Hartwich: Euro was asking for trouble

Posted on 3:55 pm, November 6, 2011 by Sinclair Davidson

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20 Responses to Hartwich: Euro was asking for trouble

  1. Boris
    #329785, posted on November 6, 2011 at 5:03 pm

    But Euro also has its benefits in terms of trade etc. Impartial cost-benefit analysis is in order.

  2. JC
    #329788, posted on November 6, 2011 at 5:08 pm

    Boris

    The arseholes have been lying all the way through. they are so fucking dishonest its sickening.

    They said they were going to dump public sector employees and continued to hold them despite the pledge.

    They had the rest of Europe negotiate for weeks on end about a bailout for them and then the Greeks draw a dagger and threaten Europe with a referendum after the negotiations have been agreed to .

    They’re fucking asshats and deserve contempt.

    Screw them and every Island in the country.

  3. Boris
    #329792, posted on November 6, 2011 at 5:13 pm

    JC, don’t get so emotional. Have you ever sacked anyone? It is not easy.

  4. JC
    #329793, posted on November 6, 2011 at 5:15 pm

    lol

    I’ve sacked a lot of people, boris. Some of them were as easy as I 2 3 because they were asshats. Some of course weren’t and its much harder.

    The Greek givermment are basically asshats and as I said deserve contempt.

  5. Rafe
    #329811, posted on November 6, 2011 at 5:41 pm

    Maybe the retirement benefits are so generous they dont save real money by sacking public servants. Just the cost of their paper clips and phone calls.

  6. TerjeP
    #329852, posted on November 6, 2011 at 7:13 pm

    The EU should stop trying to save Greece. The financial crisis needs to finish for recovery to begin. And that won’t happen whilst they keep deferring the day of reckoning. The day of reckoning needs to be had sooner rather than latter. Debt has to be liquidated. And one way or another it will be. Better to do it now and do it openly.

  7. TerjeP
    #329855, posted on November 6, 2011 at 7:15 pm

    The silly thing with the headline is the implication that there is a currency crisis. There is no currency problem. There is a fiscal problem. They are quite different thing.

  8. Boris
    #329858, posted on November 6, 2011 at 7:21 pm

    “The day of reckoning needs to be had sooner rather than latter”

    I guess you mean “later”. I am not sure this is correct. EU is piling up funds to cushion the situation for banks when they are hit with Greek default.

  9. Boris
    #329859, posted on November 6, 2011 at 7:25 pm

    I also question Hartwich’s assertion that Greece is now effectively run from Brussels, Berlin and Paris. I think they can dictate conditions but have no control whether and how their demands are implemented. The current poltical crisis in Athens underscores this.

  10. daddy dave
    #329866, posted on November 6, 2011 at 7:32 pm

    The EU should stop trying to save Greece. The financial crisis needs to finish for recovery to begin. And that won’t happen whilst they keep deferring the day of reckoning.

    100 percent agree.

    There will be a day of reckoning. Keep them in the Euro, throw them out of the Euro, whatever.
    …. but just stop bailing them out.

    There’s an old, old saying about throwing good money after bad.

  12. Skuter
    #329876, posted on November 6, 2011 at 7:41 pm

    The silly thing with the headline is the implication that there is a currency crisis. There is no currency problem. There is a fiscal problem. They are quite different thing.

    Continually postponing the rectification of the latter leads to the former. That is where we’re heading at a rapid rate of knots.

  13. Rabz
    #329985, posted on November 6, 2011 at 9:10 pm

    Beware ‘o’ geeks bearing grifts …

  14. JC
    #329986, posted on November 6, 2011 at 9:11 pm

    The Europeans are not trying to save Greece in of itself. Nothing gives a shit about Greece. The big economies are trying to save their banking systems, that’s really what this is about.

  15. TerjeP
    #330047, posted on November 6, 2011 at 9:53 pm

    We know that JC. It’s all about bailouts. All over again.

  16. JC
    #330097, posted on November 6, 2011 at 10:38 pm

    No Not bailouts like what happened in 08. This time it’s different because the banks are required to keep government bonds for their liquidity ratios so in fact it is governments that have caused the banks to fail or at least lose their that capital and perhaps eve bring down the Western banking system.

    To add salt to the wound the European governments/ EU are preventing the activation of Credit default swaps which would prevent those taken insurance the protection they paid for.

  18. TerjeP
    #330221, posted on November 7, 2011 at 7:12 am

    Yes the banks were required to keep some government bonds. And mandating this was wrong. However they were not required to keep Greek government bonds. All euro government bonds qualified and they were free to choose which ones they held.

  19. TerjeP
    #330222, posted on November 7, 2011 at 7:17 am

    It is like ’08 in so far as banks have been found wanting with regards to the risk assessment of products they buy. And it is like ’08 in so far as JC thinks taxpayers should come to the rescue. If the banks are insolvent they should go into administration.

  20. JC
    #330363, posted on November 7, 2011 at 11:54 am

    Christ you’re an areshole Terje. You suck up to leftwingers begging them to allow you onto their sites like you did recently at JQ’s and lie.

    European Banks are forced to hold government bonds as part of their liquidity ratios. They have no choice. The shareholders of these institutions should not only not hold the bag for the government but there should be 100% restitution for the losses on their capital.

    You should not be talking about staff you don’t understand like economics. Going on a quack site like you did and coming out with a “degree” is not economics. It’s propagating quackery.

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