, the private sector will provide 135bn euros (£120bn) during
the next 30 years through a variety of measures including a debt buy-back
programme.



Consensus between France and Germany signified that a deal
would be struck


As well as the buy-back scheme, private sector creditors will be offered
three other ways to help cut Greece's debt pile by 13.5bn euros (£11.9bn).
Greek prime minister George Papandreou said the agreement would help ease the
burden on his country.
Sky's Europe correspondent Alex Rossi said there had been "dithering and
bickering amongst the leaders" during the day.
But he said there had been signs there would be agreement early on Thursday
when it appeared there was consensus between France and Germany - the eurozone's
two largest Economies

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Sat 23 Jul - 14:42

The Greek economy will get an injection of 109bn euros (£95.9bn) with more
coming from the private sector in the coming decades."

The comments on this are as you can imagine a stitch up by Germany and France to keep the Euro at all costs. Greece will be in debt for Decades
and what about Ireland, Spain, Portugal and Italy? Does this mean the Banks won"t be able to lend to Businesses because they are committing themselves to bailing out Greece?

The general consensus among analysts is that whichever way you look at it, it is a default and one wonders why other Countries in the EU did not protest

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as above

Post  halfamo on Sat 23 Jul - 16:54

This imo is about creating a european super state and anyone who thinks the UK is not a part of this plan is naive , this goverment can deny all they like but they are part of this plan.

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Sat 23 Jul - 20:14

I don"t think it is to create a SuperState, to do that you would have to issue a Eurobond, which Germany and France don"t want. I do question the
other Members States not contesting the action the big two are taking . Something like this has never happened before and no one knows quite how to deal with it. There is no way a single currency can fit all these different economies and the inept way the EU is run spells more trouble for the Future.
I can see the EU broken up in a few years and revert just to Trade which it should have in the beginning.

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Mon 25 Jul - 7:41

Moodys has just downgraded Greece to Junk Bond Status., considered 2 steps off Default. Bond Yields higher as a result, Ireland and Portugal benefit
from lower yields because of the uncertainty that the EU package agreed will not work .

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Mon 25 Jul - 8:26

Germany has never been happy about bailing out Greece and a Nationwide Poll shows the following:-


53% against........39% For 31% also think a few Countries will leave the EU in the next few years.

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Panda

Post  pooh on Mon 25 Jul - 8:35

Panda wrote:Germany has never been happy about bailing out Greece and a Nationwide Poll shows the following:-


53% against........39% For 31% also think a few Countries will leave the EU in the next few years.

I voted to join the EU on the grounds of it being a trading zone, nohing else, since then we have had treaty amendments that were forced on us without another referendum.

I also agree Greece, Ireland and Portugal are probably the first to go then Spain and Italy.

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Mon 25 Jul - 8:54

pooh wrote:
Panda wrote:Germany has never been happy about bailing out Greece and a Nationwide Poll shows the following:-


53% against........39% For 31% also think a few Countries will leave the EU in the next few years.

I voted to join the EU on the grounds of it being a trading zone, nohing else, since then we have had treaty amendments that were forced on us without another referendum.

I also agree Greece, Ireland and Portugal are probably the first to go then Spain and Italy.

Good Morning pooh and welcome.

Britain was always nervous about joining the EU and everyone thought it was a Common Market, now it has morphed into a Dictatorship, with France
and Germany ruling the Roost. It was always going to be impossible for one Currency to fit all economies and I hope it does break up and Countries
allowed to determine how to run their Countries again with just a Trade Agreement and maybe a Defence Agreement. The Fatcat MEP"s who do b***er all to speak up for their Countries interests would be disbanded and European Banks would not be coerced into using Investors money to try to keep the Euro afloat.

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Hi Panda

Post  pooh on Mon 25 Jul - 8:59

Well I think Germany will rule the roost seems to have a more diverse economic base well if they cant win a war get them this way,

ps and I am half German on the mothers side.

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euro v oil dollar

Post  tigger on Mon 25 Jul - 9:03

Unless the US keeps going to war, the country will be bankrupt, as it was in the 20's.
The oil dollar keeps it propped up.
The most important reason for going into Iraq was the fact that Saddam was going to accept euros for his oil.
Libya was going to issue a gold-based dinar... and so on.
US has tried to sabotage the Euro from the start, they cannot allow another world wide currency.

Greece lied to get in, the Euro administration was flawed from the start if they don't check the books.
Retirement age in Germany is 67-69, Greece 55, so why not let Greece go bust and grow olives and tomatoes?
Initially British Farmers too had it v.v. good. Not so now.
Best thing each country can do now is to grow as much of their own food as they can.
I agree Pooh, trade and travel should have been all, open borders, not so much.
Except for me of course, being an Anglophile.

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Post  Panda on Mon 25 Jul - 9:19

pooh wrote:Well I think Germany will rule the roost seems to have a more diverse economic base well if they cant win a war get them this way,

ps and.
I am half German on the mothers side........., not your fault is it.!!!!! Just joking.

The Germans have always been an Industrious Nation and disciplined which is why they are doing so well and I give them Credit for that and the Germans I have met, apart from the annoying habit of the getting up at Dawn to put their towels on the Sun Loungers around the Pool, have been
friendly.

Some Analysts are saying Germany too owes some Banks a lot of money which is why they don"t want to see the Euro devalue.

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Re: EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

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