srg73 Posted May 24, 2015 Share Posted May 24, 2015 Just watching the Greek finance minister essentially try and hold Europe to ransom! Greece is about to default, they will exit and suffer as a consequence. Europe is currently viewed poorly by the markets meaning Greece finally being made to leave may create a rise in values.The consequence of Greece leaving however maybe contagious with Spain, France etc just about to have elections local or national. If Greece escape their debt this will be an invitation for other extreme left wing anti austerity parties to follow. A big mess and I'm guessing UK is watching closely. Here in Aus it is all laughed off however I'm not sure they are aware of all the implications and that Europe could enter a significant recession again if it goes wrong.S Link to comment Share on other sites More sharing options...
Paul1Perth Posted May 25, 2015 Share Posted May 25, 2015 Don't think it's laughed off as you suggest srg. It just doesn't get on most peoples radar over here. Maybe a few Greek ex-pats are interested to see what's going on, doesn't look like it's turning out too well for Greece, whether they leave or stay in it's not going to be good for the nation. The EU are hoping that Greece will stay in I reckon. If they quite and go back to the Drachma then it's touch and go for a few other nations who might be thinking about whether the EU is really the right place for them. Wonder what happens with the free movement? There are a lot of issues, going way beyond currency and debt. Link to comment Share on other sites More sharing options...
flag of convenience Posted May 25, 2015 Share Posted May 25, 2015 Greece's possible exist will impact EU as such a move was never supposed to happen and very much untested territory. Link to comment Share on other sites More sharing options...
newjez Posted May 25, 2015 Share Posted May 25, 2015 Just watching the Greek finance minister essentially try and hold Europe to ransom! Greece is about to default, they will exit and suffer as a consequence. Europe is currently viewed poorly by the markets meaning Greece finally being made to leave may create a rise in values.The consequence of Greece leaving however maybe contagious with Spain, France etc just about to have elections local or national. If Greece escape their debt this will be an invitation for other extreme left wing anti austerity parties to follow. A big mess and I'm guessing UK is watching closely. Here in Aus it is all laughed off however I'm not sure they are aware of all the implications and that Europe could enter a significant recession again if it goes wrong.S What's the best way to make money, or at least avoid losing money out of this? Link to comment Share on other sites More sharing options...
srg73 Posted May 25, 2015 Author Share Posted May 25, 2015 I'm not sure. The Euro could bounce as depressed at the moment due to the unkowns.S Link to comment Share on other sites More sharing options...
ugot Posted May 26, 2015 Share Posted May 26, 2015 There is nothing to worry about. The situation in Greece is much more stable than in Ukraine Link to comment Share on other sites More sharing options...
Petals Posted May 26, 2015 Share Posted May 26, 2015 I guess my sympathy lies with the Greeks and a lot of other countries that have joined the EU. I mean it would have been prudent to find out if their economies were equal to the major ones. They were not and as a result the citizens in these countries have been doing it very tough. Being the EU made holidays more expensive for tourists, so less of them and these countries relied majorly on tourism. So I can only think that these countries have to look after their own and cannot be worried about us lot. We have had it good in UK and Aus and other countries but a lot of EU countries have not. That is why the citizens are racing to the borders as soon as they get in. Who knows what is going to happen, looks like the EU should sacrifice the debt or let them go. Not good for anyone but it was created by greed and it will be solved by loss. Link to comment Share on other sites More sharing options...
newjez Posted May 27, 2015 Share Posted May 27, 2015 I guess my sympathy lies with the Greeks and a lot of other countries that have joined the EU. I mean it would have been prudent to find out if their economies were equal to the major ones. They were not and as a result the citizens in these countries have been doing it very tough. Being the EU made holidays more expensive for tourists, so less of them and these countries relied majorly on tourism. So I can only think that these countries have to look after their own and cannot be worried about us lot. We have had it good in UK and Aus and other countries but a lot of EU countries have not. That is why the citizens are racing to the borders as soon as they get in. Who knows what is going to happen, looks like the EU should sacrifice the debt or let them go. Not good for anyone but it was created by greed and it will be solved by loss. Seems to be coming to a head now. Link to comment Share on other sites More sharing options...
flag of convenience Posted May 27, 2015 Share Posted May 27, 2015 I guess my sympathy lies with the Greeks and a lot of other countries that have joined the EU. I mean it would have been prudent to find out if their economies were equal to the major ones. They were not and as a result the citizens in these countries have been doing it very tough. Being the EU made holidays more expensive for tourists, so less of them and these countries relied majorly on tourism. So I can only think that these countries have to look after their own and cannot be worried about us lot. We have had it good in UK and Aus and other countries but a lot of EU countries have not. That is why the citizens are racing to the borders as soon as they get in. Who knows what is going to happen, looks like the EU should sacrifice the debt or let them go. Not good for anyone but it was created by greed and it will be solved by loss. The thing being these countries done very well out of the EU until the GFC. It was always a likely recipe for disaster of course putting rich and poor in the same bag, but it worked for a time. A haircut to Greece will probably not be allowed by Germany in particular, but few countries appear sympathetic to Greece's plight. Largely due of course to other countries in the wings watching like Spain who would likely cripple the EU financially if the alternative radical party swept into office which would ;likely happen if Greece was rewarded for corrupt and bad economic practise. Not to mention Italy and Portugal. The government of Greece has a mandate to follow its present direction, though losing support , but I suspect it wasn't really thought at the time that Greece would leave EU and that the others would balk at that as too costly. Looks like both sides are dug in and the question is who will baulk first? Link to comment Share on other sites More sharing options...
Paul1Perth Posted May 27, 2015 Share Posted May 27, 2015 I guess my sympathy lies with the Greeks and a lot of other countries that have joined the EU. I mean it would have been prudent to find out if their economies were equal to the major ones. They were not and as a result the citizens in these countries have been doing it very tough. Being the EU made holidays more expensive for tourists, so less of them and these countries relied majorly on tourism. So I can only think that these countries have to look after their own and cannot be worried about us lot. We have had it good in UK and Aus and other countries but a lot of EU countries have not. That is why the citizens are racing to the borders as soon as they get in. Who knows what is going to happen, looks like the EU should sacrifice the debt or let them go. Not good for anyone but it was created by greed and it will be solved by loss. Spot on Petals. I could never understand why countries like Greece, Portugal, Spain wanted into the EU. They were obviously going to have to compete against nations like Germany and the UK and their culture is so far removed from that. We used to love going to all of them for a holiday as it was so relaxing. In Corfu it wasn't unusual to be in a town and see young people dressing and behaving like any big City in Europe but they were a lot more relaxed, not rushing around and worried about work and the dollar. Go out into the countryside though and you would see older people, dressed in black or Greek dress, guiding a donkey loaded with sticks around. God knows what for, but it was a widespread sighting. Same in Portugal. We were sat in a bar one lunchtime on the Algarve, watching two guys working on a market square. They were taking out big cobblestones that looked centuries old, levelling out the ground and tarring them back in. Their whole demeanor was relaxed, did a small area at a time and had a tar bowser that looked like it had come from the last century. We thought it was quite funny watching them, they weren't in a rush either. They might have done 4 cobbles in the hour we watched them with long periods of stopping for a chat and a laugh with people and a few ciggie breaks. We both agreed that had that been the UK the market would have been shut for 2 days while a bunch of contractors (Irish probably) moved in with heavy machinery, ripped it all up and did the job a lot faster and probably cheaper. Downside is though these guys actually looked like they cared, the market wasn't disrupted and the stones would be good for another century. The price of things in those countries was nowhere near what it was in the UK at the time either. It was obvious when they joined that there would be grief when their prices increased and the workers would have to ask and demand rises in wages to compensate. They didn't do themselves or the EU any favours by joining and it's not going to end nicely.:cry: Link to comment Share on other sites More sharing options...
akiralx Posted May 27, 2015 Share Posted May 27, 2015 What's the best way to make money, or at least avoid losing money out of this? Sell your bank shares. The exposure of Aus (and UK) banks to Greek debt is pretty high - if they default they lose the money they lent. Link to comment Share on other sites More sharing options...
Paul1Perth Posted May 27, 2015 Share Posted May 27, 2015 Sell your bank shares. The exposure of Aus (and UK) banks to Greek debt is pretty high - if they default they lose the money they lent. Don't have any shares. May as well go down the casino. I suppose my super will be at risk but there's not much I can do about that. Link to comment Share on other sites More sharing options...
kungfustu Posted May 27, 2015 Share Posted May 27, 2015 Not a lot of sympathy for the Greeks.....I have paid my taxes for 25 years.....if their people did the same they probably wouldn't be in this mess. Link to comment Share on other sites More sharing options...
newjez Posted May 27, 2015 Share Posted May 27, 2015 Sell your bank shares. The exposure of Aus (and UK) banks to Greek debt is pretty high - if they default they lose the money they lent. I've sold all the shares I can sell. I think we are there with this thing, and I'm worried the markets have become complacent. Sods law my sister is on holiday in Greece at the moment. Strikes she can handle. Just hope they don't riot. June payments will be interesting. Link to comment Share on other sites More sharing options...
flag of convenience Posted May 27, 2015 Share Posted May 27, 2015 Not a lot of sympathy for the Greeks.....I have paid my taxes for 25 years.....if their people did the same they probably wouldn't be in this mess. True enough. An example of what happens when rorts go unchecked. Australia take note. In support of the Greeks though it can hardly have gone un noticed in Berlin, Paris and London what was going on. They should have brought Greece to book very long ago. Now all pay the must pay the price. Link to comment Share on other sites More sharing options...
flag of convenience Posted May 27, 2015 Share Posted May 27, 2015 Sell your bank shares. The exposure of Aus (and UK) banks to Greek debt is pretty high - if they default they lose the money they lent. Probably a good thing to do anyway regardless of the Greek fiasco. More than enough issues that may impact closer to home. Link to comment Share on other sites More sharing options...
newjez Posted May 27, 2015 Share Posted May 27, 2015 Don't have any shares. May as well go down the casino. I suppose my super will be at risk but there's not much I can do about that. Are you sure Paul? My super has a few options. I can chose domestic or international shares, bonds, cash. I have mine in protected loss share fund now, so I get gains, but I'm protected from losses. Have a chat with your super and see what your options are. Link to comment Share on other sites More sharing options...
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