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  #141  
Old 29.06.2011, 18:56
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

Will try and use my 20 euro note in the petrol pump tonight.
This is my play on "Sell euros, buy oil".
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  #142  
Old 30.06.2011, 10:18
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

I managed to get 1.18 chf per euro at a local Shell station!
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  #143  
Old 05.07.2011, 12:44
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

Is this what they call a "prudent" approach?

Quote "The European Central Bank will continue to accept Greek debt as collateral for loans unless all the major credit rating agencies it uses declare it to be in default, said a senior finance official."
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  #144  
Old 05.07.2011, 12:53
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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Is this what they call a "prudent" approach?

Quote "The European Central Bank will continue to accept Greek debt as collateral for loans unless all the major credit rating agencies it uses declare it to be in default, said a senior finance official."
Shifting the responsability for the decision, its become too hot politically between the EU ministers and the ECB.
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  #145  
Old 05.07.2011, 12:56
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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Shifting the responsability for the decision, its become too hot politically between the EU ministers and the ECB.
I wish commercial banks worked the same way
Example; I want a loan & I know my credit rating is bad but look over here at what this other credit rating agency says.
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  #146  
Old 06.07.2011, 00:00
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

From the FT; "Late today, Moody’s, the US rating agency, cut Portugal’s sovereign bonds an additional four notches to “junk”, citing the risk that Greece’s bail-out by European authorities will mean that any future aid to Lisbon will require costly private-market participation. Moody’s is the first of the big three agencies to give Portugal that mark."

Would be nice to think the eurozone will survive this, but how??
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  #147  
Old 06.07.2011, 09:39
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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Would be nice to think the eurozone will survive this, but how??

Probably depends on your definition of what countries define "the Eurozone" ;-)
I believe there will always be a Eurozone - but politicians may have to either sell the idea of a "Transferunion" to their subjects^w voters or they will have to cut some of the economically no-so-sound states from it.
Or raise taxes.
Or a combination of the above.
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  #148  
Old 06.07.2011, 11:30
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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Probably depends on your definition of what countries define "the Eurozone" ;-)
I believe there will always be a Eurozone - but politicians may have to either sell the idea of a "Transferunion" to their subjects^w voters or they will have to cut some of the economically no-so-sound states from it.
Or raise taxes.
Or a combination of the above.
About "depends on your definition of what countries define "the Eurozone" "

Well if you take the view that the countries bordering the Med plus Ireland, Portugal & Belgium are too weak & Germany is too strong then who is left in the eurozone?
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  #149  
Old 06.07.2011, 12:24
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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Probably depends on your definition of what countries define "the Eurozone" ;-)
Naively, I'd expect that to be the countries using the Euro as their currency.

Or am I missing something?
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  #150  
Old 10.07.2011, 21:53
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

from today's newspapers

"Fall-out from Greece flattened Portugal and Ireland last week. It is engulfing Spain and Italy, countries with €6.3 trillion of public and private debt between them. "

& the ECB raised interest rates last week !!!!
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  #151  
Old 12.07.2011, 11:32
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

euro down to 1.16CHF today; I see no quick solution for the euro .....
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  #152  
Old 22.07.2011, 00:54
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

euro leapt up to 1.17chf today.
I see the EU have agreed a solution which involves a partial default by Greece but they say this is a one-off solution for Greece & there will be no more defauts by other countries.
Excuse me but do people really believe this
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  #153  
Old 22.07.2011, 03:00
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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Excuse me but do people really believe this
They have to. A good dozen years ago, people had to believe that Greece had reduced its annual inflation rate from between 15 and 20 % to less than than 2 % within one year in order to join the Euro Club. Not only "people" believed it, but all the big honchos of the EU too.
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  #154  
Old 22.07.2011, 10:59
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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They have to. A good dozen years ago, people had to believe that Greece had reduced its annual inflation rate from between 15 and 20 % to less than than 2 % within one year in order to join the Euro Club. Not only "people" believed it, but all the big honchos of the EU too.

Seems the bail out is agreed but private investors face a 20% loss; not much encouragement for investors to buy bonds from the other "pigs"
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  #155  
Old 27.07.2011, 16:42
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

Got this in my email:

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  #156  
Old 05.08.2011, 13:15
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

http://www.bbc.co.uk/news/business-14412390
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You'll recall I recently wrote that Royal Bank of Scotland was likely to take a charge equivalent to 50% of its lending to the Greek government.

Well, in its results on Friday that will be confirmed.
What does "take a charge" mean in this context?
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  #157  
Old 05.08.2011, 13:23
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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http://www.bbc.co.uk/news/business-14412390


What does "take a charge" mean in this context?
account for a loss. e.g. if someone owes you 100, but they probably will not pay 30 of it, then you write a loss of 30 and record it as a provision for bad debt.
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  #158  
Old 05.08.2011, 14:22
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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account for a loss. e.g. if someone owes you 100, but they probably will not pay 30 of it, then you write a loss of 30 and record it as a provision for bad debt.

In this case the provision is around £1.5bn (or so I understand).
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  #159  
Old 05.08.2011, 15:30
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

Interestingly minority holders of Greek debt don't have to accept the majority 'deal' & may well get paid out in full. This only applies to Greek debt. I know a retired Goldman Sachs employee who was loading up on 2 year Greek debt last week!
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  #160  
Old 02.09.2011, 20:40
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Re: Greece discussing leaving the Euro Zone (Spiegel Online)

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Interestingly minority holders of Greek debt don't have to accept the majority 'deal' & may well get paid out in full. This only applies to Greek debt. I know a retired Goldman Sachs employee who was loading up on 2 year Greek debt last week!
Yield on 2 year Greek debt is now over 47% - who really believes Greece will survive as a eurozone country.
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