Eurozone will collapse...

I think it's a good thing. We need more countries to join the UK and the Dutch in actively promoting a looser union where we combine for our common interests such as free trade, free movement, defence to an extent and so on and stay apart for the rest.

[Osem]

Originally Posted by Damien

I think it's a good thing. We need more countries to join the UK and the Dutch in actively promoting a looser union where we combine for our common interests such as free trade, free movement, defence to an extent and so on and stay apart for the rest.

Amen to that! First we had 'little Englanders' and now we have 'little Netherlanders' and even a new Euro-Sceptic party in Germany. I'm just hoping that one day the Euro delusion which drove us to the brink will be seen as some form of contagious madness which was allowed to get out of control before a cure was found. There's never been any real reason why the EU couldn't have enjoyed all the trade, cultural and other benefits of such a club without being coerced into monetary then political union.

Of course there are an awful lot of powerful people with vested interests in perpetuating the Euro gravy train and their egos are not going to take kindly to having their bloated, self obsessed, empire slowly dismantled around them. Roll on the day...

[Osem]

EU finance ministers have failed to agree on how to rescue troubled banks in any future crisis.

After almost 20 hours of talks on Saturday, ministers are still split on whether savers should bear any of the cost of a bailout.

http://www.bbc.co.uk/news/business-23020056

I think the idiots within the EU who admitted the likes of Greece into the Eurozone should have to pay up first. I wonder if anyone in Eurolalaland has considered that option or is it always going to be the ordinary folks who're made to suffer.

Italy is likely to need an EU rescue within six months as the country slides into deeper economic crisis and a credit crunch spreads to large companies, a top Italian bank has warned privately.

http://www.telegraph.co.uk/finance/e...ediobanca.html

[Osem]

Another tipping domino...

[Osem]

Oh dear:

The International Monetary Fund (IMF) has lifted its economic growth forecast for the UK this year from 0.7% to 0.9%.

Not since April 2012 has the IMF raised its UK forecast. A Treasury spokesman said it showed that the economy was moving from "rescue to recovery".

http://www.bbc.co.uk/news/business-23241500

Meantime:

German exports saw their sharpest fall since 2009 as demand in China eased off and eurozone exports fell by 9.6%.

Germany exports around 40% of its goods to the 16 other countries that use the euro, many of which are in recession.

Overall exports, according the Federal Statistics Office, were 2.4% lower in May, while imports rose by 1.7% as domestic demand remained steady.

http://www.bbc.co.uk/news/business-23225660

[Osem]

Greece may seek to ease its debt burden by renegotiating its bailout terms, the Greek finance minister said on Monday.

Yannis Stournaras told German newspaper Handelsblatt this could involve lower interest payments and more time to repay 240bn euros (£206bn) in loans.

It comes a day after he conceded that Greece may face a hole in its finances of up to 10bn euros.

http://www.bbc.co.uk/news/business-23839920

Yes, and there is some suggestion that the European Commission has been interfering, looking at ways of using the EU's structural fund to pay some or all of that €10 billion. The structural fund comes from the main EU budget, which the UK is a net contributor to. That means, if they do this, the UK will have directly funded a bailout of a Eurozone economy.

That is unacceptable, in my view. We gave bilateral assistance to Ireland because it was clearly in our interest to do so. It is not in our interest to prop up Greece.

[Sirius]

Originally Posted by Chris

Yes, and there is some suggestion that the European Commission has been interfering, looking at ways of using the EU's structural fund to pay some or all of that €10 billion. The structural fund comes from the main EU budget, which the UK is a net contributor to. That means, if they do this, the UK will have directly funded a bailout of a Eurozone economy.

That is unacceptable, in my view. We gave bilateral assistance to Ireland because it was clearly in our interest to do so. It is not in our interest to prop up Greece.

They will try anything to keep this ship wreck of a idea working

Get us out now.

---------- Post added at 19:56 ---------- Previous post was at 19:52 ----------

Originally Posted by Osem

http://www.bbc.co.uk/news/world-europe-23005499



How dare they want to keep control of anything...

The Euro elite will have vays to stop that

---------- Post added at 19:58 ---------- Previous post was at 19:56 ----------

Originally Posted by heero_yuy

It's just typical of such a duplicitous organisation. No matter what safeguards we think that we have achieved they always manage to find some way to subvert them. The sooner we get out the better. Then we can teach the Spanish about the fate of the armada again.

Indeed because the EU having been requested to assist in our issue with Spain over Gibraltar and guess what shock and horror they are doing nothing other than wringing there hands over it. But then what's new

You can bet if it was us in the wrong the EU would have been all over us by now demanding we stop.

[Osem]

Spain's public debt reached a record high in June, the country's central bank said.

The figure has risen to 942.8bn euros (£792.5bn; $1.3 trillion), equal to 92.2% of the country's entire economic output, the bank said.

This is nearly 15% higher than the same period last year and above the Spanish government's target limit of 91.4%, despite severe public spending cuts.

http://www.bbc.co.uk/news/business-24077728



Maybe that's another reason they've been upping the ante re Gibraltar...

Meanwhile, an insider at the ECB claims Silvio Berlusconi seriously floated the idea of Italy leaving the Euro in October and November 2011. By the end of that November, he had been toppled from office and substituted with a Eurocrat placeman.

http://blogs.telegraph.co.uk/finance...s-ecb-insider/

It stinks to high heaven.

---------- Post added at 20:19 ---------- Previous post was at 20:12 ----------

Originally Posted by Osem

http://www.bbc.co.uk/news/business-24077728



Maybe that's another reason they've been upping the ante re Gibraltar...

The whole thing is held together with a roll of sellotape and a couple of rubber bands. The German elections are on in a couple of weeks, and it could all begin to unravel very quickly afterwards.

Whoever is Chancellor is going to have to tell German taxpayers and savers that they are all on the hook for loan guarantees to Greece and elsewhere. Merkel has been doing her damnedest to avoid spelling this out prior to the election, unsurprisingly, because she agreed to it but doesn't want to suffer the likely electoral consequences.

[ntluser]

Originally Posted by Chris

Meanwhile, an insider at the ECB claims Silvio Berlusconi seriously floated the idea of Italy leaving the Euro in October and November 2011. By the end of that November, he had been toppled from office and substituted with a Eurocrat placeman.

http://blogs.telegraph.co.uk/finance...s-ecb-insider/

It stinks to high heaven.

---------- Post added at 20:19 ---------- Previous post was at 20:12 ----------



The whole thing is held together with a roll of sellotape and a couple of rubber bands. The German elections are on in a couple of weeks, and it could all begin to unravel very quickly afterwards.

Whoever is Chancellor is going to have to tell German taxpayers and savers that they are all on the hook for loan guarantees to Greece and elsewhere. Merkel has been doing her damnedest to avoid spelling this out prior to the election, unsurprisingly, because she agreed to it but doesn't want to suffer the likely electoral consequences.

If Germany pull out it seems likely that the Eurozone will collapse with all the consequences which that entails.

[Sirius]

Originally Posted by ntluser

If Germany pull out it seems likely that the Eurozone will collapse with all the consequences which that entails.

Then we can only hope Germany does the right thing for once and pulls out.

[Osem]

Originally Posted by Chris

Meanwhile, an insider at the ECB claims Silvio Berlusconi seriously floated the idea of Italy leaving the Euro in October and November 2011. By the end of that November, he had been toppled from office and substituted with a Eurocrat placeman.

http://blogs.telegraph.co.uk/finance...s-ecb-insider/

It stinks to high heaven.

---------- Post added at 20:19 ---------- Previous post was at 20:12 ----------



The whole thing is held together with a roll of sellotape and a couple of rubber bands. The German elections are on in a couple of weeks, and it could all begin to unravel very quickly afterwards.

Whoever is Chancellor is going to have to tell German taxpayers and savers that they are all on the hook for loan guarantees to Greece and elsewhere. Merkel has been doing her damnedest to avoid spelling this out prior to the election, unsurprisingly, because she agreed to it but doesn't want to suffer the likely electoral consequences.

Worrying times ahead methinks. There are still those who buy the old guff about the EU and Euro being the saviours of Europe blah, blah,... Well maybe, rather like Brown's end to boom and bust nonsense, all they've done is avoid a series of smaller crises by leading us into a much bigger one, socially and economically.

My understanding is that the Germans are well aware they're on the hook for Greece but Markel will win because they still trust her more with the economy and her rivals were rubbish. Anyway the predictions of collapse have been coming for a while now. It could unravel but it's looking like there will need to be another massive jolt for that to happen, a large bank collapsing or a country defaulting (such as Spain).