Greece on the brink of financial ruin

SB_07 · 30-11-2009, 22:39

Quote:

The likelihood of Greece becoming the next Iceland and plunging into bankruptcy looms over a meeting of EU finance ministers in Brussels today as the Greeks prepare to take another pasting from their colleagues.

http://www.guardian.co.uk/business/2...medium=twitter

BBKing · 01-12-2009, 22:10

B-b-but I thought Cowardly Gordo McMonocularBroon and his gang of fiscal rapists had brought Teh Country To Its Knees in some way totally unique to the UK and that it wasn't really a worldwide problem at all. Now you're telling me other countries are *worse* than us? *sound of rightwing talking points exploding*.

In truth, as I've pointed out before, we're not the worst, not the best, somewhere in the middle, with perfectly manageable national debt, a deficit issue and potentially an unemployment one, plus the problem that it's hard to export your way out of recession when you don't make very much any more except whizzy financial instruments, and the market for that's not what it was...

On the bright side, the pound's fallen so London's full of European tourists.

Derek · 02-12-2009, 00:58

Quote:

Originally Posted by BBKing

B-b-but I thought Cowardly Gordo McMonocularBroon and his gang of fiscal rapists had brought Teh Country To Its Knees in some way totally unique to the UK and that it wasn't really a worldwide problem at all. Now you're telling me other countries are *worse* than us? *sound of rightwing talking points exploding*.

Remind me again how many countries in the G20 are still in recession?

Osem · 02-12-2009, 10:46

Don't worry about any of that Derek - after all Gordon has promised that the UK is 'best placed to weather the recession' and the mountain of debt doesn't really matter.....

**Chris** · 02-12-2009, 10:55

Quote:

Originally Posted by BBKing

In truth, as I've pointed out before, we're not the worst, not the best, somewhere in the middle,

... which is a bit like Liverpool comforting themselves with the thought that they're having a better season than Tranmere Rovers. Different leagues, different expectations.

Osem · 02-12-2009, 11:38

I wonder if Brown's tried that tactic yet, rumour has it that Benitez resorted to it some weeks ago....

Stuart · 02-12-2009, 12:48

Quote:

Originally Posted by BBKing

B-b-but I thought Cowardly Gordo McMonocularBroon and his gang of fiscal rapists had brought Teh Country To Its Knees in some way totally unique to the UK and that it wasn't really a worldwide problem at all. Now you're telling me other countries are *worse* than us? *sound of rightwing talking points exploding*.

Not quite. While GB didn't cause the recession (I believe we have the American Banks rather lax credit checking for that), I do believe that thanks to Gordon, we have been hit a *lot* harder than other countries and we will be feeling the effects for decades..

It's also worth remembering that Gordon was Chancellor of the Exchequer when the current banking regulations (which clearly had inadequate controls to prevent this) were drawn up. And, with us being a major fanancial power, he almost certainly would have been involved in that..

Will21st · 02-12-2009, 13:38

Quote:

Originally Posted by Derek S

Remind me again how many countries in the G20 are still in recession?

Yes,but a lot of these countries didn't do as well as Britain in the years before!
Our national growth and economic cycle has been outstanding,tbh.

chris9991 · 02-12-2009, 14:44

It's alright the French are in charge now

http://www.timesonline.co.uk/tol/new...cle6939895.ece

Osem · 02-12-2009, 14:50

Quote:

Originally Posted by heero_yuy

Any economy can look good while it's funded on borrowed money, just look at Dubai. The pain kicks in when recession hits, you have to repay the debt and the rest of the world won't lend you any more.

Too true! Do you think Brown forgot that fact or just conveniently overlooked it? Anyway I'm not feeling too glum because apparently Swaziland is worse off than we are..

Derek · 02-12-2009, 22:02

Hey at least we are in a better position than Zimbabwe.

Oh... Hang on a sec...

http://www.reuters.com/article/marke...EA403820091202

Quote:

Zimbabwe's economy is expected to grow by 4.7 percent this year,

Osem · 02-12-2009, 22:07

Quote:

Originally Posted by Derek S

Hey at least we are in a better position than Zimbabwe.

Oh... Hang on a sec...

http://www.reuters.com/article/marke...EA403820091202

Now why do you think I picked Swaziland???....

Derek · 02-12-2009, 22:11

Still on the brightside Gordon Brown is so influential in world politics he can pick and choose who is actually in the G20.

Last year he decided Spain wasn't involved but today promoted them to being a member.

http://page.politicshome.com/uk/cons...g20_claim.html

Osem · 02-12-2009, 22:23

Quote:

..... he can pick and choose who is actually in the G20.

Yes, as the saviour of the world he no doubt feels he's earned that prerogative....

Will21st · 02-12-2009, 23:12

Quote:

Originally Posted by heero_yuy

Any economy can look good while it's funded on borrowed money, just look at Dubai. The pain kicks in when recession hits, you have to repay the debt and the rest of the world won't lend you any more.

No need to look as far as Dubai....