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As opposed to what other kind of deadline? Obviously mr. Ed Conway can pull out one good scheme and containment plan after another from his rear, but some people like to calculate the ramifications of their idiocy before they propose it anyway... Obviously mr. Ed Conway can make the world magically agree on who pays for what, or who sees his money down the drain without a single effort, but others actually need to negotiate ...
It's a good thing people like Mr. Ed Conway are *not* in charge.
It's a good thing people like Mr. Ed Conway are *not* in charge.
lol, the record of failure from self-imposed deadlines within the euro-crisis is pretty stunning; he is more than justified in asking if this one will be any different, and more than qualified to take a stab at the outcome.
your proposal is press both hands together, stare imploringly at the ceiling, and beseech god that this time it will work?
http://www.spiegel.de/international/...788082,00.html
your proposal is press both hands together, stare imploringly at the ceiling, and beseech god that this time it will work?
http://www.spiegel.de/international/...788082,00.html
Originally Posted by Furunculus:
lol, the record of failure from self-imposed deadlines within the euro-crisis is pretty stunning; he is more than justified in asking if this one will be any different, and more than qualified to take a stab at the outcome.
Yes, so what? Got an alternative? A real alternative? One that takes 25 different countries into account?lol, the record of failure from self-imposed deadlines within the euro-crisis is pretty stunning; he is more than justified in asking if this one will be any different, and more than qualified to take a stab at the outcome.
yes, it's called germany, the netherlands, austria and finland withdrawing from the euro and creating a separate D-mark based currency union.
One is reminded of the following quote:
One is reminded of the following quote:
Originally Posted by :
The fallacy at the heart of this crisis is that every financial problem has a political solution. If only. Yet the Brussels elite and its co-conspirators at the IMF continue to promise that by “doing all it takes” they will, somehow, defy indefinitely economic gravity. This illusion of political primacy is perpetuated because a confession of impotence would not only undermine the worth of those in power but also expose the euro’s fatal flaw: monetary union without fiscal union is a marriage that weds the prudent to the profligate with no control over the latter’s spending. Financial pain will be accompanied by the political humiliation of European Union leaders and their apologists in the commentariat who boasted that such an outcome was impossible because there was the “necessary will” to prevent it occurring.
http://www.telegraph.co.uk/finance/c...tragedies.htmlThe fallacy at the heart of this crisis is that every financial problem has a political solution. If only. Yet the Brussels elite and its co-conspirators at the IMF continue to promise that by “doing all it takes” they will, somehow, defy indefinitely economic gravity. This illusion of political primacy is perpetuated because a confession of impotence would not only undermine the worth of those in power but also expose the euro’s fatal flaw: monetary union without fiscal union is a marriage that weds the prudent to the profligate with no control over the latter’s spending. Financial pain will be accompanied by the political humiliation of European Union leaders and their apologists in the commentariat who boasted that such an outcome was impossible because there was the “necessary will” to prevent it occurring.
And that alternative somehow does not take negotiation? Or a timetable so the currencies can appreciate beforehand?
it represents a real solution, one with a hope of success and happiness at the end, totally unlike the endless bailouts that:
a) never solve Greece's competitivness problem
b) never solve the Germany people's bailout problem
a) never solve Greece's competitivness problem
b) never solve the Germany people's bailout problem
Originally Posted by Furunculus:
it represents a real solution, one with a hope of success and happiness at the end, totally unlike the endless bailouts that:
a) never solve Greece's competitivness problem
b) never solve the Germany people's bailout problem
Yes. But back to my point: mocking the EU politico's for setting deadlines and timetables is all good fun, but quickly gets very silly. Even when/if the aforementioned countries create their own monetary union there is no denying that this will involve plenty of deadlines and timetables same way as if we keep on injecting more cash.it represents a real solution, one with a hope of success and happiness at the end, totally unlike the endless bailouts that:
a) never solve Greece's competitivness problem
b) never solve the Germany people's bailout problem
It makes sense for similar countries to group together in the first instance. These groups in turn might choose to coalesce together in the fullness of time. But to add so many at such a pace was frankly asking a massive amount of the system - even if it was well set up with rigorous entry requirements.
Indeed. The Benelux countries spring to mind.
Thought I would see how much of the opening post has happened and it's pretty much all happened.
I also predicted that the bailout rate from the ECB and EU would have to come down and they have indeed come down now about twice in about a month or so.
I also said some bondholders of Irish bank bonds would be scalped and they were indeed scalped no less a man than Roman Arkadyevich Abramovich got burned.
The government was going to scalp more this month and basically the ECB begged Noonan not to do it hence the second reduction in the bailout rate.
Pretty much the only thing I didnt get right was that there was no medium term liquidity for banks proposal instead the ECB put pressure on the EU to extend the maturity of the bailout.
The ECB seems intent on protecting banks ahead of anyone as far as I can see.
Originally Posted by :
Basically if one scans the news media in a broad sense you can see a trend here that Portugal is next and therefore Spain.
Portugal check Spain in progressBasically if one scans the news media in a broad sense you can see a trend here that Portugal is next and therefore Spain.
Originally Posted by :
If this all comes to pass the EFSF fund will run out and the Euro has a major problem lots of debt and no money left to bail out Spain.
check already topped up a few times now and there meeting to do it again.If this all comes to pass the EFSF fund will run out and the Euro has a major problem lots of debt and no money left to bail out Spain.
Originally Posted by :
The debt will be devalued and banks will be wound up the Euro will be severely weakened and what little gra anyone has for the Euro will go with them.
check Anglo and Irish nationwide are all gone, and the Euro down along with our gra for it too.The debt will be devalued and banks will be wound up the Euro will be severely weakened and what little gra anyone has for the Euro will go with them.
Originally Posted by :
It seemed such a good idea at the time save the Euro by preventing a default of the PIIGS debt but I don't think it is going to work.
checkIt seemed such a good idea at the time save the Euro by preventing a default of the PIIGS debt but I don't think it is going to work.
I also predicted that the bailout rate from the ECB and EU would have to come down and they have indeed come down now about twice in about a month or so.
I also said some bondholders of Irish bank bonds would be scalped and they were indeed scalped no less a man than Roman Arkadyevich Abramovich got burned.
The government was going to scalp more this month and basically the ECB begged Noonan not to do it hence the second reduction in the bailout rate.
Pretty much the only thing I didnt get right was that there was no medium term liquidity for banks proposal instead the ECB put pressure on the EU to extend the maturity of the bailout.
The ECB seems intent on protecting banks ahead of anyone as far as I can see.
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