German minister tells Greece to exit eurozone

Jaafa

http://au.finance.yahoo.com/news/german-minister-tells-greece-exit-095826782.html

I do not mean that Greece should be kicked out of" the 17-nation eurozone, said Hans-Peter Friedrich in an interview with news magazine Der Spiegel, "but to create incentives for an exit that they cannot turn down."

Biggins

Charming bloke! Yikes!

carbon nanotube

they should be booted to **** out of the EU zone...

next year they will want 200billion more.

Cianos

Aus! Schnell!

John Doe1

another armed invasion of greece then:rolleyes:

AngryBollix

Its not called the fatherland for nothing

AngryBollix

When are they going to kick us out

Pacifist Pigeon

I do not mean that Greece should be kicked out of" the 17-nation eurozone, said Hans-Peter Friedrich in an interview with news magazine Der Spiegel, "but to create incentives for an exit that they cannot turn down."

"Oh no, Monsieur Greco-Lapadite. I vould not force you to do anything, merely ... how vould you say ... incourage you."

https://www.youtube.com/watch?v=7Xgj1Csnr_w

Robdude

From what I understand, it was only Greece's very creative booking methods that allowed it entry into the Eurozone in the first place.

Put another way, does anyone (besides Greece) *benefit* by having Greece remain?

What's the down side to kicking them out?

Gee Bag

We should all gang up on the Germans and kick them out of the Eurozone. Then we can go back to having the crack again!

squishykins

Gee Bag wrote: »

We should all gang up on the Germans and kick them out of the Eurozone. Then we can go back to having the crack again!

Yeah, kick out the Germans and just watch the Eurozone crumble, what a great idea

squod

Flip

Almaviva

The verbatim phrase Friedrich doesnt quite remember from a conversation he had with Mario Draghi was that Mario is planning to make the Greeks 'an offer they can't refuse'.

steddyeddy

Its not like Germany to try to kick out a group of people from europe.

downwithpeace

Might as well leave the Euro, have currency control working for them rather then the bigger Eurozone countries.

WindSock

They are crackin down alright.

Stinicker

Why doesn't he come out and admit it he wants to gas the greeks and burn them all in ovens.

Jim_Kiy

I think they should leave the Eu..The country is awash with illegal immigrants and a has huge black market.Let them leave and try to rebuild with tourism or olive oil but to keep giving them billions when clearly there is no drive to reform is money down a black hole.But without EU money I think Greece will end on a par with Eygpt.

Jim_Kiy

Stinicker wrote: »

Why doesn't he come out and admit it he wants to gas the greeks and burn them all in ovens.

ffs.

mike65

Greece makes Ireland look like the Netherlands.

Doc Ruby

mike65 wrote: »

Greece makes Ireland look like the Netherlands.

Ridden with drug tourism and racism?

pragmatic1

Anyone else getting sick of the Germans and the French bossing everyone else around.

pragmatic1

mike65 wrote: »

Greece makes Ireland look like the Netherlands.

We have far more debt than the Greeks.

Gee Bag

pragmatic1 wrote: »

Anyone else getting sick of the Germans and the French bossing everyone else around.

I certainly am. I think the only realistic option left is for the Irish army to invade and conquer continental Europe.

Stinicker

pragmatic1 wrote: »

We have far more debt than the Greeks.

Plus Fianna Fail are still in existence, at least when the Germans hit rock bottom they got rid of the Nazis.

admiralofthefleet

nein, you hang up

For Forks Sake

Jim_Kiy wrote: »

ffs.

You called?

Lando Griffin

They should create a two tier Europe, with those countries with stable economies controlling the budgets sorry mentoring those in trouble.

washman3

pragmatic1 wrote: »

We have far more debt than the Greeks.

two and a half times more to be exact.

patwicklow

merkel as nazi - greek poster 1.jpg

Jim_Kiy

Lando Griffin wrote: »

They should create a two tier Europe, with those countries with stable economies controlling the budgets sorry mentoring those in trouble.

Seems to be where this heading tbh..return of a caphilite of sorts..it clear that countries in the south of Europe without resources to defend themselves are gonna be over-run with the arab springers and seek to distribute them all over Europe and countries to the North are gonna seal up the borders.That in itself is creating a two tier europe.

http://www.usatoday.com/news/world/story/2012-02-23/italy-libya-migrants/53220654/1

Jim_Kiy

Good man pat..I guess anyone who comes from Germany is a Nazi by default.

Gee Bag

Jim_Kiy wrote: »

Seems to be where this heading tbh..return of a caphilite of sorts..it clear that countries in the south of Europe without resources to defend themselves are gonna be over-run with the arab springers and seek to distribute them all over Europe and countries to the North are gonna seal up the borders.That in itself is creating a two tier europe.

http://www.usatoday.com/news/world/story/2012-02-23/italy-libya-migrants/53220654/1

Gibberish!

Greentopia

"I do not mean that Greece should be kicked out of" the 17-nation eurozone, said Hans-Peter Friedrich in an interview with news magazine Der Spiegel, "but to create incentives for an exit that they cannot turn down."
Yikes! looks like some Greeks are going to be 'sleeping with the fishes' soon-

https://www.youtube.com/watch?v=SeldwfOwuL8

woodoo

pragmatic1 wrote: »

Anyone else getting sick of the Germans and the French bossing everyone else around.

French elections are on 22 April 2012. Hopefully Le Twerp will be out on his big ear then.

Seanchai

pragmatic1 wrote: »

Anyone else getting sick of the Germans and the French bossing everyone else around.

Yeah, but then I think of what it would be like if the British, and their God-awful ultra nationalist tabloid xenophobia, still had the power in Europe and my sickness at the Germans & French heals itself rapidly.

The Greeks lied. The Greeks entered the Eurozone fraudulently. They should be expelled from the club now that they have been discovered. Key aspects of their culture, like that of the Italians, are distinctly unsuited to fiscal rectitude and generating legitimate, taxable wealth.

Just as importantly, however, the Greeks are the scapegoats who, like Ireland, are agreeing to pay the debts of financial institutions from wealthier EU countries as part of their "bail out". As in Ireland, the "bail out" is really of foreign corporations who stand to lose an awful lot should Greece default. As in Ireland, the burden of repayment has been shifted from private Greek debtors onto the Greek people.

It is in Greece's interest to leave the Eurozone, because there is little chance of their being able to repay this debt and in reality this EU "deal" is being done to prevent a Greek default which will affect German, French and British financial institutions more than any other in the EU. These countries are most afraid that a Greek default will be a falling domino in Europe and thus their financial institutions will lose not just from Greece but from other EU countries that collapse after it. It is not the Greeks who are being saved by this deal, it's the "investors" from wealthier EU countries who are being saved.

Guy:Incognito

Gee Bag wrote: »

We should all gang up on the Germans and kick them out of the Eurozone. Then we can go back to having the crack again!

The crack or the craic?

drdeadlift

Jaafa wrote: »

http://au.finance.yahoo.com/news/german-minister-tells-greece-exit-095826782.html

its gone so far who gives a flying fiddlers.How long can anyone prepare for a disaster?

jay-me

I think an exit will be very hard on the ordinary people of Greece. But it will shake up the well off people who evade taxes. With any luck they can pull an Iceland and prosper away from the IMF's grip. And if they do perhaps it will be enough for us to follow suit!

drdeadlift

jay-me wrote: »

I think an exit will be very hard on the ordinary people of Greece. But it will shake up the well off people who evade taxes. With any luck they can pull an Iceland and prosper away from the IMF's grip. And if they do perhaps it will be enough for us to follow suit!

Explain what happened in Iceland

Son Of A Vidic

AngryBollix wrote: »

When are they going to kick us out

Never, sure aren't we covering their losses.

HAAA! HAAA!

drdeadlift wrote: »

Explain what happened in Iceland

I'm no expert but as I understand it they told the banks/foreign creditors to go fk themselves.
That if the bank failed and you had a stake in it they said then its tough shyt3 to you.

Whereas when the banks failed for us we said 'its tough shyt3 for us'.
By 'we' I mean the elites and the golden circle.

Sindri

woodoo wrote: »

French elections are on 22 April 2012. Hopefully Le Twerp will be out on his big ear then.

That mightn't be a good thing.

SugarCoat

Icelandic Economy Bounces Back From Brink

Iceland’s economy suffered a meltdown in 2008, with its banks defaulting on $85 billion. In 2009 its citizens took to the streets and demanded action from the government against those they saw as responsible for the crisis. The government responded, putting people before markets, and now Iceland’s economy is outgrowing the euro one and, on average, the developed world.
Bloomberg reported that after it was determined in October 2008 that the banks could not be saved, the government intervened. It ring-fenced domestic accounts and shut out international creditors. Iceland’s central bank prevented the sell off of krona through capital controls, and new banks were created that were controlled by the state. Then the government and the state-controlled banks agreed that amounts in excess of 110% of home values would be forgiven on mortgages.
The country’s supreme court also ruled in 2010 that debts indexed to foreign currencies were illegal, which saved households from having to cover losses resulting from drops in the value of the krona.
An Icelandic Financial Services Association report cited by Bloomberg pointed out that the country’s banks have forgiven loans amounting to 13% of Iceland’s GDP. That lessened the debt load of the population.
In addition, the government is investigating, and prosecuting, numerous prominent figures from the meltdown. Currently more than 200 face criminal charges and a special prosecutor has said as many as 90 may be indicted.
Lars Christensen, chief emerging markets economist at Danske Bank in Copenhagen, was quoted saying, “You could safely say that Iceland holds the world record in household debt relief. Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.”
The result? According to the Organization for Economic Cooperation and Development, Iceland’s economy is in line to expand 2.4% both this year and next, after growth of 2.9% last year and in the wake of shrinkage of 6.7% in 2009. In contrast, the OECD estimated in November that the euro area will only expand by 0.2% and the OECD area by 1.6% in 2012.
Not only that, but the cost to insure against an Icelandic default is about the same as to insure against a credit event in Belgium. And Icelanders are no longer eager to join the eurozone. Most would rather stay solo. Housing as an element of the consumer price index is only down about 3% from what it was in September 2008, just prior to the collapse.
Fitch Ratings just last week also conceded that Iceland’s approach has worked, raising the country’s rating to investment grade with a stable outlook. At the time it said that Iceland’s “unorthodox crisis policy response has succeeded.”
Thorolfur Matthiasson, an economics professor at the University of Iceland in Reykjavik, was quoted saying, “The lesson to be learned from Iceland’s crisis is that if other countries think it’s necessary to write down debts, they should look at how successful the 110% agreement was here. It’s the broadest agreement that’s been undertaken.”
According to Christensen at Danske Bank, “the bottom line is that if households are insolvent, then the banks just have to go along with it, regardless of the interests of the banks.”
:O

NakedNNettles

^^^^^^ That's all very well for Iceland, but they are so far from the ladder they had no other direction to go, but get to the bottom and start climbing again.

At least we are still on the ladder.

Unfortunately for the Greeks they seem to have hit a greasy patch and keep sliding.

steddyeddy

Stinicker wrote: »

Plus Fianna Fail are still in existence, at least when the Germans hit rock bottom they got rid of the Nazis.

Germany didnt get rid of the nazis the rest of europe did and Germany promised never to ever boss anyone around again.

steddyeddy

Seanchai wrote: »

Yeah, but then I think of what it would be like if the British, and their God-awful ultra nationalist tabloid xenophobia, still had the power in Europe and my sickness at the Germans & French heals itself rapidly.

The Greeks lied. The Greeks entered the Eurozone fraudulently. They should be expelled from the club now that they have been discovered. Key aspects of their culture, like that of the Italians, are distinctly unsuited to fiscal rectitude and generating legitimate, taxable wealth.

Just as importantly, however, the Greeks are the scapegoats who, like Ireland, are agreeing to pay the debts of financial institutions from wealthier EU countries as part of their "bail out". As in Ireland, the "bail out" is really of foreign corporations who stand to lose an awful lot should Greece default. As in Ireland, the burden of repayment has been shifted from private Greek debtors onto the Greek people.

It is in Greece's interest to leave the Eurozone, because there is little chance of their being able to repay this debt and in reality this EU "deal" is being done to prevent a Greek default which will affect German, French and British financial institutions more than any other in the EU. These countries are most afraid that a Greek default will be a falling domino in Europe and thus their financial institutions will lose not just from Greece but from other EU countries that collapse after it. It is not the Greeks who are being saved by this deal, it's the "investors" from wealthier EU countries who are being saved.

The Germans also broke eu regulations.

arybvtcw0eolkf

steddyeddy wrote: »

The Germans also broke eu regulations.

And bombed Northstrand (near town).

steddyeddy

Carly Wooden Railroad wrote: »

And bombed Northstrand (near town).

and werent very nice generally to jewish people!

Yakult

If each european country was a player In the game 'Snakes and Ladder' Greece will have lost long ago. They are doin nothing but putting a bigger burden on the other EU countries. Their people arent happy and europeans arent happy so why drag it out.

jay-me

Funny that Germany "welshed" on their own debt to Greece! Hypocritical much?:rolleyes:

http://www.guardian.co.uk/commentisfree/2011/jun/21/germany-greece-greek-debt-crisis