Author Topic: Most Germans Want Greece Thrown Out Of Euro  (Read 685 times)

SAMSON123

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Most Germans Want Greece Thrown Out Of Euro
« on: February 16, 2010, 09:23:24 AM »
DAMNNNN...the Germans are being really harsh with Greece...

Most Germans want Greece thrown out of euro

The scale of public resistance throughout Europe to a potential Greek bail-out has become clear as it emerged that the majority of Germans think the Mediterranean nation should be thrown out of the euro if its problems deepen.
 

By Edmund Conway
Published: 9:58PM GMT 14 Feb 2010


Germany's Chancellor Angela Merkel (L), European Council President Herman Van Rompuy (back 2nd L), Greece's Prime Minister George Papandreou and France's President Nicolas Sarkozy (R) leave the EU Council
German Chancellor Angela Merkel, Greek Prime Minister George Papandreou and French President Nicolas Sarkozy Photo: Reuters

A poll for popular newspaper Bild am Sonntag found that 53pc of Germans wanted Greece to be expelled from the euro if necessary in the coming months. Two-thirds were adamantly against German money being put towards a bail-out of the troubled country, the paper also found.

The findings underline the dilemma faced by eurozone ministers, who last week pledged to support the country if necessary, but stopped short of unveiling an explicit bail-out. The euro fell to nine-month lows on Friday, and many expect further falls this week, as investors expressed disappointment that ministers had failed to set out a detailed plan of action to prevent the country from defaulting.
 
Having unveiled a budget deficit far in excess of expectations earlier this year, the Greek government has been struggling to raise money in capital markets, seeing the interest rates on its debt and the cost of insuring it against default increasing sharply. Some fear that the country will need some form of extraordinary assistance if it is to avoid defaulting on its debt.

But French proposals for a bail-out funded by some of the less stricken eurozone nations met with fierce resistance from the German Chancellor, Angela Merkel, at a European Council meeting in Brussels last Thursday. The German constitution has legal restrictions on any prospective bail-outs of other nations. However, it is the scale of public disapproval for such a move that is of particular concern to German politicians. The proposals have created fractures in the country's ruling coalition, with Mrs Merkel's coalition partners, the Free Democrats, aggressively resisting such a move. The party's Treasury spokesman Otto Fricke said: "Solving this problem cannot be about aid for Greece. If anything, it's about keeping any damage away from German taxpayers."

With such divisions clear to investors, fears are now growing about what the potential contagion effect for the rest of Europe would be in the event of some kind of Greek economic collapse. According to figures from the Bank for International Settlements, Britain has exposure to public and private sector debt in Portugal, Ireland, Italy, Greece and Spain worth around 16pc of gross domestic product – some £240bn, while Switzerland has an even greater exposure.

Lisa Hintz of Moody's said: "Make no mistake, a Greek default is another potential credit crisis in the making... it is not just the writedown of Greek debt; it is the mark-to-market of other sovereign debt.

"That would bankrupt the bulk of the European banking system, which is why it is unlikely to be allowed to happen."

European finance ministers, including Alistair Darling, meet for a summit today and are expected to provide further details of a possible support package for Greece. However, even by last night it was unclear as to whether they would commit to a bail-out. The statement issued by the EU after the summit last week said: "Euro area Member states will take determined and coordinated action, if needed, to safeguard financial stability in the euro area as a whole", before adding: "The Greek government has not requested any financial support."

However, the Chancellor has insisted that even if there is a rescue, Britain will not be expected to contribute.
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Soul Crusher

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Re: Most Germans Want Greece Thrown Out Of Euro
« Reply #1 on: February 16, 2010, 09:45:05 AM »
Its not a matter if, but when.

Samson, you know this.  the rest is all bs.   

SAMSON123

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Re: Most Germans Want Greece Thrown Out Of Euro
« Reply #2 on: February 16, 2010, 01:49:14 PM »


Angela:  *GASP*..Sarkosy I outta slap your face for saying that to me

Sarkosy:  What? I was just commenting on your bustline and how perky you look..It is a compliment coming from the French

Papandreou:  Wow Sarkosy (fist bump) I have to use that line on the women..I'll just have to say it with a French accent

VanRompuy:  I wasn't going to say anything, but now that you mention it, she is filling out that jacket

Angela: How dare youuuu! You little Schnitzer...

Guy In The Back on right:  Uh Tell me someone is recording this for Youtube?
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24KT

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Re: Most Germans Want Greece Thrown Out Of Euro
« Reply #3 on: February 16, 2010, 09:26:36 PM »


Angela:  *GASP*..Sarkosy I outta slap your face for saying that to me

Sarkosy:  What? I was just commenting on your bustline and how perky you look..It is a compliment coming from the French

Papandreou:  Wow Sarkosy (fist bump) I have to use that line on the women..I'll just have to say it with a French accent

VanRompuy:  I wasn't going to say anything, but now that you mention it, she is filling out that jacket

Angela: How dare youuuu! You little Schnitzer...

Guy In The Back on right:  Uh Tell me someone is recording this for Youtube?

 ::)  I can't believe that actually elicited a giggle from me.
There are things far more worthy of my laughter. Shame on you Sampson!

On a side note... if they move to throw Greece out, ...the whole thing comes ravelling apart, because each nation will know they are not safe. They too are at risk for the same thing, tossed out when it becomes convenient for the other nations. National sovereignty has been given up for what... a swift kick in the pants?
w

SAMSON123

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Re: Most Germans Want Greece Thrown Out Of Euro
« Reply #4 on: February 16, 2010, 10:05:12 PM »
::)  I can't believe that actually elicited a giggle from me.
There are things far more worthy of my laughter. Shame on you Sampson!


On a side note... if they move to throw Greece out, ...the whole thing comes ravelling apart, because each nation will know they are not safe. They too are at risk for the same thing, tossed out when it becomes convenient for the other nations. National sovereignty has been given up for what... a swift kick in the pants?

A thousand apologies Jag...lol

I saw that picture and just had to insert the humor lines...the picture just screamed for something to be said.

Now in all honesty that Rampuoy guy in the back looks crazy as a bed bug...like a mad scientist... not that the guy next to him looks any less crazy (sneaky looking). Angela Merkel is sporting a "I was just offended" face, so I thought I would make light of it.

I would like to see what commentary others can make up about this pic

BTW...I agree with you on this 'throw Greece out of the EU business' how the hell does that look to the other EU members? Right now Spain, Portugal, Greece and Italy are not doing well, will they all get booted too? Soon the EU will be Germany, England and France
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Re: Most Germans Want Greece Thrown Out Of Euro
« Reply #5 on: February 16, 2010, 10:47:36 PM »
Why are you mentioning England when they have nothing to do with the Euro and haven't signed on with it for these reasons like this?

Anyone who has done any economics research on the EU (not you Samson the physicist) knows that Germany's economic policies hurt every other country in the EU while tremendously benefiting the Germans. A number of changes made to the EU's economic rules over the last few years have been specifically made to take away the ability for Germany to exact economic control over the rest of the smaller EU member economies.

George Whorewell

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Re: Most Germans Want Greece Thrown Out Of Euro
« Reply #6 on: February 17, 2010, 03:54:45 AM »
If the EU unravels (not literally, but from a monetary standpoint) it's probably good news for china and dare I say, good news for us?

The dollar possibly becomes stronger, and the EU comes hat in hand to ask us for help?

I don't know much about economics, and I understand that the health of the global economy is dependant on the success of different players in the game, but at the same time America is in competition with the EU afterall.