Questions for our European friends.

[beutelwolf]

Well, yesterday broke the story that the ECB has decided on some significant amount of quantitative easing, i.e. the equivalent of printing money.

[mizlaplan]

After the left-wing anti-austerity victory in Greece, some sort of re-negotiation of their huge debt repayments is being mooted. There might be some room for manoeuvre but the ECB gives the impression that there isn't much.
The debt is never going to be repaid so I'd like to ask the following.
Do our Continental European friends think that a potential Euro-exit by Greece (the Grexit? ) would be a good/bad/no-difference thing?

[beutelwolf]

Originally Posted by mizlaplan

After the left-wing anti-austerity victory in Greece, some sort of re-negotiation of their huge debt repayments is being mooted. There might be some room for manoeuvre but the ECB gives the impression that there isn't much.
The debt is never going to be repaid so I'd like to ask the following.
Do our Continental European friends think that a potential Euro-exit by Greece (the Grexit? ) would be a good/bad/no-difference thing?

A tricky one, there's also the issue for whom it would be a good/bad thing.

If there is a Grexit, it would probably be at a price - how much of Greece's debt would the remaining Eurozone take on? If Greece leaves on their own accord, just like that, that would be nada - and then they would be extremely likely to default on their debt, at which point a large number of banks which lent to Greece would be in deep excrement. Not sure who would be hit hardest by that - might even be the UK with its large banking sector.

[teaktop]

Most Greek debt is now owned by various European Union institutions and the International Monetary Fund, which joined the EU bailout of Greece in 2010. The €7.2bn February payment is needed for Greece to avoid default, though it can be rolled over under certain conditions if talks look fruitful. Ominously, the world’s lender of last resort has warned Greece that failure to repay its debts will carry “consequences"
Tsipras says Athens will never escape this debt spiral without some debt relief.”In the past four years, Athens’ debts have spiralled to 175% of GDP, partly because GDP has shrunk by 25%, so its ability to pay down debt has diminished.
The Greeks are 75% in favour of staying in the EU so Tsiparas will not be confident of support should he exit the euro, then the EU......
Argentina refused to pay her debts and we saw the mess that caused, and continues to cause them.
The Greeks need major internal reform, whatever they do would be pissing in the wind until they eradicate government corruption

[Mad_Hatter]

I have noticed in some movies a contraption called a "borne retractable". What the hell is this thing? A cylinder that just pops up in the road? They could do a heck of a lot of damage to a car. What are they for? Thanks.

[beutelwolf]

Originally Posted by Mad_Hatter

I have noticed in some movies a contraption called a "borne retractable". What the hell is this thing? A cylinder that just pops up in the road? They could do a heck of a lot of damage to a car. What are they for? Thanks.

It is to close off pedestrianised areas, but still to allow some cars access - emergency services, residents. So, most of the time they are up, and only go up once one of those "allowed" cars has passed.

[palo5]

Originally Posted by mizlaplan

Europeans - What do you think of us British folk?

I'm a Siberian in eastern Europe, but have been here more than 4 decades, and often watch western events & media

The British can be amusing and annoying people

Sometimes they want to be like Iceland, and think they don't need anyone''s standards, even when their own suck. Othertimes they worry about trade with EU, and hate it when their sick meat is banned

I think too much of their economy consists of financial con-men, dishonest banksters and offshore manipulators

I also think they aren't democratic, because most of their votes don't count in elections - whereelse could someone with 30% or 40% receive a "majority" ??

But we often get British TV sendings, and they can make me laugh

[scoundrel]

Originally Posted by palo5

I'm a Siberian in eastern Europe, but have been here more than 4 decades, and often watch western events & media

The British can be amusing and annoying people

Sometimes they want to be like Iceland, and think they don't need anyone''s standards, even when their own suck. Othertimes they worry about trade with EU, and hate it when their sick meat is banned

I think too much of their economy consists of financial con-men, dishonest banksters and offshore manipulators

I also think they aren't democratic, because most of their votes don't count in elections - whereelse could someone with 30% or 40% receive a "majority" ??

But we often get British TV sendings, and they can make me laugh

Why...I thought you liked us, Comrade.

As you know, I am a huge Russophile. I am a founder member of my local branch of the Lavrenti Beria Appreciation Society.

[palo5]

Originally Posted by scoundrel

Why...I thought you liked us, Comrade.

As you know, I am a huge Russophile. I am a founder member of my local branch of the Lavrenti Beria Appreciation Society.

Beria was a Georgian like Stalin, actually. Sometimes he spoke to Stalin in Mingrelian, and Stalin told him to shuttup and speak Russian

Otherwise, of course we love you -- your comedy TV anyway

[Brecht]

Originally Posted by mizlaplan

After the left-wing anti-austerity victory in Greece, some sort of re-negotiation of their huge debt repayments is being mooted. There might be some room for manoeuvre but the ECB gives the impression that there isn't much.
The debt is never going to be repaid so I'd like to ask the following.
Do our Continental European friends think that a potential Euro-exit by Greece (the Grexit? ) would be a good/bad/no-difference thing?

Under the circumstances, probably a bad thing for the Greek capitalists. A devalued drachma would put their economic position in a very inconvenient situation. As far as the rest of the population is concerned, they could care less. The big institutions warn that an exit would result in a significant decline in living standards. If true, what's the difference between that scenario and the continuation of austerity measures forced upon them? The German Federal Statistical Office (Statistisches Bundesamt) reported a trade (export) surplus of 216,9 billion euros which is a new record. And here lies the problem because their trade surplus are the debts of others. Germany wants to keep its current position at all costs like any other capitalist country would. Most of the EU members are following orders and those who issue complaints are barely important. Like the UK for example. Their capitalists shot themselves in the leg when they decided to deindustrialize the country and let the financial sector take over. Now they complain about the (German-led) EU. So, perhaps there's some truth in the thought that they may be more hit in case of a "Grexit" scenarion because of their huge banking sector but I'm hardly qualified to go into details.