The future of the Euro and EU.

[Knock-on]

I still think like I did back in late Spring that the Euro as a currency is Donald Ducked. I will be surprised if Germany and France allow this to continue into 2012.

Just seen borrowing rates for Government 10 year bonds.

Greece 31.75 Down
Ireland 8.2 Down
Italy 7.1 Down
Spain 6.61 Up
France 3.73 Up
Germany 1.78 Down

The main worry is France. They suddenly seem to be catching the Mediterranean Cold and their financial security is being eroded. Will they continue to want to bail out the Southern States and without France, Germany cannot continue on it's own.

It isn't going to work!!


The early austerity measures implemented by the Tories seem to have generated confidence within the Global market with the UK rate being about the 3% mark. That is something to be thankful for at least but now we need to see more employment growth, especially amongst the young. We need to get the Country working again now.

I see a definite North South European divide which the UK can be more of apart of but there will be a god almighty fallout with the Euro before then.

[Drew]

When I was working in Cyprus, the Greek Cypriot resident partner of the firm explained to me that Greeks love a tragedy - and no matter what the situation was (like the Turkish invasion of Cyprus) they simply had to push the envelop until it resulted in a tragedy. How far the Greeks will push this remains to be seen; is being kicked out of Eurozone the tragedy they are aiming for?

And the Italians love nothing more than a drama. Even if Monti miraculously manages to put Italy on track, he'll be voted out at the next elections unless he can provide a drama or too.

[BDunnell]

And the Italians love nothing more than a drama. Even if Monti miraculously manages to put Italy on track, he'll be voted out at the next elections unless he can provide a drama or too.

One does, I think, have to blame the Italian electorate for a significant degree of the country's instability over recent times. Let us never forget, this is a nation in which a substantial proportion of the electorate believed Silvio Berlusconi, someone who would have been laughed off the political scene in many other European countries had he not been imprisoned long ago, to be a suitable leader. This I still find genuinely unbelievable.

[Drew]

One does, I think, have to blame the Italian electorate for a significant degree of the country's instability over recent times. Let us never forget, this is a nation in which a substantial proportion of the electorate believed Silvio Berlusconi, someone who would have been laughed off the political scene in many other European countries had he not been imprisoned long ago, to be a suitable leader. This I still find genuinely unbelievable.

Well yes, Italians will spend hours and hours complaining about Berlusconi, but I'm sure if he ran for office again, he'd probably get re-elected. Tax evasion is fairly high because the taxes are quite high and yet they want to increase them more. You aren't really going to convince more people to pay higher taxes when the average politician earns €18,000 A MONTH and then they get pretty much anything they need / want for free. We'll see,as a foreigner I can't say I'm expecting much, Italians don't really like change and any change that does happen, happens extremely slowly.

[Valve Bounce]

Well, the rioting in both Greece and Italy has started. I just wonder where this will lead to and how it will affect the rest of the World's economy.

[Drew]

Well, the rioting in both Greece and Italy has started. I just wonder where this will lead to and how it will affect the rest of the World's economy.

What do you mean it's started? They were disturbances in Rome on the 15th October, cars set alight etc. There have been riots in Greece for ages!

[Malbec]

One does, I think, have to blame the Italian electorate for a significant degree of the country's instability over recent times. Let us never forget, this is a nation in which a substantial proportion of the electorate believed Silvio Berlusconi, someone who would have been laughed off the political scene in many other European countries had he not been imprisoned long ago, to be a suitable leader. This I still find genuinely unbelievable.

It says a lot about the lack of quality politicians that Berlusconi was so popular.

What the Italians need is to have their 'guild' system destroyed where to do any job from driving a taxi to being a politician you need to be a member of the appropriate body, allowing monopolies to spring up everywhere. Thats why Italy is so astonishingly expensive. That might crack the extreme nepotism in Italy too which can only help.

[Valve Bounce]

What do you mean it's started? They were disturbances in Rome on the 15th October, cars set alight etc. There have been riots in Greece for ages!

Sorry, but if you read my earlier post about the new leaders of Italy and Greece, then perhaps you will see what I am referring to : the demonstrations after the new leaders were very recently selected to resolve the Euro crisis, and what follows.
If you want to talk about rioting in general in Greece, we can go back decades.

[Bolton Midnight]

Cheap holiday to Greece next year, anyone?

Not from what I've heard, if they took ten pounds from 100 customers in the past they know are trying to take £100 from 10 customers.

OK - then what about honest hard working folk, who, saved via a work contribution based pension scheme all their working life, who found out upon retirement that the crooked shyster running the business had pissed the pension pot up the wall on fast cars, even faster women and big boats????????

You mean like Gordon Brown did to the UK to buy votes?

RICHARD LITTLEJOHN: Spare us the sob story, Gordon, we don't care | Mail Online

The man who stole your old age: How Gordon Brown secretly imposed a ruinous tax that has wrecked the retirements of millions | Mail Online

At least bob Maxwell had the decency to top himself when he was caught with his hands in the pension pot, we're still waiting Gordo saviour of the world financial genius !!

The real country at risk in the EU is France. Their banks are exposed up to their necks in Greek, Italian, Spanish and Portuguese paper. They can survive a Greek crash but if Italy goes...........The Dollar & Swiss Franc will look real good and Gold will hit $2,400.00

BBC News - Eurozone debt web: Who owes what to whom?

Makes you wonder why they don't just wipe off all the debts and see what's left.

Correct. One is living in the past and the other in today.

Just as well we didn't get the Euro, thank heavens Labour didn't manage that particular daft idea like all their other ones.

[Valve Bounce]

BBC News - Eurozone debt web: Who owes what to whom?

Makes you wonder why they don't just wipe off all the debts and see what's left.



Just as well we didn't get the Euro, thank heavens Labour didn't manage that particular daft idea like all their other ones.

This is magnificent. Reminds me of the days when I used to play Monopoly with my siblings. I just wonder where China sits on this - they must be the BANK doling out $200 each time one of these countries staggers past GO.
I think wiping off all debts was the stage we used to reach and we started a new game again.