Eurogeddon!

iamstop

According to this article it has all gone to pot and the collapse of the Euro is now more a matter of when, not if.

http://www.telegraph.co.uk/news/politics/8917077/Prepare-for-riots-in-euro-collapse-Foreign-Office-warns.html

British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain.


As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible.
Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis.
The Treasury confirmed earlier this month that contingency planning for a collapse is now under way.
A senior minister has now revealed the extent of the Government’s concern, saying that Britain is now planning on the basis that a euro collapse is now just a matter of time.
“It’s in our interests that they keep playing for time because that gives us more time to prepare,” the minister told the Daily Telegraph.

Recent Foreign and Commonwealth Office instructions to embassies and consulates request contingency planning for extreme scenarios including rioting and social unrest.
Greece has seen several outbreaks of civil disorder as its government struggles with its huge debts. British officials think similar scenes cannot be ruled out in other nations if the euro collapses.
Diplomats have also been told to prepare to help tens of thousands of British citizens in eurozone countries with the consequences of a financial collapse that would leave them unable to access bank accounts or even withdraw cash.
Fuelling the fears of financial markets for the euro, reports in Madrid yesterday suggested that the new Popular Party government could seek a bail-out from either the European Union rescue fund or the International Monetary Fund.
There are also growing fears for Italy, whose new government was forced to pay record interest rates on new bonds issued yesterday.
The yield on new six-month loans was 6.5 per cent, nearly double last month’s rate. And the yield on outstanding two-year loans was 7.8 per cent, well above the level considered unsustainable.
Italy’s new government will have to sell more than EURO 30 billion of new bonds by the end of January to refinance its debts. Analysts say there is no guarantee that investors will buy all of those bonds, which could force Italy to default.
The Italian government yesterday said that in talks with German Chancellor Angela Merkel and French President Nicolas Sarkozy, Prime Minister Mario Monti had agreed that an Italian collapse “would inevitably be the end of the euro.”
The EU treaties that created the euro and set its membership rules contain no provision for members to leave, meaning any break-up would be disorderly and potentially chaotic.
If eurozone governments defaulted on their debts, the European banks that hold many of their bonds would risk collapse.
Some analysts say the shock waves of such an event would risk the collapse of the entire financial system, leaving banks unable to return money to retail depositors and destroying companies dependent on bank credit.
The Financial Services Authority this week issued a public warning to British banks to bolster their contingency plans for the break-up of the single currency.
Some economists believe that at worst, the outright collapse of the euro could reduce GDP in its member-states by up to half and trigger mass unemployment.
Analysts at UBS, an investment bank earlier this year warned that the most extreme consequences of a break-up include risks to basic property rights and the threat of civil disorder.
“When the unemployment consequences are factored in, it is virtually impossible to consider a break-up scenario without some serious social consequences,” UBS said.

John Doe1

Nice title:)

TeddyTedson

I know they keep saying it is going to happen...I just can't imagine it happening
I don't think it will.

Adamantium

every week its coming...............

Would it ever hurry the **** up?








*i in no way encourage the destruction of the euro*

hidinginthebush

Eurogeddon!

Title fixed

jester77

I've my pitchfork & water bombs lined up at the door... just in case the Irish embassy is not as forthcoming with a contingency plan for their Irish citizens!

Doc Ruby

Ah mihole, thats like saying the top civil servants, politicians, and economists in the EU managed to make a complete shambles of the largest financial project in European history!

...hmm...

Seriously though I hope it doesn't collapse, last thing we want is to be pegged to the wreckage of the pound sterling again.

Killer Pigeon

I bought a first class ticket, I expect a first class life raft!

MagicMarker

Isn't this how 28 Days Later started?

Korvanica

Heard rumours that they were printing punts in the mint.. have been for the last week or two..

probably bull**** though...

cloud493

What's a punt?

Fart

https://www.youtube.com/watch?v=rKAn1HvmRXM

VW 1

Doc Ruby wrote: »

Ah mihole, thats like saying the top civil servants, politicians, and economists in the EU managed to make a complete shambles of the largest financial project in European history!

...hmm...

Seriously though I hope it doesn't collapse, last thing we want is to be pegged to the wreckage of the pound sterling again.

If the euro collapses the last thing you will be worried about will be which currency we are pegged to

Arnold Layne

cloud493 wrote: »

What's a punt?

A "Poor U Next Tuesday"

Killer Pigeon

cloud493 wrote: »

What's a punt?

It's short for "proper cunt".

Oh, aren't I terribly witty.

sensibleken

wow, the telegraph predicts the end of the euro. thats a suprise:rolleyes: Im guessing that the spirit of Diana told them

Fart

Killer Pigeon wrote: »

It's sort for "proper cunt".

And "sort" is short for... eugh, "short"?

---

:eek: Nice Ninja edit!

---

Wtf you did a Ninja Delete below this too. :eek:

force eleven

Bring it on. Lets leave the Euro, leave the EU. Peg the currency to Sterling. Decrease corpo tax and get the US to invest further. Or China, India if you like. Get our fishing grounds back, and make ourselves completely self sufficient again with regards to food production.

We've lost control and now cannot do anything without Angela or Nicolas's say so. Above points are but a pipe dream, but anyone who thinks this austerity and IMF stranglehold are 'short term' are sorely ignorant...:mad:

Killer Pigeon

force eleven wrote: »

Bring it on. Lets leave the Euro, leave the EU. Peg the currency to Sterling. Decrease corpo tax and get the US to invest further. Or China, India if you like. Get our fishing grounds back, and make ourselves completely self sufficient again with regards to food production.

What makes you think that the US, China or India would be interested in a country that is riddled with debt and risk and no longer has access to the EU common market. Even the plastic paddies wouldn't be interested, they got bigger fish to fry.

Crazy Horse 6

Yeap a lot of ordinary joe and jane deposits are going to get destroyed but people have been warned for some time now.

sensibleken

force eleven wrote: »

Bring it on. Lets leave the Euro, leave the EU. Peg the currency to Sterling. Decrease corpo tax and get the US to invest further. Or China, India if you like. Get our fishing grounds back, and make ourselves completely self sufficient again with regards to food production.

We've lost control and now cannot do anything without Angela or Nicolas's say so. Above points are but a pipe dream, but anyone who thinks this austerity and IMF stranglehold are 'short term' are sorely ignorant...:mad:

we've never been self sufficient. trying to do that was what caused two recessions before this one

Doc Ruby

sensibleken wrote: »

we've never been self sufficient. trying to do that was what caused two recessions before this one

We're food self sufficient I think, or could be, if you don't mind eating beef and spuds forever.

Ouchette

Killer Pigeon wrote: »

What makes you think that the US, China or India would be interested in a country that is riddled with debt and risk and no longer has access to the EU common market.

Even if Ireland left the EU as well as the Euro, they'd still be able to trade with the EU. Norway and Switzerland manage just fine.

TheDuderino

Leave the Euro/EU...? Smart. Ignoring the fact we then really become just a rock in the north atlantic, opposed to a rock in the atlantic with access to a huge economic market. We will still have a massive public finance hole we need to account for, through either tax hikes or public sector cuts. The only people lending to us at a rate less than crazy are the IMF/EU. We dont HAVE to take their money, we just need to accept decimation of public services/ tax hikes overnight. Ohh and as from bank debt.... not sure what happens if we screw them over. The ECB no longer has money pumped in, cos we aint part of the euro/EU, so they all collapse.
The IMF/EU are the only ones keeping the Irish wagon rolling. We brought this mess on ourselves by keeping FF in power (never voted for em myself - bit of a blueshirt). FF should have stopped things getting out of hand. Should have made sure the regulator, regulated. The buck stops somewhere...always at the top. Take a bow Mr Ahern!

DrumSteve

https://www.youtube.com/watch?v=fLyLGrbKokI

They don't deserve punishment... they deserve gunishment.

sensibleken

Doc Ruby wrote: »

We're food self sufficient I think, or could be, if you don't mind eating beef and spuds forever.

which you can do if you want to suffer massive malnutrition.

it does nobody any good to be self sufficient, all you end up with is a large black market. we tried it before and i failed utterly

Fromthetrees

Currently, Ireland produces enough food to feed 36 million people. The average number of wet days (days with more than 1mm of rain) ranges from about 150 days a year along the east and south-east coasts, to about 225 days a year in parts of the west. We'll always have a bit of munch and some water to wash it down with if things go really tits up.

iamstop

We'll be back in the Stone age, aka the 80's. Crap roads, crap jobs and crap fashion taste.

Captain Darling

Fromthetrees wrote: »

Currently, Ireland produces enough food to feed 36 million people. The average number of wet days (days with more than 1mm of rain) ranges from about 150 days a year along the east and south-east coasts, to about 225 days a year in parts of the west. We'll always have a bit of munch and some water to wash it down with if things go really tits up.

You're a glass half full type of person. I like it.

Morrisseeee

What happens tracker mortgages that track the ECB rate ??

Immaculate Pasta

Can we just forget this Euro rubbish and go back to the old currency where we dealt in potatoes or Guinness or whatever it was

Cork boy 55

The telegraph as a source of information on europe LOL
That paper is on a mission to destroy the euro.
That is it's editdal role

Are people retarded are what

My name is URL

It's hardly the only publication to ever be skeptical of the single currency. Many well respected economists and scholars have been critical and cynical about it since before the currency was even introduced, and with good reason. The majority of whom were subsequently sidelined as cranks and contrarians.

It's not exactly a glowing example of how a single currency can make people's lives better is it?

abouttobebanned

I don't think it will happen...but then again, a FG politician was on newstalk last week and said it definitely won't happen. This wasn't long after he said our budget was still being worked on so couldn't have been leaked. So it's probably just a matter of "when" rather than "if"

People debts would decrease...but so would their savings. An unfathomable situation.

Killer Pigeon

Whatever travesty happens in Europe, in an economic sense, will have greater repercussions for Ireland as it will lead to the inevitable collapse of the EU.

HalloweenJack

Times like this I'm glad I live outside the Eurozone.

Whatever about the Euro, I don't see the EU collapsing.

My name is URL

Killer Pigeon wrote: »

Whatever travesty happens in Europe, in an economic sense, will have greater repercussions for Ireland as it will lead to the inevitable collapse of the EU.

Not necessarily. It might lead to a reorganization of the EU and a rethink of how it functions and of what purpose it serves. It could actually lead to a strengthening of the EU. Perhaps a move towards a truly federalised form of governance, with a unified fiscal policy and outlook. Instead of a pick & mix of ideals and a woolly headed view of what a 'union' actually is.. like we have today.

antodeco

Think I should convert all my savings to either sterling or yen.

ejmaztec

Imageddon sick of all this sh1te and refuse to participate.

https://www.youtube.com/watch?v=1aXpty_1xo4

Crazy Horse 6

antodeco wrote: »

Think I should convert all my savings to either sterling or yen.

I'm genuinely surprised people still have'nt done this.

The Outside Agency

antodeco wrote:

Think I should convert all my savings to either sterling or yen.

Crazy Horse 6 wrote:

I'm genuinely surprised people still have'nt done this.

What surprises me is people believing those currencies are any safer.

Dartz

Well... I'm going to take all my euros out of the bank and if any of you were smart you'd do the same, before all the money's gone and you're left broke.

Toilet paper will be worth more than a Euro note when it all tanks.

Better of buying something with it, while it's still worth something.

Solnskaya

Dartz wrote: »

Well... I'm going to take all my euros out of the bank and if any of you were smart you'd do the same, before all the money's gone and you're left broke.

Toilet paper will be worth more than a Euro note when it all tanks.

Better of buying something with it, while it's still worth something.

im off to get eleventy-five thousand rolls of kittensoft, they won't catch me out like last time. feckin reichsmarks.....

On RTE news at nine, Polish Prime minister begs Germany rot leadership as he is panicking as the crisis gets worst.

Scaremongers at the top. :mad:

Einhard

Should we start unpacking our iodine tablets now or wait for it all to kick off fully?

Where To

I'm investing all my money in lapdancers in the north east of England.

Killer Pigeon

My name is URL wrote: »

Not necessarily. It might lead to a reorganization of the EU and a rethink of how it functions and of what purpose it serves. It could actually lead to a strengthening of the EU. Perhaps a move towards a truly federalised form of governance, with a unified fiscal policy and outlook. Instead of a pick & mix of ideals and a woolly headed view of what a 'union' actually is.. like we have today.

How would the death of the €uro ever contribute to a stronger EU. That it beyond me. If the €uro collapses, Ireland goes back to some IR£ and we'll probably suffer greatly due to inflation when we return to the IR£. Similar events would happen in other smaller former-€urozone states, which will have negative effects on other larger member states due to the intricacies of the EU. Think default, economic stagnation, unemployment and the rise of euro-skepticism and nationalism. This will all contribute to a more fragmented EU. In the ensuing chaos, Ireland and other smaller Europeans states, would suffer more than the larger ones.

Limits to global economic growth due to restricted oil supplies is already in progress.

Whether the Euro goes or stays won't change that key fact, we're screwed either way.

Crazy Horse 6

Real sense of panic out there it seems. Hopefully this kicks off sooner rather than later.

Sky King

Deleted User wrote: »

Limits to global economic growth due to restricted oil supplies is already in progress.

Any restriction of oil is man-made, there's loads of it out there. Loads and loads. People have been predicting peak oil for years.

Sky King

Sky King wrote: »

Any restriction of oil is man-made, there's loads of it out there. Loads and loads. People have been predicting peak oil for years.

Yes there is!

But, it's the rate of extraction and it's cost that are the problem.
The quicker you want it, the more expensive it is,

Expensive oil kills growth!

The Euro (well all economies) is dependent on infinite growth!