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(Bloomberg)   Greece has a 46-hour window to GTFO of the €uro. Let's see if they take the bait   (bloomberg.com) divider line 8
    More: Interesting, MSCI Asia Pacific Index, Greece, GTFO, New Democracy, Greek, capital control, sovereign default, devaluations  
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1306 clicks; posted to Business » on 23 May 2012 at 12:07 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-23 12:41:40 PM  
As far as I can tell, to the average Greek citizen there's no benefit to staying in the euro. They've basically been told to starve. They might as well bring the whole thing down. Nothing to lose.
 
2012-05-23 01:00:45 PM  
All I want to know is what the exchange rate is when they convert to drachmas.

It's island buying time
 
2012-05-23 01:02:37 PM  
Buy 2 Souvlaki, get 6,000,000 drachmas 1/2 price!*


*Wednesday only
 
2012-05-23 01:03:01 PM  

ghare: As far as I can tell, to the average Greek citizen there's no benefit to staying in the euro. They've basically been told to starve. They might as well bring the whole thing down. Nothing to lose.


Thing is, leaving the Euro will do the same thing. The new currency will probably float, and instantly be nearly worthless. So, sure, you'll still have a job, but you just took an instant 80% pay cut. Greece won't be able to afford to support it, so they can't allow it to be fixed to the Euro unless they limit the amount that can be exchanged at any one time, which will result in a black market floatation anyways.

The article mentions closing the nation's borders when the switchover happens. That'll be just fan-farking-tastic.

This is how shooting wars start, never mind the damage to Europe's economy overall (and the entire world's).
 
2012-05-23 01:07:21 PM  

ghare: As far as I can tell, to the average Greek citizen there's no benefit to staying in the euro. They've basically been told to starve. They might as well bring the whole thing down. Nothing to lose.


That's not true. Things will be worse in the short and long run for greeks if they leave the euro. Post exit they'd have to choose between worse austerity than they have now or hyperinflation.

But they know things will be worse for Germany and the big countries as well if Greece leaves. So now both sides are bluffing.

Greece: we're gonna leave if you don't subsidize our spending

Germany: we're gonna stop subsidizing if you don't stop spending

At this point, I'd say it's better than 50/50 Greece leaves. The rest of Europe should try to figure out how to stop the bleeding afterward.
 
2012-05-23 01:50:47 PM  

Debeo Summa Credo: ghare: As far as I can tell, to the average Greek citizen there's no benefit to staying in the euro. They've basically been told to starve. They might as well bring the whole thing down. Nothing to lose.

That's not true. Things will be worse in the short and long run for greeks if they leave the euro. Post exit they'd have to choose between worse austerity than they have now or hyperinflation.

But they know things will be worse for Germany and the big countries as well if Greece leaves. So now both sides are bluffing.

Greece: we're gonna leave if you don't subsidize our spending

Germany: we're gonna stop subsidizing if you don't stop spending

At this point, I'd say it's better than 50/50 Greece leaves. The rest of Europe should try to figure out how to stop the bleeding afterward.


It would suck but I think they'd probably come through ok, at least the big banks would. The real victory last fall was that they bought enough time for the largest banks to raise enough that they could withstand Greece defaulting. It will still suck and crash the Euro, but it won't take down Europe's financial sector with it.
 
2012-05-23 05:21:24 PM  
Wow the derp is strong in the comments of that article.
 
2012-05-24 09:04:24 AM  
2nd Peloponnesian War in 5..4..3..2...

/Madness?!?
//THESE ARE DRACHMAS!
 
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