Cable Forum - Eurozone will collapse...

Greece's new finance minister Yanis Varoufakis has urged Germany not to humiliate the country over its debts.

Mr Varoufakis compared Greece's plight with that of inter-war Germany, speaking ahead of a meeting with his German counterpart.

Germany was burdened with massive debts after World War One and threatened by hyper-inflation, crippling its economy.

http://www.bbc.co.uk/news/world-europe-31147112

Quote:

In an interview with German ARD television, Mr Varoufakis said: "I think of the countries in Europe, the Germans understand best this simple message.

"If you humiliate a proud nation for too long and subject it to the worry of a debt deflation crisis, without light at the end of a tunnel then things come to the boil."

Sounds like there's a whole lot of resentment building up...

Chris

05-02-2015 18:06

Re: Eurozone will collapse...

Stein's Law: "If something cannot go on forever, it will stop".

You simply can't impose the kind of economic insanity that Greece has been subjected to. Say what you like about how the country needed to get its finances under control, fix its broken tax system, live within its means or whatever. Varoufakis is right. For better or worse, the country is bankrupt and the creditors, sooner or later, are going to have to take the hit.

Mr Angry

05-02-2015 22:05

Re: Eurozone will collapse...

Quote:

Originally Posted by Chris (Post 35757435)

This.

Osem	19-02-2015 14:06

Re: Eurozone will collapse...

Well in surprise news, the Germans have rejected Greece's compromise plan...

http://www.bbc.co.uk/news/business-31532755

Quote:

Germany has rejected a Greek request for a six-month extension to its eurozone loan programme, after earlier signs that a compromise was possible.

Greek had sought a six-month assistance package, rather than a renewal of the existing deal which comes with tough austerity conditions.

But German Finance Minister Wolfgang Schaeuble said it was "not a substantial proposal for a solution".

The European Commission had earlier called the Greek request "positive".

heero_yuy

19-02-2015 14:23

Re: Eurozone will collapse...

Quote:

Originally Posted by Osem (Post 35760252)

Well in surprise news, the Germans have rejected Greece's compromise plan...

http://www.bbc.co.uk/news/business-31532755

Looks like a game of who blinks first. No doubt they'll find SOME way of kicking the can down the road and temporarilly avoiding the collapse.

Hugh	19-02-2015 18:22

Re: Eurozone will collapse...

It's about who blinks first, and the Greeks have a lot more to lose....

Damien

19-02-2015 19:05

Re: Eurozone will collapse...

Haven't Greece already blinked first? They went into a poker game without a strong hand and seem to have lost.

Osem	21-02-2015 22:57

Re: Eurozone will collapse...

Quote:

Greek Prime Minister Alexis Tsipras has warned of "real difficulties" ahead, as his government faces a Monday deadline to submit a list of reforms to lenders.

Under a deal agreed on Friday, the list must be approved by the international creditors in order for Greece to secure a four-month extension of its bailout.

"We won a battle, not the war," Mr Tspiras said on Saturday.

The deal is widely regarded as a major climb down for the PM, who won power vowing to reverse budget cuts.

http://www.bbc.co.uk/news/world-europe-31564846

This guy's promised a great deal and unless he delivers something of tangible benefit there's going to be an awful lot of unhappy Greeks asking why.

Derek

09-03-2015 21:50

Re: Eurozone will collapse...

The Greeks are threatening to throw the mother of all strops if they don't get their way.

Quote:

Panos Kammenos, Greece's defence minister, threatens to open country's borders to refugees – including potential members of Islamic State of Iraq and the Levant (Isil) - unless Athens receives debt crisis support

Greece will unleash a “wave of millions of economic migrants” and jihadists on Europe unless the eurozone backs down on austerity demands, the country's defence and foreign ministers have threatened.

Panos Kammenos, the Greek defence minister, warned that if the eurozone allowed Greece to go bust it would give EU travel papers to illegal immigrants crossing its borders or to the 10,000 currently held in detention centres.

http://www.telegraph.co.uk/news/worl...rn-Europe.html

Damien

09-03-2015 21:54

Re: Eurozone will collapse...

That's what happens when you elect amateurs to serious positions. I didn't think he actually said that and assumed The Telegraph has inferred something beyond his actual comments but no, he really did say that. Amazing.

Kursk

09-03-2015 22:08

Re: Eurozone will collapse...

I'm sure it will help the Greek economy if the Country is no longer a viable tourist destination...

Time for the Eurozone to cut its losses. Perhaps we should all divert our overseas aid to Greece?

Sirius

09-03-2015 22:13

Re: Eurozone will collapse...

Quote:

Originally Posted by Kursk (Post 35763660)

I'm sure it will help the Greek economy if the Country is no longer a viable tourist destination...

Time for the Eurozone to cut its losses. Perhaps we should all divert our overseas aid to Greece?

Who in there right mind would go there on holiday if the greeks do that. Oh wait open there borders where i have seen that before :D

Osem	09-03-2015 22:22

Re: Eurozone will collapse...

Welcome to EuroLaLaLand.

Osem	11-03-2015 19:47

Re: Eurozone will collapse...

Quote:

The Greek government has threatened to seize German property as compensation for a Nazi atrocity in World War Two.

Justice Minister Nikos Paraskevopoulos said he was ready to approve a Supreme Court ruling from 2000 backing payment to relatives of the 218 victims.

The debt-ridden government is already calling for Germany to pay billions of euros in wartime reparations.

But Germany insists the issue of compensation was settled in 1990, before the country was reunified.

http://www.bbc.co.uk/news/world-europe-31831694

Don't mention the war eh?

Chris

12-03-2015 12:03

Re: Eurozone will collapse...

Ah, the Euro. Such a force for peace and unity.

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