Saturday, 5 November 2011
Greeks bearing graft
When a Greek Prime Minister agrees a deal with the Eu. and then adds a clause of his own once he gets home, is it any wonder that his ministers have to issue statements `backing him`, on the hour, every hour, modifying their definition of the term `backing him` on each our? They are backing him alright, but it’s into the corner he has backed himself into. Just taking the experience of people I know who’ve bought properties in Greece and Cyprus, a deal is not a deal even if it’s been agreed in writing and drawn up by a lawyer who isn't a cousin – and even then it can all go bent. And if that little lot sounded all Greek, it was. I pay my bills in £££’s not Euro’s, but we’re shelling out on this one regardless.
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7 comments:
Keep your powder dry Hoggie - there's already a shortage of euros in Greece and rumours they are printing drachma. They are smart enough to get some of the debt cancelled first is all. Should all make the cost of a cold beer reasonable unless we get reamed when the collateral default swaps pan out. The trojan horses are already chomping hay in Paris, Austria and London as a result of these dud insurance scams. I've been over there and it's grim. the real fun may start when Berlusconi treats the IMF observers like Saddam did the weapons inspectors.
There is enough money in Europe to solve all of this. It's just that the countries in Europe who hold all the money are hardly likely to hand it over without some control of what happens to it.
The Southern countries talk about solidarity but it's the Germans and the Austrian and the Dutch who are going to be stumping up. You don't lend your mate a tenner if you don't trust him to pay it back, you wouldn't lend your bestest most trustworthy mate £1000 if he was in a hole without wanting to know exactly what the plan was to get out of that hole.
I'm surprised it's taken this long, but the French will be bust before the end of November. At that point there will be a massive debt write off either through default or massive money printing by the ECB. At that point Germany will have to decide whether it wants hyperinflation or EU isolation. My prediction is that it will reintroduce its own currency and the rest of the Eurozone will massively devalue.
Loads of massives in there, sorry.
Feel free to imply in words like huge or catastrophic to your preference.
Hog Day:
Apropos of absolutely nothing, do you read Terry Pratchett? I just finished his latest(?) book "Snuff". It was largely about the doings of Sam Vimes and as you have mentioned that you have been, in the past, a copper, I thought of you.
Best regards,
Paul L. Quandt
ACO: I've already written off any thoughts I had of buying a new Moto Guzzi, just in case Berlo` had a hand in there as well -
`just in case`??? what am I saying?!
Blue: I'm trying not to think about it at the moment.
Paul L: Greetings, Sir and welcome. I have read Mr Pratchett's "Truckers" and loved it. Haven't read "Snuff" but will do so as a direct result of your prompt, just as soon as I complete the current Patrick O` Brian I'm sailing through.
It's all so depressing. Predictable and depressing. If I'd known that profits were to be kept by the private sector, but any losses paid for by the public, I'd probably have given banking a go.
Terry Pratchett may be one of the greatest authors to have graced us with his genius. He's also something of an advert for atheism - Terry Pratchett has alzheimer. Piers Morgan is in rude good health. Where's your God now?
Sorry to see that Al Swearengen, at his sweary best, didn't make the cut in your last almostblog - one of my favourite series and a true crime that it got retired at just the three seasons.
There's another fine example of market-forces for you. Hey ho!
Spark`: I think I'll use that Deadwood clip in the next post:) I had a plan once I'd posted the one that vanished. I hope my regulars won't be offended ;)
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