EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Panda wrote:

Badboy wrote:ONE HAS TO ADMIRE THE ICELANDIC PEOPLE FOR SAYING NO TO THE BANKS.
THEY HAVE TURNED AROUND THEIR BEAUTIFUL COUNTRY(POSSIBLY AMONG THE TOP TEN COUNTRIES FOR BEAUTY).

One of their Banks was in trouble a while ago and went bankrupt and a lot of Brits who had invested because of the high interest offered lost all their
money. Gordon Brown was Prime Minister at the time and sequestered the Banks U.K. assets, much to the annoyance of the Icelandic Government.

I"m pleased they didn"t ask for a bail-out and have proved Capital is not the answer, not sure what they do for income though apart from exporting
fish...is it the Aurora Borealis which attracts visitors? A friend of mine went a few years ago and said it was very expensive there.

THEY HAVE WILD LANDSCAPES(FJORDS/VOLCANOES/LAKES/WATERFALLS ETC

Badboy wrote:

Panda wrote:

Badboy wrote:ONE HAS TO ADMIRE THE ICELANDIC PEOPLE FOR SAYING NO TO THE BANKS.
THEY HAVE TURNED AROUND THEIR BEAUTIFUL COUNTRY(POSSIBLY AMONG THE TOP TEN COUNTRIES FOR BEAUTY).

One of their Banks was in trouble a while ago and went bankrupt and a lot of Brits who had invested because of the high interest offered lost all their
money. Gordon Brown was Prime Minister at the time and sequestered the Banks U.K. assets, much to the annoyance of the Icelandic Government.

I"m pleased they didn"t ask for a bail-out and have proved Capital is not the answer, not sure what they do for income though apart from exporting
fish...is it the Aurora Borealis which attracts visitors? A friend of mine went a few years ago and said it was very expensive there.

THEY HAVE WILD LANDSCAPES(FJORDS/VOLCANOES/LAKES/WATERFALLS ETC

Does it have a proper Summer with warmer weather, have you been there Badboy?

Badboy wrote:

Panda wrote:

Badboy wrote:

Panda wrote:

Badboy wrote:ONE HAS TO ADMIRE THE ICELANDIC PEOPLE FOR SAYING NO TO THE BANKS.
THEY HAVE TURNED AROUND THEIR BEAUTIFUL COUNTRY(POSSIBLY AMONG THE TOP TEN COUNTRIES FOR BEAUTY).

One of their Banks was in trouble a while ago and went bankrupt and a lot of Brits who had invested because of the high interest offered lost all their
money. Gordon Brown was Prime Minister at the time and sequestered the Banks U.K. assets, much to the annoyance of the Icelandic Government.

I"m pleased they didn"t ask for a bail-out and have proved Capital is not the answer, not sure what they do for income though apart from exporting
fish...is it the Aurora Borealis which attracts visitors? A friend of mine went a few years ago and said it was very expensive there.

THEY HAVE WILD LANDSCAPES(FJORDS/VOLCANOES/LAKES/WATERFALLS ETC

NEVER BEEN ABROAD

Does it have a proper Summer with warmer weather, have you been there Badboy?

Well I can tell you, it"s very expensive now .

Stocks opened higher this morning in Germany and the U.K , lower in France and Spain but fluctuating.

Worlds major economies have $7.6 Trillion debt financing this year. Japan $3.12 , U.S. $2.99 , Italy $500

Italy Bond yields are falling but the last sale was not as big as expected.

U.S. Analyst says the refinancing will depend on Countries around the World ,if they do not want to risk buying the debt the repercussions will be very
serious.

Spanish unemployment rose for sixth consecutive month as economy contracts.

German unemployment fell to 6.8%.

Angela Merkel says she will do everything to restore the Euro crisis.

3 January 2012
Last updated at 07:56

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Hungarians protest against new Fidesz constitution




















The Budapest protest has brought together several centre-left opposition parties







Continue reading the main story Related Stories

• In pictures: Hungarian protests
  
• Hungary threat to central bank
  
• Fast puts pressure on Hungary TV
  

Tens
of thousands of people have been protesting in Budapest over Hungary's
controversial new constitution, a day after it came into force.

The country's governing Fidesz party pushed the law through
parliament in April after winning a two-thirds majority in parliamentary
elections.

Opponents say it threatens democracy by removing checks and balances set up in 1989 when Communism fell.

The EU and US had also asked for the law to be withdrawn.

The dispute has cast doubt over talks on a new financing
agreement with the EU and IMF, seen as vital for market confidence in
the central European country.

But the economic crisis facing Hungary overshadows both the
government's policies and the opposition protests, says the BBC's Nick
Thorpe in Budapest.

Fidesz won the elections promising to create a million workplaces - but there has been no growth so far.

And as the public mood worsens, so do the country's ratings,
and the chances of attracting foreign investment, and creating more
jobs, our correspondent says.

'Darkest spot'
Several centre-left opposition parties joined in the protests,
held near a gala event organised by the government to celebrate the new
constitution.


Continue reading the main story Analysis





Nick Thorpe
BBC News, Budapest




The governing Fidesz party controls 68% of seats in parliament, but the streets now belong to the opposition.

Nearly every day there are new demonstrations against one
aspect or another of government policy - the new constitution, economic
policy, the centralisation of the state media, or the closing of an
opposition radio station.

One of the main speakers at Monday night's rally, Peter
Konya, likened the government to the Titanic ocean liner, and the
protesters to the iceberg which sank it.

But the economic crisis facing Hungary overshadows both the
government's policies and the opposition protests. Fidesz won a
landslide victory in 2010 promising to create a million workplaces.

But their attempts to generate growth have so far ended in
failure. And as the public mood worsens, so do the country's ratings,
and the chances of attracting foreign investment, and creating more
jobs.




Protesters chanted slogans
denouncing the centre-right Prime Minister, Viktor Orban, and carried
placards denouncing his "dictatorship" as officials arrived for the
event.

"Viktor Orban and his servants turned Hungary from a
promising place to the darkest spot in Europe," said Socialist MP Tibor
Szanyi, quoted by AFP news agency.

Aspects of the new constitution and accompanying laws which have come in for criticism include:

• A preamble committed to defending the intellectual and
  spiritual unity of the nation, which experts warn could be a future
  source of tension
  
• The inclusion of social issues - like the rights of the unborn
  child, marriage between a man and a woman, and the definition of life
  sentences - which experts say should be left to ethical debates within
  society
  
• The rewriting of the electoral system, in a way which opponents say favours Fidesz
  

But Fidesz says the new constitution, or basic law, improves the legal framework of life in Hungary.

"Despite political debates we think it is an important value
that for the first time, a freely elected parliament created the Basic
Law," said Fidesz MP Gergely Gulyas, quoted by the Reuters news agency.

Mr Gulyas co-wrote the new law and shepherded it through parliament.

European Council

Little Denmark faces high-stakes EU Presidency

2 January 2012
Politiken
Copenhagen


Cost


At the height of the debt crisis, a small country, which is not a member of the Eurozone, has taken on the EU’s six monthly rotating presidency. Danish daily Politiken argues that Copenhagen should take advantage of its marginal status in adopting the role of mediator for a community that is tearing itself apart.
Bjørn Bredal
In the new year, Denmark will take over the Presidency of the European Union. A small country with a new government, it stands to make a major contribution to the task of guiding Europe through one of the worst crises it has ever experienced.
It is in this context that that we should be all the more thankful for one remarkable fact: after centuries of war and conflict, Europe has found a means to cooperate, which has made yet another Danish Presidency possible.
It is an apt demonstration of the achievement of peace in a collaborative and generous Europe, which a little more than fifty years ago was still recovering from the one of the most devastating wars ever to afflict our part of the world. We are living in a new Europe, and it is this Europe that Denmark will have the opportunity to influence and protect over the next six months.
The presidency will have to demonstrate that the EU’s 27 member states should and can reach agreement on a wide range of political issues notwithstanding the scale of the current crisis.
At the same time, we will also have to work hard to ensure that the heart of European cooperation is not reduced to practical short-term solutions. In recent months, the 17 countries of the Eurozone have set about resolving the sovereign debt and single currency crisis in a framework that is worryingly remote from the heart of European cooperation.
Ensure that the EU does not move closer to collapse

There is a serious risk of division – a risk that has been aggravated by the UK’s rejection of the proposed Stability Union. The EU is now divided in three parts: the 17 Eurozone countries, nine others including Denmark that plan to adhere to this pact, and Great Britain which is in conflict with other EU members.
Ensuring that the EU does not drift closer to collapse, but, on the contrary, moves ahead with negotiations on issues concerning the common framework will be a key criterion for the success of the presidency.
Denmark, which is taking on its seventh European Presidency, has plenty of experience, and our unfortunate lack of involvement in the euro may prove useful when acting as a mediator.
For Europe, the stakes are not only monetary and economic: it also has to protect peace, freedom and European values. In the coming months, Denmark will have a chance to raise these

Italy will continue to contract in 2012 .

Even if Greece wanted to leave the process it is too complex for any Country to default and the ongoing stress for the Countries who have sold Bonds and
had bailouts will be very difficult.

The fear is that the Southern Countries , Spain, Italy, Portugal will not endure the austerity and the citizens will riot.

The latest sale of 10 yr bond yields were Italy 6.5%, Spain 6.8% and Greece 34.7%.

German unemployment falls to 6.8% and growth for 2012 is expected to be 1%.

One analyst commented on the latest meeting planned for 9th January between Germany and France that it was like a Family crisis meeting without any
thought for the children. He says this will be the 17th meeting and still nothing has been achieved and losing all credibility with the rest of the World.
He said not all Countries can cut their way to growth .

IN THE GUARDIAN TODAY,IT SAID BRITISH WERE MAKING CONTINENCY PLANS FOR COLLAPSE OF EURO.

SPAIN FINANCIAL SITUATION(DEBTS) ARE WORSE THAN THOUGHT.

Badboy wrote:IN THE GUARDIAN TODAY,IT SAID BRITISH WERE MAKING CONTINENCY PLANS FOR COLLAPSE OF EURO.

SPAIN FINANCIAL SITUATION(DEBTS) ARE WORSE THAN THOUGHT.

Apparently Germany is stocking up on Deutchemarks but I think the World will not allow the EU to fail. The analyst I quoted saying Merkel and Sarkozy were having all these meetings on Family matters but forgot to bring the children is a Professor of Economics at a University so I think he knows what he is talking about.

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German president in home loan scandal tried to stop story's publication

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German President Christian Wulff has been accused of trying to prevent a newspaper revealing details of his home loan.
Wulff is reported to have left a message on the mobile phone of Kai Diekmann, editor-in-chief of Bild, in which he threatened to break all contact with the paper's publishers if the story appeared.
The call was made on 12 December, a day before the paper broke the story about Wulff having accepted the €500,000 (£417,000) loan - at an advantageous interest rate - from the wife of wealthy businessman Egon Geerkens. He later admitted that he should have disclosed the loan.
Bild, German's most popular tabloid, did not report the call, but it was later revealed by the Munich daily, Süddeutsche Zeitung.
It also alleged that Wulff had called Mathias Dopfner, president of Bild's publishing house Axel Springer, and the company's main shareholder Friede Springer. Both rebuffed him, saying it was an editorial decision.
Editorials in Sueddeutsche Zeitung and Financial Times Deutschland called on Wulff to resign for failing to act appropriately.
Sources: AFP/BBC

Anniversary



10 years of the euro. What’s to celebrate?




2 January 2012

Süddeutsche Zeitung

Munich





On 1st January 2002, the euro began to be circulated.
But given the current crisis, no one is planning to celebrate a decade
of the single currency.


Wolfgang Luef




January 1 2002 is probably one of the few days that every adult
European can remember. It was the day on which a cup of mulled wine for
the kids on the slopes in Garmisch for the first time cost one euro –
instead of two marks. In the cities there was hardly a cash machine
without a long queue of people standing in front of it. And everyone was
walking about with little plastic bags stuffed with freshly minted euro
coins, the “household coin mixtures”. One admired in passing the first
foreign obverse sides to German coins – Mozart here, the Belgian king
there, and what was that Spaniard named again? Three hundred and seven
million Europeans had a new currency.

That was exactly ten years ago. So now, finally: Happy Birthday, dear
euro, let’s celebrate – corks should be popping. But preparations for
the big Jubilee, it seems, are remarkably glum. The European Central
Bank (ECB), still the highest monetary authority in Europe, is planning a
Visitors’ Day “in the second quarter of 2012,” and a “Euro Run”
competition for students from 1 January to 31 March. Plus, there’s a
commemorative coin, and video clips on the ECB website demonstrating
anti-counterfeiting security features and coin production.

Minimalist birthday


In contrast, even International Green Week in Berlin looks like an
orgy. The Federal Bank is going one step further and is limiting itself
to an information package, which has been downloadable from the website
since the start of December. It’s called “Fact Sheet on Ten Years of Euro Cash”.
The title is clear, precise – and anything but festive. “We have other
worries,” explains a representative of the institution's press
service. Could the euro be even worse off than we imagined?

At the EU Commission, in any case, “there are no events or
celebrations currently being planned.” At the Chancellery, similarly,
there have been “no deliberations” on any euro anniversary, and the
Ministry of Economic Affairs did not even respond to an enquiry.

In the ECB clips of the anniversary there is hardly a word on the
monetary crisis. Nevertheless, the Bank does issue a kind of warning,
namely on the periods for converting older currencies into euros that
are finally expiring. As of 1 March 2012, for example, the Bank of
Greece will no longer be converting drachmas into euros. The old Greek
currency will be worthless.





A French version of this article was previously published in the weekly Courrier International.

Independent Financial Advisor of 25 years experience....Allan Young

www.ahomeinthecostas.com

And the orchestra played on...

Whether attributable to an old Chinese or Scottish saying, "May he live in interesting times" was, if we were ever in doubt, not uttered as a kind wish and interesting times we are most certainly living in.

By the time you read this, things will have changed I'm sure, however, as far as I can, I will provide some commentary on where we are up to now, and how that may affect us.

David Cameron was by and large applauded for his stance at the Brussels meeting back in mid December. There have been detractors who insist GB should have thrown its lot in with the other 26 nations; however, those other nations did not stand to lose as much as GB did in so doing. The treaty changes were vague and the consequences were unknown and quite rightly the PM sought the power to veto (something he has not used incidentally) any moves that may have had a disproportionate effect on GB, rather than a majority vote. He was absolutely right to do so.

The Euro and Eurozone debt crisis is not of Britain's making but Britain is in the EEA and so ought to remain part of the resolution and not unfairly penalized for political Zealots Euro folly.

Had Britain agreed to the changes it would most likely have meant an extra £35bn annual tax by the way of financial transaction taxes on business in the UK, far more than any other European country and totally disporportionate, all the more so when one considers that Britain does not use the Euro.



What has caused this belated urgency to resolve the matter?

Well, early in December, Monsieur Sarkozy telephoned Ben Bernanke and President Obama and told them that a major French bank was 48 hours from folding, and without support, there would be a return to the events of 2008, with a run on banks in Europe and contagion across the pond. He asked for help and to their eternal credit the US responded by saying that they would lend limitless amounts at exceptional rates, but only if he and Mrs Merket sorted themselves and the Eurozone out. The US then called the Banks of England, Japan, Switzerland and Canada, along with the ECB telling them that they had done a deal but that Europe had to sort itself out, somethinbg that the December conference was intended to resolve, but didn't.

The failure of the Euro brains trust in my opinion leaves the region mightily at risk and I have seen no evidence nor read of any proposals that might encourage me to think otherwise. There are serious concerns abouty French, Spanish and Italian banks with doubts about the amount of collateral they own upon which to raise funds. Frankly there are mixed views as to whether we get a Lehman style moment, or simply wade in treacle for years trying to manage a way out of the unholy mess as amply illustrated by Moody's downgrading of BNP Paribas, Credit Agricole and Societe Gerneral

So, what is or what has been the problem?

First that the Euro was flawed from outset, as confirmed by its architect Jacques Delors last week. Countries were permitted to join without having the necessary financials in place and indeed everyone in Brussels knew that Greece got in on "fiddled books";

secondly that the culture, philosophy and ethic of northern Europeans are entirely different to that of southern Europeans;

thirdly that in northern Europe tax is by and large paid and collected whereas in southern Europe tax evasion is endemic and a national pastime;

fourthly that in northern Europe there is a significant industrial and manufacturing base, whereas in southern Europe there isn't.

We would go on but the real problem is that the economies of northern and southern Europe are not in any way compatible with one another, should never have been so enjoined and I would love to meet the lunatics who thought it was a good idea, except that they are retired with fabulous pensions.

So where do we go from here?

It has been said that Britain is now on the periphery of the Eurozone. Well if the Eurozone is an imploding volcano which it may well be, that is better than being down in the bowels of it and at any rate, the problem will infect Europe for years to come.

Will the Euro collapse?

I really do not know. If it does how will it affect Briatin? Again, that really depends upon whether it is a structured and orderly reversal or a big bang. Did you know the Germans are already printing Deutschmarks just in case, how is that for confidence?

The problem everyone in the Eurozone faces is that if there is a hint of a return to let's say each country's former currencies, then people will withdraw their funds and place them in Sterling, Dollars, Swiss Francs, Gold or Silver or whatever in order to protect their value and this would create a run, which would most likely see more than one bank fail.

The alternative is that the banks suddenly and without notice freeze all accounts which means that you and I will not be able to draw any cash, or pay any bills, or put any petrol in our cars, or get any shopping, until they have sorted out their computer systems and re-valued all of the accounts. Can you imagine that?

Can you imagine the entire Eurozone re-pricing every till, relabeling every can and packet and piece of fruit in every supermarket. A recipe for absolute disaster

"Ahhh", I hear you say, "I will keep a couple of thousand Euros hanging around just in case". No good. Who will take them from you? It would be a defunct currency and even if it isn't, no-one will know its value. Isn't it absolutely mind boggling?

In many ways we must really hope that the Euro does not fail, as the more once considers the consequences the more unpalatable they appear. Of course if it survives it will only be because the southern European states will have surrendered their sovereignty to northern Europe and be run, if not from Bonn, then from Brussels.

In finishing and as at the time of writing, here are some interesting statistics...

Spain has less debt at 67% measured against Gross Domestic Product (GDP) than Germany, France, UK, Portugal or Italy, oh and Britain owes Spain $325bn

What we have seen has been some interesting politics and brinkmanship. To retain his position in France in the spring elections of next year Monsieur Sarkozy will be looking to appear like a strong leader. This will of course be a new concept to the French.


Questions and comments to:

allan@tagwealth.co.uk

or

allan@spanish-taxes.co.uk

Thanks mara_thon, a very insightful article.

This morning stocks across Europe opened lower on the news that EU banks deposited overnight at the ECB 453.2 billion Euros because they are afraid to lend. The ECB loans for 3yrs at 1% was meant to give the Banks liquidity ,now the Banks get 1,75% interest for doing nothing!!!

Hust announced Unicredit, a major Italian Bank has had it"s shares suspended because it was going to sell it"s shares at E1.94.3 in a rights offering.

Germany, Italy and Spain are to sell Bonds later today.

There is talk of a write-off on Greek debt of 75% as a the Country has to repay bonds maturing in February/March. If this happens no one will buy Greek Bonds again because investors already had to accept a 50% write off on the last maturity.

German and French PMI Dec figures both slightly up above 50%

Analyst says if the EU does not come up with a specific plan 2012 will be like 2011 while the U.S.A. is showing the way on how to avoid recession,sales
in U.S. Manufactured cars have risen dramatically.

The reason the UNICREDIT deal was suspended was because the discount of 43% was considered too high and it is spooking shareholders because they
fear the Bank has more debt than it is admitting.

The Hungarian Forint has dropped considerably against the Euro because of the delay in the Eurozone agreeing a loan.

The Unicredit shares are still suspended even though they were subscribed as NEW shares.

Barclays Capital sees Euro falling to E1.20 by end of year.

Bond Sales show the following rates for 10 yrs.

Germany 1.93%
Portugal 12%
Italy 6.9%
Spain 5.42%

Italian Banks are vulnerable because they hold a lot of Gevernment Securities.

It is felt that Portugal and Italy will benefit from future Bond sales because of their high yields.

Germany

President Wulff hanging by a thread

3 January 2012
Presseurop


Handelsblatt, 3 January 2012

The net is tightening on Germany’s Federal President. Propelled into office against the wishes of public opinion by Angela Merkel in 2010, the very discreet Christian Wulff may be about to step down at short notice. So predicts business daily Handelsblatt in a report entitled "The shrinking president."
Since mid-December, Wulff has been mired in a scandal over a 2008 personal loan for 500,000 euros from a German businessman who also paid for a holiday. Now he has been accused of attempting to undermine freedom of the press. Having learned that Bild was to publish revelations about his dealings, the President called the tabloid’s editor, as well as other national dailies, threatening legal action and a “war” between the presidency and certain media outlets.
For the German press, the phone calls are testament to the Wulff’s inability to act as the guardian of the country’s moral conscience, which is the only role specifically attributed to the Federal President which is a largely ceremonial position. "He never was a great president," argues Handelsblatt, which reports that members of the ruling majority have now joined their opposition colleagues in calling for his resignation.

THERE IS A BIG ARTICLE SAYING GREECE MIGHT HAVE LEFT THE EURO BY APRIL.
I THINK I WILL GO AND READ THE ARTICLE NOW(I AM AT MY DAY CENTRE.
THE MIND BOGGLES AS WHAT WILL HAPPEN WITH THIS EURO CRISIS.

Economic crisis



Portuguese companies flee to Netherlands




4 January 2012














Jornal de Negócios, 4 January 2012






"Portugal loses tax revenue but JM pays the same," headlines Portuguese financial daily Jornal de Negócios
following the announcement by the Jerónimo Martins group (JM) that the
holding company, which controls, among others, Pingo Doce supermarkets,
is transferring part of its capital to the Netherlands. The announcement
has revived the relocation debate, with political parties and posters
to social networks accusing JM of disloyality to the country at a time
when it is going through the most serious crisis it has ever faced.

What attracts Portuguese businesses to the Netherlands, the Lisbon
daily writes, is lower taxes, easier access to credit and a reputation
for stability that Portugal does not enjoy. Another daily, Diário de Notícias, adds
that of the 20 companies listed on the Portuguese stock market's blue
chip PSI-20 index, 17 are already settled in the Netherlands.

In a leader article, Jornal de Negócios notes that-

... what is hard to swallow is not that [JM CEO] Soares Dos Santos
has broken with his past in Portugal – he hasn't and continues to pay
taxes here. It's that he has broken with its future. Since the
conditions for growth no longer exist here, he has decided to invest
elsewhere, to seek profits and create jobs outside of Portugal. [...]
But investing abroad is not a betrayal. It is just an abdication of
responsibility.

IN IRELAND,PROPERTY PRICES HAVE FALLEN 50%(A HOUSE SOLD FOR £23MILLION WAS REDOLD FOR £8MILLION)

Badboy wrote:IN IRELAND,PROPERTY PRICES HAVE FALLEN 50%(A HOUSE SOLD FOR £23MILLION WAS REDOLD FOR £8MILLION)

I know Badboy, same as Spain. Anyone with money could make a massive profit and rent the Property out , so many homeless people now it"s tragic.

Greece



Leaving the euro, a risky business?




4 January 2012

Presseurop







The euro or the drachma? That is the question asked by the Greek
press while the government continues to negotiate with the European
Union and the International Monetary Fund to find a new bailout plan. Athens daily To Vima writes-

Faced with this challenge, the most crucial for our country since the
overthrow of the dictatorship of the colonels in 1974, we must choose
between taking all the measures necessary to stay in the eurozone or
sinking into uncontrolled bankruptcy and thus return de facto to the drachma.

The paper attacks the political parties that encourage instability.
PASOK (socialist), LAOS (extreme right) and New Democracy (right-wing)
"support the government [and] at the same time lead the political
opposition."

To Ethnos notes that -

... the dilemma over the euro or the drachma leaves no one
indifferent, even the left parties that have a different view on the
issue. The truth is that this dilemma hides a major truth. The measures,
the bailout plans imposed by the EU and the Greek government in the
name of the euro these last two years, as well as all those that were
implemented for the good of the country have drawn us closer to the
drachma.

But the daily warns that while "a majority of Greeks do not want the drachma, many no longer feel implicated in the debate".

Yet, as highlighted by news site protagon.gr-

... a return to the drachma would impoverish 90% of the population.
We must thus realise that, like it or not, we must do everything to stay
in the euro clan in order not to become the poor little neighbour of
'Grand Turkey'. This requires much, much work with major sacrifices but
the choice is ours to make.

I READ SOMEWHERE THAT THE CENTRAL BANK OF GREECE NO LONGER ACCEPTS DRACHMA,MAKING A RETURN TO THR DRACHMA A PROBLEM.

Badboy wrote:I READ SOMEWHERE THAT THE CENTRAL BANK OF GREECE NO LONGER ACCEPTS DRACHMA,MAKING A RETURN TO THR DRACHMA A PROBLEM.

No, it wouldn"t Badboy, but if Greece defaults the currency would be the Drachma. There is a rumour that Germany has a stock of Deutchemarks ready
if the Euro fails and that a new alliance will be formed of all the Northern Countries, Finland, Norway, Iceland Sweden etc. with the Deutchemark the
currency for all.

Panda wrote:

Badboy wrote:I READ SOMEWHERE THAT THE CENTRAL BANK OF GREECE NO LONGER ACCEPTS DRACHMA,MAKING A RETURN TO THR DRACHMA A PROBLEM.

No, it wouldn"t Badboy, but if Greece defaults the currency would be the Drachma. There is a rumour that Germany has a stock of Deutchemarks ready
if the Euro fails and that a new alliance will be formed of all the Northern Countries, Finland, Norway, Iceland Sweden etc. with the Deutchemark the
currency for all.

Hello Panda I have doubts that Norway, Iceland and Sweden who have their own currency would switch to the deutschmark when they did not take on the Euro. I think they will stick to their own it seems to serve them well so far