"IF" Greece fails what happens..

  Autoschediastic 20:34 PM 22 Jun 11
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Very intresting story here for you all, its quite frighting too!

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  daz60 07:53 AM 23 Jun 11

The fabled "domino effect" rears its ugly head again. Whatever happens it is the wealthy ones who are able to transfer their money into "safe havens" who will benefit whilst the rest of us suffer the 1930's effect. Greece is one of the most independent of states so i do not think the people are too much worried about what happens elsewhere should they default or return to their previous currency. The collapse of the present system,whilst creating great hardship for most,might be necessary so a more equitable and sustainable one can be rebuilt. Bretton Woods died years ago and the present system has been bailed out by the taxpayer too many times for this to continue.

  Autoschediastic 08:05 AM 23 Jun 11

Morning Daz!

Yeah i agree with u here. Jack Straw stated only two days ago that Greece should be left to Default on their loans, I think whats happening is some countries are sick of the bailouts that are sucking billions from each country! some countries are simply much more responsible then others again you have to take into account corruption too!

I honestly think that the Euro's fatal end is "In the post" and its just a matter of time before other countries pull out of it..

  sunnystaines 08:49 AM 23 Jun 11

its better to let greece default and leave the euro rather than prolong the agony. its is in such a mess, get the pain over and done with now. and a good lesson for the banks to tighten up on lending to chaotic nations.

i think eire & portugal can be saved as they are not so chaotic.

as for the UK the quicker we get the pain over by putting up interest rates the better, in the long run inflation will take off making the value of our savings a lot less unless the BofE get a grip.

another worry is the USA they seem ignorant of the fact they need austerity measures, if they crash that will knock on the world over.

  john 52 09:57 AM 23 Jun 11

No doubt the previous Labour government and Gordon Brown will be blamed for his mismanagement of the Greek economy .

  sunnystaines 13:50 PM 23 Jun 11

john 52 how did you know that, as it has not been made public yet. greece was part of his i saved the world plans.

  woodchip 14:59 PM 23 Jun 11

The lot's ready to go like a pack of cards, its been like this a long time before the Bank Crises, and they have still not done nothing about it other than take more from the working class and create more redundancies, and the rich and share holders are Laughing there pants off

  john bunyan 18:17 PM 23 Jun 11

The UK has only avoided a similar fate by the £ devaluing against the Euro; even then our strucural deficit is very worrying. Problem is that even a hint of a return to the drachma would cause a terrible rush to get euros out and the banks would be under siege.

  daz60 18:54 PM 23 Jun 11

The banks will survive come what may,as previous historical events prove.I think that that since the advent of 'credit cards', especially the Thatcherite deregulation has led to an absolute disregard for individual fiscal probity whilst "institutional" lending,without clear oversight, has become a gambling juggernaut that threatens us all. Excepting those elites in my first post. We either sit back and hope that throwing money at the problem will work or we "bite the bullet" and take the pain. No i do not think we are in it together,that obvious canard needs laid to rest. I feel that no economist really understands how the economy works,Keynesianism only really worked because of the post-war nature of restructuring and building that was necessary and neo-liberalism was nothing but a global assault,under Cold War pretexts,on working class cultures of the 'left'. That's my mini rant anyway.

  woodchip 23:32 PM 23 Jun 11

Its always been the Have's and the Have-nots, and will remain so for some time to come. Only the Have’s will Have more of it

One big part of it is the Stock Market, where they buy and sell People in the Name of firms. That's why you see little kids making Jeans for the West

  Devil Fish 23:43 PM 23 Jun 11

the fact is the greeks where brought into the fold and their economy was not up to it, Im glad the uk stayed well out of the euro because it was a disaster waiting to happen.though were paying for the aftermath of yet another flawed euro experiment .

for a currency to succeed everything needs to be in tandem interest rates tax rates etc this is clearly not the case in europe so it was doomed to fail at the outset.

Now dont get me wrong i'm not anti europe they are valuable partners but they need to wise up and just keep it to trade and logistics a european stae just won't work

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