Eurozone crisis

[Nemesis]

Here's an interesting flow chart showing what will happen next with the Greek crisis...
BBC News - Greece's debt crisis odyssey

Whats people's views on this? Will the Eurozone break up? Are we facing the end of capitalism? Will migweb's very own Wayne451 own 51% of Greece?

[wayne451]

Greece is a ****ing joke of a country in financial terms. There is something like 5000 unregistered swimming pools in Athens alone (huge tax dodge) which is an 'iceberg matter' as far as their taxation policies are concerned. It's not a matter of IF they default but WHEN in my opinion.

People over here will moan like hell when they do too as banks Worldwide hold many greek Government bonds due to obscene unstainable circa 16% yields so don't think that it's every other nation trying to bail them out, it's more the case that they are taking advantage of the situation. Saying that there is only so many things that the banking sector can put money into so as long as they have leveraged the high risk/high yield with the low risk/low yield returns in a suitable fashion then things will not be as bad as many suspect. I will take a short term financial raping in all likelihood as although I chart it I never sell my entire holding in a company unless it's a FTSE listed share.

The financial markets will as always over-react initially, RBS and Lloyds are a traders wet dream at present. SO predictable. lmao

[Violet]

Not sure what all this means - should we be worried?

[wayne451]

Not sure what all this means - should we be worried?

It depends on your motives TBH.

If Greece default then the knock on effect through Europe will be fairly heavy, in terms that it hits UK exports, jobs, growth etc, etc so a strong chance of a double dip recession.

[specks]

****ing greeks,how come they have gotten this bad,spending like billionares on dole money and bank loans?

[DarrenH]

in terms that it hits UK exports

we have exports ?

jsut a quip, but it seems industry is depleting at a shocking rate in favour of housing and retail (observation from my county)

[Nemesis]

I think we do export a lot more than people realise because we're no longer such a large manufacturer of "visible" goods. Nowadays it's more high-tech industry like robotics, aerospace, bioscience etc... I personally blame companies like British Leyland, Triumph and MG for ruining our reputation as manufacturers lmao Kind of the opposite of what BMW and Audi did for Germany, or Honda for Japan.

[DarrenH]

top 5 exports 2010 (in terms of revenue, highest first) medicine, petrol, cars, oil, engines.

top 8 export countries (in terms of revenue, highest first) united states, germany, france, netherlands, ireland, belgium, spain, italy

i see what wayne means now. i am actually surprised at the revenue making cars by other for other people actually generates

[Violet]

I know we do still export a lot, just because we lost our entire Uk owned car manufacturing industry in a couple of decades, it doesn't mean everything's gone (most owned/invested by another country though).