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JAPAN NEWS AND DISCUSSION

Euro fund clears key German test

World Sep. 30, 2011 - 07:30AM JST ( 9 )

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9 Comments

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Elbuda MexicanoSep. 30, 2011 - 09:04AM JST

Time for Greece to be kicked out of the EU?? Just an idea IMHO.
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YuriOtaniOct. 01, 2011 - 04:07AM JST

The might Euro is ready to go away, oh how fitting. Wonder if the EU will outlive the Euro?
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KonstaOct. 01, 2011 - 05:30AM JST

It will, but not by much. When any of the PIGS cancel Euro, their currency will start devaluating at high rate. This will mean that their debts, including those of private sector, which are all denominated in Euro, will increase significantly, as well as inflation will also increase. Economically, these countries will be done with all the unpleasant consequences. That will be as equal to Europe's death as it can be.
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WilliBOct. 01, 2011 - 01:12PM JST

Konsta:

" It will, but not by much. When any of the PIGS cancel Euro, their currency will start devaluating at high rate. This will mean that their debts, including those of private sector, which are all denominated in Euro, will increase significantly, "

They won´t pay them back anyway, so it does not make a difference. Euro exit plus default is the only solution. Everything else (and especially the ever-increasing bailout plans) only make the inevitable end worse.
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WilliBOct. 01, 2011 - 01:14PM JST

YuriOtani:

" Wonder if the EU will outlive the Euro? "

Of course. The EU was there before the Euro, and it was actually doing some sensible things (besides some un-sensible things like the agri subsidy scheme, of course). The creation of the Euro was the basic mistake that led to this disaster.
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KonstaOct. 01, 2011 - 07:28PM JST

They won't pay them back anyway, so it does not make a difference.

Of course they will. I don't understand how people can write such things. Countries pay their debts taken hundreds years ago. And if they can't pay, they will be forced to pay the last money that they have and earn and take more loans and restructure their debts until they die economically. And that is in addition to the total control and pressure from the IMF and such. Greeks are already on the streets. When poor Greeks will be 10 times more poor and will not have Germany to support them, I would like to see how, say, Nordic countries would like to be within the same EU. The breakdown of EU will come not from Germany, and not from PIGS. There will be Europe, but not the "Union".
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WilliBOct. 01, 2011 - 07:55PM JST

Konsta:

" Of course they will. I don't understand how people can write such things. Countries pay their debts taken hundreds years ago. "

Of course they will not. Once the debt reaches a level like in Greece, it is simply impossible to pay, so the country will default. this is nothing new, this is something that has happened many times in history.

The last time time a country was forced to pay amounts that it it simply could not pay was Germany after World War 1, and you know where that led to.

Are you suggesting to humiliate Greece in the same way? That is absurd. The German bailouts will have to end eventually, and then Greece will default. It is unavoidable. Of course, the longer this is postponed, the worse it will be.
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KonstaOct. 02, 2011 - 04:47AM JST

WilliB, and how do you expect EU function? Some countries (a majority of them, clearly) will borrow money in obscene amounts and will not pay back, because "of course they will not", and you expect Europe to stay united? I have shown that refusing Euro will only aggravate the situation, which will result in that some reacher countries will pull away. And Greece is pretty much done. No further humiliation is needed. It was, of course, their own fault in the first place. Thus, Euro stays as long as it can and Greece pays as much as it can. That's what Germans are doing now.
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KonstaOct. 02, 2011 - 05:06AM JST

richer*. Jesus, what is with my spelling today. Sorry.