Britain prepares for possible Greece exit from eurozone

[webfact]

Britain prepares for possible Greece exit from eurozone
English.news.cn

LONDON, Feb. 10 (Xinhua) -- The British government held a meeting of senior officials to discuss the impact on the country of possible Greek exit from the eurozone on Monday.

"Given uncertainty around Greece and the Euro, it was important I chair a meeting to ensure the Government is prepared for all eventualities," said prime minister David Cameron via his twitter account.

Nick Macpherson, head of the Treasury, Lowrie Kahn, the Treasury's director of financial stability, and the British central bank's international director Phil Evans attended the meeting.

The chancellor, George Osborne, was absent from the meeting as he was on his way to the G20 meeting in Istanbul.

British ministers believed that Greek inflation would take off and companies and banks would face acute financial difficulties if Greece abandoned the euro, according to British media.

But they expected the direct exposure of British banks to Greece was relatively small and some kind of compromise between Athens and other eurozone governments could be reached to keep Greece in the euro.

Source: http://news.xinhuanet.com/english/europe/europe/2015-02/10/c_133981715.htm

-- Xinhua 2015-02-10

[huanga]

A Greek tragedy is being played out....

[ExPratt]

Surely the Military should step in in Greece' Its obvious the people don't know what they are voting for The corrupt governments of the past are responsible for the debt to Europe of Billions and should be impeached

Edited February 10, 2015 by ExPratt

[siampolee]

huanga post # 2

A Greek tragedy is being played out..

Now what genre might that be ? A drama or a drachma?

incidentally ''drachma means to grasp.

Seems appropriate as the Greeks do seem to be ''grasping at Straws or bronze sticks in their case.

The name drachma is derived from the verb δράσσομαι (drássomai, "to grasp") Initially a drachma was a fistful (a "grasp") of six oboloí or obeloí (metal sticks, literally "spits") used as a form of currency as early as 1100 BC

http://en.wikipedia.org/wiki/Greek_drachma

[wowfactor10]

Please get these Greek fraudsters out of the union...

Then as a compensation for going in defraud i fine that we just take some of these greek islands and declare them ours...

Bye bye greece pay your own bills from now on.

[Baerboxer]

Surely the Military should step in in Greece' Its obvious the people don't know what they are voting for The corrupt governments of the past are responsible for the debt to Europe of Billions and should be impeached

Wrong. Remember the Colonels?

Greece has been riddled with laziness and corruption for years - and regarded the EU as some sort of charity to dole out handouts to fund their nice lifestyle.

People have votes in the current government as again they are promising something for nothing hoping that someone else picks up the tab.

Looks like the gravy train has been derailed. Still, they can always try claiming war reparations from Germany again, that might work.

[Lupatria]

A Greek tragedy is being played out....

Well it sounds bad in the beginning. However, on a second thought, maybe it leads to Costa's departure from LOS so he can promote and vote for the comeback of a military government- the one he admires here so much.

Edited February 10, 2015 by Lupatria

[baboon]

Why "Britain prepares for..."? Will nobody else be affected?

[FredNL]

Well, if Greece exits, the Euro will drop because it will be replaced by the Drachme. After the Drachme is re-introduced it will drop to a certain level and inflation level will rise. But what has Britan has to do with it? For them the holidays on Corfu will be lots cheaper...

[MAJIC]

A Greek tragedy is being played out....

It will be a Greek tragedy,if we have to bail out Greece yet again,they want a new deal to keep them in. Let's give them a decent send off, sorry Costa's, the EU can't afford passengers that don't pay their way,and never did!

[Asiantravel]

Astonishing! Sen Bernie Sanders in USA wants the US Federal reserve to bail out Greece

http://www.thenewamerican.com/economy/economics/item/4471-trillion-bailout-of-euro-greece-shows-need-to-audit-the-fed

[finnomick]

Perhaps David Cameron, via whichever method he chooses, could place the importance of a British citizen over the Greece debacle and answer my letter !

[InvestingIsMyLife]

Astonishing! Sen Bernie Sanders in USA wants the US Federal reserve to bail out Greece

http://www.thenewamerican.com/economy/economics/item/4471-trillion-bailout-of-euro-greece-shows-need-to-audit-the-fed

That article was written in May of 2010!

[ggold]

Astonishing! Sen Bernie Sanders in USA wants the US Federal reserve to bail out Greece

http://www.thenewamerican.com/economy/economics/item/4471-trillion-bailout-of-euro-greece-shows-need-to-audit-the-fed

even more astonishing is Greece saying they will ask Russia or China for financial assistance!

So maybe not so astonishing that America might not like that idea, and would prefer Russia or China not have such influence over a European country!

[ggold]

Perhaps David Cameron, via whichever method he chooses, could place the importance of a British citizen over the Greece debacle and answer my letter !

No chance, they are to busy trying to save their careers in the EU to worry about anything you might have to write about. Amazes me to see British politicians in such a hurry to give up British sovereignty to those idiots in Brussels.

[Asiantravel]

Astonishing! Sen Bernie Sanders in USA wants the US Federal reserve to bail out Greece

http://www.thenewamerican.com/economy/economics/item/4471-trillion-bailout-of-euro-greece-shows-need-to-audit-the-fed

That article was written in May of 2010!

And that's what makes it even more absurd! He started saying it in 2010 and he hasn't stopped saying it since. And he's just said it again in a CNBC interview

http://mediaequalizer.com/brian-maloney/2015/02/senator-us-must-bail-out-greece-or-witness-nazi-takeover

[Asiantravel]

Astonishing! Sen Bernie Sanders in USA wants the US Federal reserve to bail out Greece

http://www.thenewamerican.com/economy/economics/item/4471-trillion-bailout-of-euro-greece-shows-need-to-audit-the-fed

even more astonishing is Greece saying they will ask Russia or China for financial assistance!

So maybe not so astonishing that America might not like that idea, and would prefer Russia or China not have such influence over a European country!

But how can a country which itself is $18 trillion in debt with 50 million people of its own citizens of food stamps even imagine bailing out another country?Is it April 1 already?

[MaiChai]

Eurozone wen down hill when they started letting all the poor countries in. Now money from the richer euro states gets transferred to keep the poorer states afloat. As a Brit I think we should come out of Europe and stop paying in. Use that money for the UK.

[Jonmarleesco]

'... they expected the direct exposure of British banks to Greece was relatively small ...' And if not so small ... no doubt they'll be looking for another taxpayer bailout. A pity, then - for the banks - fortunate for the taxpayer, that the General Election is just 3 months away.

[bangon04]

Why "Britain prepares for..."? Will nobody else be affected?

Xinhua news agency feels obliged to highlight any possible rift in the western economies or societies, and therefore must talk up the smallest news story to reinforce its view.

Although it is a serious news item, it is not dominating the news in the UK, even though the UK is a substantial creditor of the Greek debt.

[mania]

But how can a country which itself is $18 trillion in debt with 50 million people of its own citizens of food stamps even imagine bailing out another country?Is it April 1 already?

555 in many ways it has been April 1st for many decades now.

See the US did away with money long ago.

Ever since they realized they aka: The Fed Reserve not to be confused with anything Federal

could print funny IOU's & call them Fed Reserve Notes.

There is no limit to how many they can print...no limit what so ever. They even sell them to the US

As long as they can continue to fool the world into thinking they are worth something & that others need to purchase them to buy oil etc... No Problemo

Of course some have tried to get away from such tom foolery but they were blown 7 ways from Tuesday.....and well their gone now you see

So yeah money Fed Notes/ IOU's sure no problemo Greece how many ya need? Oh BTW you realize once you accept this favor we will call on

you at sometime to do a favor or two for us....This you must not refuse ;)

[Johpa]

A Greek tragedy is being played out....

It will be a Greek tragedy,if we have to bail out Greece yet again,they want a new deal to keep them in. Let's give them a decent send off, sorry Costa's, the EU can't afford passengers that don't pay their way,and never did!

In the end you are really just bailing out Deutsche Bank which loaned Greece a whole lot of money so that a few people in Greece could buy German cars. And the Deutsche Bank somehow imagined that Greece would pay back those loans by selling olive oil because let's face it, Greece doesn't actually produce much else for sale. The tragedy was that the EU decided that despite centuries of data to the contrary, the cure would be austerity, placing the burden of the banker's folly upon the ordinary Greek citizen who they then demonize as being lazy, etc. T'is a shame that the German bankers were too lazy to do their own due diligence.

If you are willing to invest a few hours I recommend watching a few online videos of economist Mark Blyth, or read his book "Austerity: The History of a Dangerous Idea". Although I warn you, Blyth suggests that the tragedy of the Euro will become a global tragedy.

[CapeThai]

Hey Costas, what have you to say about all this ?

[bendejo]

Astonishing! Sen Bernie Sanders in USA wants the US Federal reserve to bail out Greece

http://www.thenewamerican.com/economy/economics/item/4471-trillion-bailout-of-euro-greece-shows-need-to-audit-the-fed

even more astonishing is Greece saying they will ask Russia or China for financial assistance!

So maybe not so astonishing that America might not like that idea, and would prefer Russia or China not have such influence over a European country!

Last week China signed some major deals with Argentina. I got a laugh out of it. They have burned just about anyone who has loaned them money, and not only that they'll challenge them in court when the creditors dare to try to collect, evoking national pride movements, paid demonstrators etc. I foretell a strong anti-Asian sentiment in that country 10-15 years from now when China demands they make good on their debts. Probably half the grocery stores in Buenos Aires are run by ethnic Chinese, some families living in the back of their stores. I can see these places being hit with racist graffiti and firebombed when the time comes, poor sots.

Being friendly with Greece means China would have a friend in the eastern Med. Of course Greece will rip them off too.

[MAJIC]

A Greek tragedy is being played out....

It will be a Greek tragedy,if we have to bail out Greece yet again,they want a new deal to keep them in. Let's give them a decent send off, sorry Costa's, the EU can't afford passengers that don't pay their way,and never did!

In the end you are really just bailing out Deutsche Bank which loaned Greece a whole lot of money so that a few people in Greece could buy German cars. And the Deutsche Bank somehow imagined that Greece would pay back those loans by selling olive oil because let's face it, Greece doesn't actually produce much else for sale. The tragedy was that the EU decided that despite centuries of data to the contrary, the cure would be austerity, placing the burden of the banker's folly upon the ordinary Greek citizen who they then demonize as being lazy, etc. T'is a shame that the German bankers were too lazy to do their own due diligence.

If you are willing to invest a few hours I recommend watching a few online videos of economist Mark Blyth, or read his book "Austerity: The History of a Dangerous Idea". Although I warn you, Blyth suggests that the tragedy of the Euro will become a global tragedy.

Greece may be the first to exit Europe,but they sure will not be the last, read the follow page of links!

http://www.brugesgroup.com/eu/britain-and-europe-the-culture-of-deceit.htm?xp=paper

Edited February 10, 2015 by MAJIC

[MAJIC]

Perhaps David Cameron, via whichever method he chooses, could place the importance of a British citizen over the Greece debacle and answer my letter !

Cameron does'nt work for the British people ,he only works for himself.Right now he is concentrating on winning the Election in 8 weeks time! his chances are far from good! to put it mildly.

[Fatty123]

A Greek tragedy is being played out....

It will be a Greek tragedy,if we have to bail out Greece yet again,they want a new deal to keep them in. Let's give them a decent send off, sorry Costa's, the EU can't afford passengers that don't pay their way,and never did!

I'm a Brit. If anyone sees Costas tell him he owes me a tenner. Cheers.

[MAJIC]

Astonishing! Sen Bernie Sanders in USA wants the US Federal reserve to bail out Greece

http://www.thenewamerican.com/economy/economics/item/4471-trillion-bailout-of-euro-greece-shows-need-to-audit-the-fed

even more astonishing is Greece saying they will ask Russia or China for financial assistance!

So maybe not so astonishing that America might not like that idea, and would prefer Russia or China not have such influence over a European country!

Last week China signed some major deals with Argentina. I got a laugh out of it. They have burned just about anyone who has loaned them money, and not only that they'll challenge them in court when the creditors dare to try to collect, evoking national pride movements, paid demonstrators etc. I foretell a strong anti-Asian sentiment in that country 10-15 years from now when China demands they make good on their debts. Probably half the grocery stores in Buenos Aires are run by ethnic Chinese, some families living in the back of their stores. I can see these places being hit with racist graffiti and firebombed when the time comes, poor sots.

Being friendly with Greece means China would have a friend in the eastern Med. Of course Greece will rip them off too.

The lame Ducks are coming home to roost, namely GREECE,SPAIN,PORTUGAL, and IRELAND,who all grew fat on EU money until pay back time,it was'nt hard to predict Bankruptcy.Neither will the next round of defaulters. now let's see? TURKEY,RUMANIA,BULGARIA,hot favourites, who badly need to upgrade their infrastructure, does this sound familiar? with what happened to GREECE, as we all know borrowing is easy,paying back is another story! The EU gravy train feeders never quite understood the overall structure,somebody has got to pay in so the others can draw out, Or as the old saying goes...neither a borrower or a lender be! it's the safest way!

More Suspect defaulters on huge loans!

Czeck Republic *

Slovakia *

Italy

Poland

Latvia

* = most likely

Edited February 10, 2015 by MAJIC

[MAJIC]

A Greek tragedy is being played out....

It will be a Greek tragedy,if we have to bail out Greece yet again,they want a new deal to keep them in. Let's give them a decent send off, sorry Costa's, the EU can't afford passengers that don't pay their way,and never did!

I'm a Brit. If anyone sees Costas tell him he owes me a tenner. Cheers.

I'm a Brit so he owes me too

[ozyjon]

The population is becoming ancient rapidly.

this is happening around the world,, Japan

is the leader in this field putting great emphasis

on the old and aging, back in Europe / Portugal

the tourist areas look like a retirement village,

both locals and tourists,, no eye candy,, just

tears,, i was speaking with a real estate agent

who commented on the fact that nothing was

selling,, he mentioned that in Portugal as soon

as a student graduated from university they

would immigrate immediately,, usually to the

UK, now a second wave of immigration has

commenced by the parents following them,,

while the rubbish are entering the country to

follow the same route to the UK . The Euro

zone has big problems ahead, best to get

out asap or batten down for the ride.