With Greece on it's economic knees, and with no hope of repaying it's debts, will it be eventually be left to wither away on the vine? The locals public servants have already had a 20% pay cut and the Greek people are in dire straights. They will use the ballot box to stop their government from driving them any further into the poor house. Germany and France will be asked to foot the bill, but it seems that in time, the voters in these countries will also say enough is enough. Then as each of the other nations race toward default status, will they also be cut free? If so, what guarantee is there that the Euro will stand. If it falls, what happens to countries like Ireland and Spain? If the Euro collapses, how does it effect the relevant economies? Will the UK feel the heat?
Sheesh, that's a big topic. I don't think we can accurately guess what the outcome would be because these things have a tendency to grow arms and legs and go off in directions no one can accurately predict. The one advantage we have at the moment is that we don't subscribe to the Euro but many of our businesses and banks are tied in with the currency. So, although there would be no major undertaking in terms of reverting back to our original currency, we will suffer from the knock on costs of damage to the other European economies. As I said though, it is hugely difficult predicting the outcome of major economic turmoil because it can have a chain reaction which effects the rest of the world and can rebound on us at some future point.
There will be widespread looting pandemonium on the streets, zombies, daywalkers, marshall law and of course Bruce Willis, Blade, and possibly Chuck Norris attempting to keep things some bit normal
yes but he'll be john mc clain when the euro collapses ..... he'll be out there in his wife beater don't you worry
I'm no economic expert but it seems to me that if all three of the major political parties, ie. Tories, Labour and the Lib Dems, are in favour of being in Europe then they must have a reason. This is especially true of the Tories as many of their supporters are fervent anti-EU which makes you think if being out of the EU was favourable to Britain they would be doing all they can to get us out. But they aren't.
yeah I suppose the UK needs to be part of an economic bloc. The UK only has 60 odd million people, where as the EU has nearly 400m, so I suppose the UK must be better off under the umbrella.
in all seriousness i feel all the eurozone countries would be better off going back to their original currency. i posted a thread here before about Irelands case and how the ''Celtic Tiger'' was born in the 90s and growth in the economy was huge until 2002 and the single currency where our economy continued growing but at a much slower rate. http://www.not606.com/showthread.php/64594-Why-not-just-pack-it-in
Yes, but the economy is full of ups and downs regardless of whether you are part of a block or standing alone. The Euro is still a young currency and there was always going to be teething troubles. Much of the current economic troubles weren't caused by the EU but by greed and under-regulated business practices in America (that's not to say it didn't go on here of course).
America...Now that's a **** storm waiting to happen, they are going to default on Monday unless they can stop squabbling and agree to raise the debt. If Uncle Sam defaults the Euro problem is going to look like a storm in a teacup
I think if the EU zone goes, only the strong will benefit.They will cannibalize the rest of the dead state.
Back in '73 we should have told the EU to "do one" and strengthened our ties with the commonwealth. Think the vote was rigged anyway.
Basically should Greece default, and it will, the Parthenon will go to Germany, Santorini will go to Luxembourg, Piraeos will likely end up in IMF hands, and the Chinese will own the rest. Welcome to sovereign debt restructurings for the 21st century.
