Using the British taxpayers money to cover the mistakes of British banks who'd lent money to Irish property speculators and Irish banks who schemes went belly up.
Possibly. And the alternative ? Let Ireland go to the wall ?
Let Ireland do what Iceland did. Let their bad banks go to the wall, and start to rebuild slowly. The idea that States were responsible for the debts incurred by private companies was a new and pernicious doctrine invented by German and French politicians desperate to prevent their own citizens from finding out that the Europhile elite had just flushed 30 years worth of state pensions revenue down the toilet.
It was a LOAN not a gift. And will be paid back with interest.
Great! So the Irish are now reduced back to the condition they were in during the potato famine, forced to export the fruits of their labour to the mainland while living in rags themselves.
The idea that States were responsible for the debts incurred by private companies was ... invented by German and French politicians
A point not lost on Mr Darling when he used £40 billion of British taxpayers money to buy RBS shares. He could have let RBS collapse. Or when Mr Darling used our money to underwrite the savings of Northern Rock account holders.
The banks are protected because if people's confidence with investing with them drops, then the banks no longer have the money to lend out to businesses and for mortgages. Not a good situation. It is that confidence that is protected, not their profits.
A point not lost on Mr Darling when he used £40 billion of British taxpayers money to buy RBS shares. He could have let RBS collapse. Or when Mr Darling used our money to underwrite the savings of Northern Rock account holders.
Anyone would think this is the first banking crisis ever. It is only noticeable because it affects the very large area using the nonsense euro and, thereby, it's effect both on Europe and the wider world. Britain had banking crises in 2002, early 90s, late 70s/early 80s and more before that and roughly at ten yearly intervals; we must be due another in 2022....brace yourselves.
All euro notes circulating in Greece will then stay in Greece. There wil be border checks to stop the euro note currency leaks. Financially, Greece will be sealed off for a few days. During this time, euro notes within Greece will be marked. Once marked they will then be circulated as Drachma.
I'm not sure that would work or the Greeks would want it to. If Greece falls out of the euro then they will need foreign currency, which the euro will then be to them. What are they going to pay their external bills with?
I think they will mark only the euros printed in Greece, but will want to keep those printed elsewhere that will then be worth more than the devalued Greece ex-euro which would clearly be phased out when the drachma is printed.
Let Ireland do what Iceland did. Let their bad banks go to the wall, and start to rebuild slowly. The idea that States were responsible for the debts incurred by private companies
Would you like to speculate what would have happened if we had let the banking sector go to the wall,
In future, does this mean that banks in the UK and elsewhere across Europe can make irresponsible lending decisions knowing that European taxpayers will always bail them out ?
I think they will mark only the euros printed in Greece, but will want to keep those printed elsewhere that will then be worth more than the devalued Greece ex-euro which would clearly be phased out when the drachma is printed.
Reckon this total poppycock.
At the time of announcement, all euro notes in Greece will stay in Greece. Borders will be sealed. And these notes will be marked so they become Drachams.
A euro note is a euro note. A euro note in Greece at the time of adopting the new currency becomes a drachma.
In future, does this mean that banks in the UK and elsewhere across Europe can make irresponsible lending decisions knowing that European taxpayers will always bail them out ?
Aren't they now making the same just the other way round? Backed up by rating agencies that fantasise about growth while saving. Meanwhile some of the oil price increases were supposedly down to speculating. IE trade by people that do not need the oil.
Let Ireland do what Iceland did. Let their bad banks go to the wall, and start to rebuild slowly. The idea that States were responsible for the debts incurred by private companies was a new and pernicious doctrine invented by German and French politicians desperate to prevent their own citizens from finding out that the Europhile elite had just flushed 30 years worth of state pensions revenue down the toilet.
Probably. Living on the land trying to feed myself.
More likely sitting in a dug-out with a gun protecting your crops.
In future, does this mean that banks in the UK and elsewhere across Europe can make irresponsible lending decisions knowing that European taxpayers will always bail them out ?
It should never have been allowed to happen in the first place and it wasn't entirely Brown's fault that it did. The decision to relax control of the banks was an international one agreed by the Conservatives in the period prior to Labour winning the 1997 election. Brown merely compounded the resultant problems and added to them. All countries should be working to ensure decisions like that are never taken again instead of sitting on their arses five or six times a year unable to achieve a solution to the euro crisis....or crises so it seems.
Yup. Mind you, compared to what Greece will have to go through, it's a picnic in the park. I don't think it's beyond the realms of possibility that within a year we'll be looking at a humanitarian crisis right across Greece.
A point not lost on Mr Darling when he used £40 billion of British taxpayers money to buy RBS shares. He could have let RBS collapse. Or when Mr Darling used our money to underwrite the savings of Northern Rock account holders.
Have you any notion of what the result of letting RBS go to the wall would have had? The impact on the economy would have been even worse than the nationalisation.
The biggest mistake was in the lack of regulation and allowing it to get so big.
Well it's now official and Greece didn't get a Government sorted. Even if in the next election Syriza is biggest party and the other two parties block this might not bring a Government.
ARD called them unable to cope and that they would act if they would have to handle the election of a mayor.
Germans comment are down the line, I have to pay for my glasses and they didn't have to pay until 2010..
Yup. Mind you, compared to what Greece will have to go through, it's a picnic in the park. I don't think it's beyond the realms of possibility that within a year we'll be looking at a humanitarian crisis right across Greece.
It's hard to imagine how they ended up in this position. I can remember as a child that they along with the Italians simply could not elect a stable government that lasted any length of time. The Greeks suffered dreadfully during WWII at the hands of the Germans and one would imagine that they would be longing for calm. The chaos continued for years. Perhaps they are not temperamentally suited to stability?
Certainly.
He's only been President for less than a day and he gets soaking wet and ruins a good suit, and now his 'plane is struck by lightning.
He is accident-prone.
And always will be.
Doesn't bode well.
Comments
I know there motives. Not sure if they were sound motives.
Yes.
Using the British taxpayers money to cover the mistakes of British banks who'd lent money to Irish property speculators and Irish banks who schemes went belly up.
Thanks, Mr Osborne. "A friend in need..."
I know.
Let Ireland do what Iceland did. Let their bad banks go to the wall, and start to rebuild slowly. The idea that States were responsible for the debts incurred by private companies was a new and pernicious doctrine invented by German and French politicians desperate to prevent their own citizens from finding out that the Europhile elite had just flushed 30 years worth of state pensions revenue down the toilet.
Great! So the Irish are now reduced back to the condition they were in during the potato famine, forced to export the fruits of their labour to the mainland while living in rags themselves.
A point not lost on Mr Darling when he used £40 billion of British taxpayers money to buy RBS shares. He could have let RBS collapse. Or when Mr Darling used our money to underwrite the savings of Northern Rock account holders.
Is this the policy approach to bailing out banks both here in the UK and other parts of Europe ?
Anyone would think this is the first banking crisis ever. It is only noticeable because it affects the very large area using the nonsense euro and, thereby, it's effect both on Europe and the wider world. Britain had banking crises in 2002, early 90s, late 70s/early 80s and more before that and roughly at ten yearly intervals; we must be due another in 2022....brace yourselves.
Would you like to speculate what would have happened if we had let the banking sector go to the wall, would you still be alive?
I'm not sure that would work or the Greeks would want it to. If Greece falls out of the euro then they will need foreign currency, which the euro will then be to them. What are they going to pay their external bills with?
I think they will mark only the euros printed in Greece, but will want to keep those printed elsewhere that will then be worth more than the devalued Greece ex-euro which would clearly be phased out when the drachma is printed.
Didn't Gordon take the credit for this?
Yes. I have already speculated on this scenario.
Probably. Living on the land trying to feed myself.
In future, does this mean that banks in the UK and elsewhere across Europe can make irresponsible lending decisions knowing that European taxpayers will always bail them out ?
They will use their new currency.
Reckon this total poppycock.
At the time of announcement, all euro notes in Greece will stay in Greece. Borders will be sealed. And these notes will be marked so they become Drachams.
A euro note is a euro note. A euro note in Greece at the time of adopting the new currency becomes a drachma.
Aren't they now making the same just the other way round? Backed up by rating agencies that fantasise about growth while saving. Meanwhile some of the oil price increases were supposedly down to speculating. IE trade by people that do not need the oil.
http://www.forbes.com/sites/robertlenzner/2012/02/27/speculation-in-crude-oil-adds-23-39-to-the-price-per-barrel/
Ah yes. The old Iceland myth.
Iceland: successful recovery and the non-bail-out banking myth
:eek:
Grim reading and an example of how not to do it.
Economic and financial collapse. Of a magnitude I cannot comprehend.
Yep, survival of the fittest. Just like other animals.
Be late for that now.
I am sure we will make these mistake all over again at some point in the future.
Yup. Mind you, compared to what Greece will have to go through, it's a picnic in the park. I don't think it's beyond the realms of possibility that within a year we'll be looking at a humanitarian crisis right across Greece.
Have you any notion of what the result of letting RBS go to the wall would have had? The impact on the economy would have been even worse than the nationalisation.
The biggest mistake was in the lack of regulation and allowing it to get so big.
ARD called them unable to cope and that they would act if they would have to handle the election of a mayor.
Germans comment are down the line, I have to pay for my glasses and they didn't have to pay until 2010..
An omen?
It's hard to imagine how they ended up in this position. I can remember as a child that they along with the Italians simply could not elect a stable government that lasted any length of time. The Greeks suffered dreadfully during WWII at the hands of the Germans and one would imagine that they would be longing for calm. The chaos continued for years. Perhaps they are not temperamentally suited to stability?
He's only been President for less than a day and he gets soaking wet and ruins a good suit, and now his 'plane is struck by lightning.
He is accident-prone.
And always will be.
Doesn't bode well.
http://www.spiegel.de/international/europe/why-greece-needs-to-leave-the-euro-zone-a-832968-4.html