I think the bail out must go ahead....otherwise the euro and the EEC will lose all credibility. The return to the Drachma would cost a fortune and the logistics would be horrendous in my humble opinion. Whatever is decided I hope it's quickly and that it is successful in restoring the Greek economy.
I'm not convinced (yet) that Greece will get it's bail out from the Euro zone - the Germans are still asking for certain guarantees as to where the money will go and there is still the possibility of legal action.
Ultimately, I think Greece will be forced to default due to an unwillingness to suffer the years of austerity that are to come as a result of the bail out and it will leave the euro behind. Not immediately, but give it a couple of years...
Message posted by afcb1965 on 29 April 2010 at 1:15pm - IP Logged
I think it's paddy power(the bookies) thats offering 4/2 on greece not having the euro in 1 years time...a bookie isn't often wrong.
Message posted by daveyh on 29 April 2010 at 1:48pm - IP Logged
The Germans are only stalling because they have an Election on 10th May and a decision now could affect the outcome.
Maybe the Euro will end. Portugal have been downgraded and so to have Spain now. We are in nearly as bad state but not in Euro which is why £ not to good against a weak Euro.
I can see larger Islands like Corfu, Rhodes seeking Independance (and their own currency) within 5 years. Groups campaigning now will grow in strength but it may have to be say Ionian Islands rather than just Corfu.
Message posted by Greekwife on 29 April 2010 at 2:35pm - IP Logged
Quote: Originally posted by tully on 29 April 2010
How would people with Euro Mortgages stand if Greece/ Spain/ Portugal are kicked out off the Eurozone?
I suspect that your loan would be converted to whatever local currency replaced the Euro. If you borrowed Euros in the UK, then you would be unaffected (although what would happen to the Euro/Sterling exchange rate is anyone's guess, since in dropping out of the currency, the country would have defaulted on it's loans, in all probability, sending shock waves through the markets.
All Rights Reserved. No part of the Corfu Travel Guide web site may be reproduced without permission.
Infringement will be pursued.
The Corfu Travel
Guide and Lefkada Travel Guides are brought to you by Agni Travel.
Agni Travel is the sister company of Taverna Agni and also the sponsor of the Agni Animal Welfare Fund