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  #121  
Old 21.06.2011, 18:22
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

The best alternative is to spend your CHF now, when it's at its highest :-).
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  #122  
Old 21.06.2011, 18:26
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Re: What to do with Euro's?

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The problem for Switzerland is the too high exchange-rate of the CHF. So that the question is what is going to happen with the CHF. The economy is increasing pressures upon Economics Minister Johann Schneider-Ammann to do something for both the export industry and the inbound tourism
so how much money has the SNB made on buying Euros at above market-rates so far?
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  #123  
Old 21.06.2011, 19:17
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Re: What to do with Euro's?

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so how much money has the SNB made on buying Euros at above market-rates so far?
The SNB could not and cannot sell its Euros. A retired bankers recently told me that SNB-chief Hildebrandt went into the Euro far too soon (panicking). Had he started some CHF--.10 "later", the effect would have been better. I hope that some other countries, for a variety of reasons, also go into the Euro, and this strangely includes the USA. The low Euro exchange rate is bad for the US economy.

I suppose that the SNB still is purchasing Euros but not as massively as in the past.
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  #124  
Old 21.06.2011, 20:33
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Re: What to do with Euro's?

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The SNB could not and cannot sell its Euros.
They could sell without problem, they would just take a loss! FX ternover is huge & liquid, Swiss buying made no difference in the grand scheme of things.
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  #125  
Old 21.06.2011, 20:34
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Re: What to do with Euro's?

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so how much money has the SNB made on buying Euros at above market-rates so far?
They have lost a fortune! Central banks usually get their timing wrong, they were large sellers of Gold @$300
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  #126  
Old 21.06.2011, 21:10
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Re: What to do with Euro's?

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They have lost a fortune! Central banks usually get their timing wrong, they were large sellers of Gold @$300
gordon brown did that trick too. and then converted it into USD. *facepalm*
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  #127  
Old 21.06.2011, 21:20
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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So, having a nest egg in Euro's, i am feeling rather panicky! what is the best alternative at the moment?
hatch the egg
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  #128  
Old 21.06.2011, 21:24
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Re: What to do with Euro's?

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They have lost a fortune! Central banks usually get their timing wrong, they were large sellers of Gold @$300
Not all the SNB exchange loss is announced yet; the last time they gave numbers the euro was worth much more in CHF than now.
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  #129  
Old 21.06.2011, 21:26
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Re: What to do with Euro's?

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The SNB could not and cannot sell its Euros. A retired bankers recently told me that SNB-chief Hildebrandt went into the Euro far too soon (panicking). Had he started some CHF--.10 "later", the effect would have been better. I hope that some other countries, for a variety of reasons, also go into the Euro, and this strangely includes the USA. The low Euro exchange rate is bad for the US economy.

I suppose that the SNB still is purchasing Euros but not as massively as in the past.
About "The low Euro exchange rate is bad for the US economy."

How do you work that out?

At the beginning the euro would only buy about $0.7, now 1 euro buys about $1.5.

If the US start buying euros in a big way they will drive the value up to say $1.7 or more, who does that help & how?
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  #130  
Old 21.06.2011, 21:34
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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So, having a nest egg in Euro's, i am feeling rather panicky! what is the best alternative at the moment?
Apparently many people in Greece are getting rid of their euros & buying gold.
Do not know if this is a good strategy but it is certainly a strategy
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  #131  
Old 21.06.2011, 22:20
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Re: What to do with Euro's?

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They could sell without problem, they would just take a loss! FX ternover is huge & liquid, Swiss buying made no difference in the grand scheme of things.
The SNB did not want to make a difference "in the grand scheme of things". What they wanted and partially achieved was to curtail the rise of the CHF. As outlined above, they should have waited a bit longer until intervening. Do not forget that a good deal of that rise was NOT "market" but some finance-speculators. The SNB for such reasons over the decades has bought weak foreign currencies by the billions. Making the CHF a luxury of the nation, and making it a threatened species.
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  #132  
Old 21.06.2011, 22:23
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Re: What to do with Euro's?

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About "The low Euro exchange rate is bad for the US economy."

How do you work that out?

At the beginning the euro would only buy about $0.7, now 1 euro buys about $1.5.

If the US start buying euros in a big way they will drive the value up to say $1.7 or more, who does that help & how?

Boeing would like to see the Euro at $ 2.2
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  #133  
Old 23.06.2011, 12:37
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

Greek opposition say they will vote against the new austerity measures. They do not have enough votes to stop the new austerity measures but the German govt. & the IMF have both said they will not provide more funds if there is not a broad political concensus in Greece.

Be interesting to see if they keep being so hard nosed when the sh*t gets really closer to the fan.

euro heading back down to 1.19CHF today.....
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  #134  
Old 24.06.2011, 01:40
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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Greek opposition say they will vote against the new austerity measures. They do not have enough votes to stop the new austerity measures but the German govt. & the IMF have both said they will not provide more funds if there is not a broad political concensus in Greece.

Be interesting to see if they keep being so hard nosed when the sh*t gets really closer to the fan.

euro heading back down to 1.19CHF today.....
A) what exactly is a "broad political consensus" ?
B) and since when do democratic decisions need a consensus ?
C) do the German govt. and the IWF no longer accept 51% approvals ?

Suggest then that the German government is honest enough to say that they also do NOT accept a parliamentary YES as sufficient !
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  #135  
Old 24.06.2011, 14:37
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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A) what exactly is a "broad political consensus" ?
B) and since when do democratic decisions need a consensus ?
C) do the German govt. and the IWF no longer accept 51% approvals ?

Suggest then that the German government is honest enough to say that they also do NOT accept a parliamentary YES as sufficient !
According to some of today's papers the deal is agreed so looks like German govt. and the IMF have backed off on their concensus requirement; but the euro is still down the drain.
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  #136  
Old 26.06.2011, 01:04
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

nest egg is on its way to post finance, where it is at least 100% guaranteed.
now the question is when to convert it!
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  #137  
Old 27.06.2011, 02:25
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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nest egg is on its way to post finance, where it is at least 100% guaranteed.
now the question is when to convert it!
Good for you

About "the question is when to convert it" If only I knew
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  #138  
Old 27.06.2011, 06:21
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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Good for you

About "the question is when to convert it" If only I knew
Yesterday? You don't have to do the lot on one day.
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  #139  
Old 28.06.2011, 00:24
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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Yesterday? You don't have to do the lot on one day.
sure but its hard not to follow through completely if you feel your doing the right thing....!
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  #140  
Old 29.06.2011, 18:11
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

Hate to say I told you so! Although I thought that Spain would be the lynchpin. So where's China to bail everyone out? US stocks are panicking.

I'm fine- no stocks!
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