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(Reuters)   Poland finally grows tired of everyone making fun of them for having currency called the zloty   (reuters.com) divider line 19
    More: Interesting, Poland, currency, zloty  
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1659 clicks; posted to Business » on 17 Dec 2012 at 10:53 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-12-17 10:57:55 AM
How many Poles does it take to become Greece.

GREECE
 
2012-12-17 11:12:11 AM
But I like Polish "goldies"!
 
2012-12-17 01:10:27 PM
I can't wait until they abandon the potrzebie system for metric.

/ better not be obscure
 
2012-12-17 01:25:39 PM
they make pretty good original sandwiches.
 
2012-12-17 01:43:41 PM
I'll just send them a Czech
 
2012-12-17 02:54:28 PM

Lord Dimwit: I can't wait until they abandon the potrzebie system for metric.

/ better not be obscure


At that point, the zloty will only be suitable for framing or wrapping fish.
 
2012-12-17 03:36:39 PM
Maybe they should rename it to the Zlata:

cdn3.dogonews.com

I know I'd buy THAT for a dollar!
 
2012-12-17 05:20:55 PM
After the last few years, why on EARTH would they want to join the disaster that is the Euro?
 
2012-12-17 06:04:42 PM

JohnAnnArbor: After the last few years, why on EARTH would they want to join the disaster that is the Euro?


I should think that after the Greek debacle, the European Central Bank will be especially cautious in its examination of the Polish economy before they join the Euro. Poland would enjoy freer trade with the rest of the EU. Given that it's a landlocked country, orienting itself further towards Europe should help in that respect.
 
2012-12-17 06:17:41 PM

thisispete: JohnAnnArbor: After the last few years, why on EARTH would they want to join the disaster that is the Euro?

I should think that after the Greek debacle, the European Central Bank will be especially cautious in its examination of the Polish economy before they join the Euro. Poland would enjoy freer trade with the rest of the EU. Given that it's a landlocked country, orienting itself further towards Europe should help in that respect.


The trade thing makes sense. But landlocked?

upload.wikimedia.org
 
2012-12-17 06:42:45 PM
It's actually złoty, pronounced zwoteh.
 
2012-12-17 06:51:34 PM

JohnAnnArbor: thisispete: JohnAnnArbor: After the last few years, why on EARTH would they want to join the disaster that is the Euro?

I should think that after the Greek debacle, the European Central Bank will be especially cautious in its examination of the Polish economy before they join the Euro. Poland would enjoy freer trade with the rest of the EU. Given that it's a landlocked country, orienting itself further towards Europe should help in that respect.

The trade thing makes sense. But landlocked?

[upload.wikimedia.org image 615x599]


Geography fail on my part. Normally I pride myself on that sort of thing.
 
2012-12-17 08:00:22 PM

WelldeadLink: I'll just send them a Czech


One reasone I like going to Prague is because they use the Koruna, not the Euro. The exchange rate for the Koruna is much better than the Euro rate so the prices are at least reasonable.
 
2012-12-17 08:10:13 PM
Seems to be working out for everyone involved with the Euro.
 
2012-12-17 10:20:39 PM
I have a feeling that they are trying to play Berlin off of Moscow to get the best trade deals.
I also have a feeling that is going to literally blow up in their faces, as that sort of thing has NEVER worked in the entire history of those three countries
 
2012-12-18 02:52:48 AM
I'm just waiting for one of the derpers to notice that "złoty" means "gold" . . .
 
2012-12-18 09:31:53 AM

JohnAnnArbor: After the last few years, why on EARTH would they want to join the disaster that is the Euro?


The Euro isn't a disaster as a currency at all, just look at how it's doing against the dollar.

The problem is that not all countries are equally efficient, for the less efficient (you know who), it is overvalued making it expensive/hard for them to export. For the more efficient (you can figure out who that is), it is undervalued, making it easy to export their goods.

---

I have no clue whether Poland turns out to be efficient on an European scale. Everyone probably thinks their workers and industry is better than Germany, BeNeLux and the Nordic countries only to learn that they're actually corrupt and inefficient. We'll see.
 
2012-12-18 12:57:24 PM

spawn73: JohnAnnArbor: After the last few years, why on EARTH would they want to join the disaster that is the Euro?

The Euro isn't a disaster as a currency at all, just look at how it's doing against the dollar.

Huh? Relative value isn't a big issue unless one craters relative to another. The problem is that Greece, etc. are LOCKED to the rest of Europe, thanks to the Euro. If Greece were on the drachma, they'd have devalued already and be on the road to some semblance of a recovery, with their joke of a currency serving as a warning to future investors. The way things are now, they will never be able to dig out from the debt because they can't devalue.

 
2012-12-18 01:54:19 PM

JohnAnnArbor: spawn73: JohnAnnArbor: After the last few years, why on EARTH would they want to join the disaster that is the Euro?

The Euro isn't a disaster as a currency at all, just look at how it's doing against the dollar.

Huh? Relative value isn't a big issue unless one craters relative to another. The problem is that Greece, etc. are LOCKED to the rest of Europe, thanks to the Euro. If Greece were on the drachma, they'd have devalued already and be on the road to some semblance of a recovery, with their joke of a currency serving as a warning to future investors. The way things are now, they will never be able to dig out from the debt because they can't devalue.


I know, that's a rephrasing of exactly what I said.

The Euro isn't weak, or a failure. Some countries, like Greece, are failures.

If Greece has stayed with the Drachma, they wouldn't have been able to borrow money because their currency would be the weak Drachma with their random inflation etc. Who do you think would lend money to a country like Greece, knowing they could just devalue their currency (like you suggested) if they don't feel like repaying their debt? Perhaps at insane interest rates. Most institutions aren't allowed to lend money to anyone but countries with the best credit ratings, which wouldn't be Greece if they weren't backed by the Euro.

So, no, they wouldn't be in this sort of predicament if they had the Drachma. They would still be a poor failure of a country though, the Euro didn't make them poor, inifficient or corrupt you know.
 
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