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Greece in Financial difficulties

Community Veteran
Posts: 18,545
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Registered: 12-08-2007

Greece in Financial difficulties

So Greece is going to be bailed out by the eurozone.  Spain and Portugal are also in a similar state so maybe they will also need helping.  In Parliament on Wednesday Brown was asked to state that we wouldn't be helping the bail out as we are not in the eurozone.  He refused to confirm this despite being asked a number of times.  Yesterday he suggested we would not be involved so let's wait and see.
Looks like Greece is on the slippery slope Wink  I'm so glad we're not in the Euro.
67 REPLIES
Community Veteran
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Registered: 07-03-2008

Re: Greece in Financial difficulties

I hear that Eire are not far behind, think of all those lovely Euros that they had a few years ago. More of the same?
I second the motion proposed by Artmo!
colintivy
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Registered: 06-11-2007

Re: Greece in Financial difficulties

Hasn`t improved the £ = $ rate though.....  Undecided
Community Veteran
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Registered: 12-08-2007

Re: Greece in Financial difficulties

I don't think they have decided what action they are going to take yet so maybe it's early days to see any movement in the exchange rate.
Community Veteran
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Registered: 24-09-2008

Re: Greece in Financial difficulties

Bit of a side track:-
Does Greece's problem originate from the borrowings for the 2004 Olympics. The cost of the Athens Olympic games went around $3.0 bn over budget, putting a huge burden on the Greek Tax payer.
Significant part of the budget  ($1.4 billion) was spent on defending the Games against a potential terrorist attack -- about the cost of the entire Sydney Olympics in 2000.
Think we've still got that to look forward to. (we're on a budget of $14bn so far and still 2 years to go).
Personally I'd like to see the Olympic games broken down and hosted by Continent and sporting event.
As an example for 2016 Africa (somewhere) hosts the Track events, South America host the field events, Austrasia host the Pool events, Europe the cycleing and sailing.....and so on (switching around every 4 years), then spread it out over the whole summer rather than cram it into 10 days.
Community Veteran
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Registered: 02-10-2008

Re: Greece in Financial difficulties

Why shouldn't we help Greece out.
Britain has received huge amounts of EU money on Regional develpment grants to areas of the country.
Britain itself has rich and poor areas, and rural remote , desolate areas have received huge amounts of central UK money.
It's in our interest that no part of Europe is allowed to slip back into the poverty of say the 1920's & 30's that fostered the development of the Nazis.
I'm still fulling in favour of the Euro zone, and Britain being part of it. Yes there will be difficulties.
The USA with it's 50 states has long since had a common policy, with separate state tax raising powers, Australia has several states and they have a common currency.
Of course it is do-able with enough resolve, and determination
What is holding Britain back, is the backward thinking and thinking we are still a world power and have an empire.
Midnight_Caller
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Re: Greece in Financial difficulties

The British Empire is long sins gon, we are now just a nuther small island that has gone broke.
Community Veteran
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Registered: 12-08-2007

Re: Greece in Financial difficulties

Quote from: journeys
Bit of a side track:-
Does Greece's problem originate from the borrowings for the 2004 Olympics. The cost of the Athens Olympic games went around $3.0 bn over budget, putting a huge burden on the Greek Tax payer.
Significant part of the budget  ($1.4 billion) was spent on defending the Games against a potential terrorist attack -- about the cost of the entire Sydney Olympics in 2000.
Think we've still got that to look forward to. (we're on a budget of $14bn so far and still 2 years to go).

I don't know what effect the Olympics had on Greece but it was announced this week that the Winter Olympics in Canada will be over budget and this is as a result of added security costs.  As you say, it will be interesting to see our own experience.
Community Veteran
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Registered: 02-10-2008

Re: Greece in Financial difficulties

Gary,
Britain was broke back in 1945 after WWII, yet we still tried to cling to our empire for many years.
Why we still try to act as a world policeman when we are such a small nation beats me.
OK I was proud to be in The Royal Navy, and went along with the Britain Rules the Waves nonsense,
Having said that I totally support the two new fleet carriers, we should never abandoned them after Ark Royal and Eagle were scrapped in the 70's.
They will help us defend our home waters and Europe, and hopefully the Europeans will cooperate more on defence. Along with the French, we are the only European country with experience in carriers operations. Even the Germans never got their carrier commissioned.
johpal
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Registered: 20-04-2008

Re: Greece in Financial difficulties

IMHO, the Euro won't be effective until the member states of the EU agree a common taxation policy (ducks, to avoid missiles).
In support of the Euro, I am miffed that those b****y bankers are still creaming off profits from converting currencies (there is no such thing as a "commission free" deal; check the exchange rates carefully before spending your hard-earned cash). If that doesn't help gain support, nothing will.
Why don't people think Europe works? I lived quite comfortably in The Netherlands for 10 years; only family commitments made me return.
Community Veteran
Posts: 3,486
Registered: 02-10-2008

Re: Greece in Financial difficulties

TOTALLY agree Johnpal,
I worked and spent months of my life on the continent, and things there are just as good if not better in many things than here.
i'm sure those who know the USA or Australia for example will say that even though they have federal and state laws and taxes, many of not all States maintain their own identity and cultures, whilst benefiting from the Federal system as well.
You hit the nail on the head - it is some of the big vested interested in the City of London that want to maintain the status quo as they benefit from the current system.
And these vested interests have no doubt lobbied and donated vast sums to certain parties.
Community Veteran
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Re: Greece in Financial difficulties

Quote
In support of the Euro, I am miffed that those b****y bankers are still creaming off profits from converting currencies (there is no such thing as a "commission free" deal; check the exchange rates carefully before spending your hard-earned cash). If that doesn't help gain support, nothing will.

Also agree, by being greedy the ?ankers are shooting themselves in the foot.
I have earnings from Euro zone, not a lot, about £25-£50  two/three  times per month. Used to (before common currency) have money transfered into my high street account, UK banks used to charge about 10% exchange rate and commission charge. Now its a minimum of £12 plus exchange rate differance, then I pay 20% income tax on the proceeds.
Simple solution was to open an account in France and channel all Euro zone earnings into same account (UK economy and UK banks loose out).
I still declare to HMRC, but am allowed each year to have 'accompanied business trip' to Europe to meet with business associates (bank) as a tax deduction.
My accountant put me onto this, she recons most of her clients (farmers buying/selling livestock to Europe as example) have similiar schemes.
Just wish we'd make up our mind, join Europe 100% (adopt the Euro and all it entails, common taxation policy, common welfare policy, common pension age).
Or clear out all together.

Community Veteran
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Re: Greece in Financial difficulties

Quote from: journeys

Just wish we'd make up our mind, join Europe 100% (adopt the Euro and all it entails, common taxation policy, common welfare policy, common pension age).

Oh dear!!  Three things that are not universal across Europe and still controlled by national governments.
Community Veteran
Posts: 3,486
Registered: 02-10-2008

Re: Greece in Financial difficulties

maybe not, but well worth agreeing on - it's not rocket science.
Mind yo - this idea today from a UK think tank that we should only work a 21 hour week, seems a bit OTT. But Britain has one of the longest working hours in Europe, the continentals have a good deal less working hours than us, and again they seem successful enough. Another example of Brits sitting on their high horse thinking they know better than anyone else.
Having worked for a couple of continental European companies, I was positively ashamed of being British sometimes.
I think most people would welcome a 37 hour week which pays a living wage.
Community Veteran
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Registered: 02-10-2008

Re: Greece in Financial difficulties

Quote from: journeys
Simple solution was to open an account in France and channel all Euro zone earnings into same account (UK economy and UK banks loose out).

I've talked to many in business, and especially those that trade internationally, and the vast majority seem in favour of joining the Euro as it would reduce costs significantly, increase profits, and even allow wages to go up a little. They operate Euro accounts in banks in the Euro Zone, and as you say - this 'optimises their tax affairs, and maybe the UK treasury looses out.
I fully understand that people have an affinity to their pounds, it is a rather an emotional attachment that harks back to days when Britain was Great, but we need to live in the 21st century.
Same as the imperial measurement system, which we started to abandon long  before the EU, common market was a dream in anyone's brain. We started going metric in about 1890 or thereabouts.