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Christine Lagarde Ought To Shut Up.  
User currently offlineAR385 From Mexico, joined Nov 2003, 5946 posts, RR: 30
Posted (1 year 10 months 1 week 3 days 22 hours ago) and read 2124 times:
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I believe that an institution such as the IMF needs to do its work without having its directors making unnecesary opinions on matters which are really very institutional. I do not recall an IMF director so enthralled with the media that every week they feel that if the international press does not quote them, they must be doing something wrong. Amongst some of Lagarde´s unfortunate opinions:

1) What she said about Greece (look it up, it was basically so out of touch, it was shameful)
2) What she is saying about the Euro and "we have les than three months to save it"
3) Her opinion on Spain´s recent bailout.

She was the head of Sarkozy´s Ministry of Finance and Economics, and since he was not reelected, well, that says a lot.

I do wish Europe gets out of its mess soon. But this woman needs to become more Institutional and less Media-Diva.

Her credibility is sinking.

[Edited 2012-06-12 21:23:23]


MGGS
21 replies: All unread, jump to last
 
User currently offline747400sp From United States of America, joined Aug 2003, 3301 posts, RR: 2
Reply 1, posted (1 year 10 months 1 week 3 days 19 hours ago) and read 2054 times:

Sound like she do not think before speaks.

User currently offlineStarAC17 From Canada, joined Aug 2003, 3334 posts, RR: 9
Reply 2, posted (1 year 10 months 1 week 3 days 17 hours ago) and read 1981 times:

Can we have a link to this, and by we I mean me  
Quoting AR385 (Thread starter):
What she said about Greece (look it up, it was basically so out of touch, it was shameful)

Out of touch or not it was something that shouldn't have been said. The Greeks may have their problems but calling them lazy doesn't help things at all.

From the statistics the Greeks some of the highest hours annually and the French work some of the least and get one the highest amounts of leave in the world so its a lot of pot calling the kettle black.
I realize that doesn't count for total productivity but it still shouldn't be said.

Quoting AR385 (Thread starter):
2) What she is saying about the Euro and "we have les than three months to save it"
3) Her opinion on Spain´s recent bailout.

I will have to look that up.

Quoting AR385 (Thread starter):
Her credibility is sinking.

Agreed.



Engineers Rule The World!!!!!
User currently offlineAF1624 From France, joined Jul 2006, 644 posts, RR: 0
Reply 3, posted (1 year 10 months 1 week 3 days 17 hours ago) and read 1979 times:

Yes.

But.

She is a very good looking dame.

Just thought i'd point that out. I'm 24 and I'd definitely go for it.

This makes it all worth it, mwahah.



Cheers
User currently offlineAF1624 From France, joined Jul 2006, 644 posts, RR: 0
Reply 4, posted (1 year 10 months 1 week 3 days 17 hours ago) and read 1958 times:

Quoting StarAC17 (Reply 2):
From the statistics the Greeks some of the highest hours annually and the French work some of the least and get one the highest amounts of leave in the world so its a lot of pot calling the kettle black.
I realize that doesn't count for total productivity but it still shouldn't be said.

I think she meant lazy as in "unproductive".

The French indeed work smaller hours and have more leave time. However they stand among the most productive people in the world, if you divide GDP by number of active workers, we're up there in the Top 5.

It doesn't matter how many hours you work. If I can produce X by working 5 hours and you need 8 hours to produce the same thing, you're lazy-er than I am, because in these hours I actually work efficiently whereas you spend your time on Facebook (or a.net :P).



Cheers
User currently offlineQFA380 From Australia, joined Jul 2005, 2059 posts, RR: 1
Reply 5, posted (1 year 10 months 1 week 3 days 16 hours ago) and read 1944 times:

I personally had some qualms with her being parachuted into the IMF directorate when it happened but too late now and her tenure has been somewhat mixed.

In regards to Greeks, I'll post the article seeing as though the OP didn't feel like it. She has a point, why should Nigerian school children go without writing books to shore up Greek pensioners who voted themselves an early retirement when those children aren't expected to live until retirement let alone get a pension.

One must also view these extreme positions through the political prism that unless the world sees her being harsh to Europe they will promptly tell her where to shove it when she comes grovelling for more money into the IMF's coffers that's going straight into Europe.

Interesting she's not even sure if this crisis will be over by the end of the decade.

Quoting AF1624 (Reply 3):
She is a very good looking dame.

Really? I think she could give John Boehner a challenge for most influential orange in the world.

Her ageing is the all the proof I need that being a vegetarian is unhealthy.


User currently offlineTheCommodore From Australia, joined Dec 2007, 2554 posts, RR: 6
Reply 6, posted (1 year 10 months 1 week 3 days 16 hours ago) and read 1935 times:

Quoting QFA380 (Reply 5):
I'll post the article seeing as though the OP didn't feel like it. She has a point, why should Nigerian school children go without writing books to shore up Greek pensioners who voted themselves an early retirement when those children aren't expected to live until retirement let alone get a pension.

I agree whole hardheartedly

Quoting QFA380 (Reply 5):
Interesting she's not even sure if this crisis will be over by the end of the decade.

There are many world commentators expressing concern, that this economic shift, may well last beyond the next 20 or so years. The amount of deleveraging that must occur, is almost unimaginable.

[Edited 2012-06-13 03:16:11]


Flown 905,468 kms or 2.356 times to the moon, 1296 hrs, Longest flight 10,524 kms
User currently offlinespeedbird217 From United Kingdom, joined Feb 2012, 328 posts, RR: 0
Reply 7, posted (1 year 10 months 1 week 3 days 16 hours ago) and read 1934 times:

I think saying that she has to "shut up" is way more out of line than her statements.
As head of the IMF she is entitled to an opinion like every other citizen living in a free country, where freedom of speech is a basic right.

One of the main assignments of the IMF is to stabilize the world economy, and if she feels the need to raise awareness for certain issues by addressing the media, why not?
You have to be very clear and maybe a bit overly dramatic to raise attention in today's world/media. And while I don't agree on everything she says, she has some valid points. And more importantly, she makes these points public and therefore is at least trying to tell us the truth.
Especially if you compare that to our great politicians these days, who have no clue what's going on, try to sit things out that won't be resolved by (not) talking about them, and tell us everything will be fine.
Or compared to her predecessor, the infamous DSK.

I've seen her live at a panel discussion in Washington, DC last fall. The topic was on the Euro-crisis (what else...) and it was very interesting and she had some good points and angles.

Quoting AF1624 (Reply 3):
She is a very good looking dame.
Just thought i'd point that out. I'm 24 and I'd definitely go for it.

Ewww! Dude, really? 


User currently offlineOA260 From Ireland, joined Nov 2006, 26502 posts, RR: 58
Reply 8, posted (1 year 10 months 1 week 3 days 16 hours ago) and read 1917 times:

Quoting AR385 (Thread starter):
1) What she said about Greece (look it up, it was basically so out of touch, it was shameful)

Whilst she needs to be careful about her words and her choice of words was stupid IMHO there are plenty of Greeks that dont disagree with the point she was trying to make with regards to paying taxes etc... Lets hope she supports the hunting down of the rich fat cats who avoided taxes rather than poor pensioners who have a daily struggle to pay the bills and get their medication .

I hope she enjoys her TAX FREE salary and entertainment $$$ . She needs to be careful not to be labeled a hypocrite . If she really wants to help Africa then maybe a 25% donation of her salary would go along way to saving some of the Kids she claims to have so much concern for . In this world you need to practice what you preech if you are to be taken seriously.



AEGEAN-OLYMPIC AIR - ΟΛΥΜΠΙΑΚΗ " μέλος στη Star Alliance
User currently offlinena From Germany, joined Dec 1999, 10365 posts, RR: 11
Reply 9, posted (1 year 10 months 1 week 3 days 15 hours ago) and read 1911 times:

This women should do something else than causing panic every few weeks.

User currently offlineSmittyOne From United States of America, joined Feb 2012, 1286 posts, RR: 3
Reply 10, posted (1 year 10 months 1 week 3 days 14 hours ago) and read 1884 times:

Quoting na (Reply 9):
This women should do something else than causing panic every few weeks.

You've just described most of my former girlfriends...

Seriously, though...much like the Federal Reserve Chairman in the US (and other countries' equivalents), "money" people need to remain as dispassionate and calm as possible since markets respond as much to their demeanor as to the content of what they say.



We live in an age surrounded by complex machines but the basic knowledge of the average punter is minimal. -GDB
User currently offlinespeedbird217 From United Kingdom, joined Feb 2012, 328 posts, RR: 0
Reply 11, posted (1 year 10 months 1 week 3 days 13 hours ago) and read 1845 times:

Quoting SmittyOne (Reply 10):
since markets respond as much to their demeanor as to the content of what they say.

Markets do what they want anyway these days. They don't need Christine Lagarde to react, they react to things we don't even understand because they are just too complex these days.
That's why we are in this mess in the first place, because they developed sort of a life of their own. And nobody felt the need to put boundaries in place in the past.

[Edited 2012-06-13 06:01:21]

User currently offlineSmittyOne From United States of America, joined Feb 2012, 1286 posts, RR: 3
Reply 12, posted (1 year 10 months 1 week 3 days 10 hours ago) and read 1768 times:

Quoting speedbird217 (Reply 11):
That's why we are in this mess in the first place, because they developed sort of a life of their own. And nobody felt the need to put boundaries in place in the past.

True...likewise I think the intent of stock markets (raise capital for and allow people to share the profits of successful ventures) has been bastardized into some kind of casino situation where people constantly shift money around for a quick score. Hence the wild fluctuations and overreactions to short-term results.



We live in an age surrounded by complex machines but the basic knowledge of the average punter is minimal. -GDB
User currently offlinespeedbird217 From United Kingdom, joined Feb 2012, 328 posts, RR: 0
Reply 13, posted (1 year 10 months 1 week 3 days 10 hours ago) and read 1755 times:

Quoting SmittyOne (Reply 12):
True...likewise I think the intent of stock markets (raise capital for and allow people to share the profits of successful ventures) has been bastardized into some kind of casino situation where people constantly shift money around for a quick score. Hence the wild fluctuations and overreactions to short-term results.

   Couldn't agree more!

If in some cases computers decide by themselves to buy/sell a stock, the markets completely get out of control. By reacting to certain, often very small changes in the price of a stock they amplify the ups and downs in the markets. This can become something like a computer-induced "avalanche", with stocks getting out of control and volatility going crazy.
They might calculate things faster than a human ever could, but they shouldn't make decisions. This scenario has happened in the past before, more than once.

The problem is also that there is so much money that isn't really there these days. Just look at the IPO of Facebook. What justified the stock value they had in the beginning? If a company produces something, this gives us a good indication of their value. But these days there are so many businesses and stocks that are based on non-existent output, still they are valued at a multiple of what they are actually worth.
I could go on and on about this, but that would be way off-topic, so I stop here...


User currently offlinelewis From Greece, joined Jul 1999, 3592 posts, RR: 5
Reply 14, posted (1 year 10 months 1 week 3 days 9 hours ago) and read 1732 times:

Quoting OA260 (Reply 8):
there are plenty of Greeks that dont disagree with the point she was trying to make with regards to paying taxes

Very true but it is a bit rich though for a non-taxable income person to preach on paying taxes. Also, comments like these should be directed towards certain groups that do not pay taxes as well as the inability and the unwillingness of successive governments to tackle the problem. The vast majority of money owed in taxes in the country come from a pretty short list of businesses (both Greek and foreign!) as well as a few businessmen who, for some reason, were allowed to have quite a big unpaid balance to the state over the years. The people suffering right now because they just became homeless or they cannot afford food and basic medical supplies for their survival are not the ones in the above group. She can still feel bad for people suffering while at the same time suggesting that certain groups known to evade taxes actually pay them. It is not always what you say, it is how you say it.

Quoting speedbird217 (Reply 7):
think saying that she has to "shut up" is way more out of line than her statements.
As head of the IMF she is entitled to an opinion like every other citizen living in a free country, where freedom of speech is a basic right.

She may be entitled to her opinion but because of her position, she should know what rippling effects some of her comments may have, as markets do listen to those comments and markets (a bunch of people really) do decide based on psychological factors - something that economists continuously ignore. Same goes for Austrian Fin Min, who came out a few days ago roughly saying that Italy will need a bailout too. This is too counter-productive and unless it is the formal position of a government or it has been officially decided by Italy, or hell, even discussed and agreed among all parties involved, she should shut up too. This is the problem with all the officials during this crisis, one says one thing, the other says another thing, and both things are completely contradictory. A common line and position should be sought before people start throwing statements around.

Quoting QFA380 (Reply 5):
She has a point, why should Nigerian school children go without writing books to shore up Greek pensioners who voted themselves an early retirement when those children aren't expected to live until retirement let alone get a pension.

No worries, with the way things are going with regards to working, healthcare, public safety and education, the comparison between Greece and a poorer African nation will start becoming more and more like apples to apples. Race to the bottom - mission accomplished?

[Edited 2012-06-13 10:34:04]

User currently offlineStarAC17 From Canada, joined Aug 2003, 3334 posts, RR: 9
Reply 15, posted (1 year 10 months 1 week 2 days 14 hours ago) and read 1571 times:

Quoting SmittyOne (Reply 12):
True...likewise I think the intent of stock markets (raise capital for and allow people to share the profits of successful ventures) has been bastardized into some kind of casino situation where people constantly shift money around for a quick score. Hence the wild fluctuations and overreactions to short-term results.

Stocks are held for about 20 seconds these days. It makes this family guy clip make a lot of sense.

http://www.youtube.com/watch?v=4YyEdny5rh8

Quoting speedbird217 (Reply 13):
The problem is also that there is so much money that isn't really there these days. Just look at the IPO of Facebook. What justified the stock value they had in the beginning? If a company produces something, this gives us a good indication of their value. But these days there are so many businesses and stocks that are based on non-existent output, still they are valued at a multiple of what they are actually worth.

A lot of hyping made facebook's stock so high but a lot of people saw it as nonsense and stayed away. There were some suckers who may be successful in court because it seems there was a lot of insider trading going on.

Bill Maher recently had Paul Krugman and Arther Laffer on his show and asked about it and made the point that Facebook was valued at the same amount as McDonald's and it employs only about 3,000 people where McDonald's employs millions and produces something that creates a constant revenue. Where Facebook only makes money off adds and possibly a few other ancillary things like possibly apps and the marketplace.

Quoting AF1624 (Reply 4):
The French indeed work smaller hours and have more leave time. However they stand among the most productive people in the world, if you divide GDP by number of active workers, we're up there in the Top 5.

It depends how you define productivity, you might produce the higher amount of units in a given timeframe but you may command a higher wage for your 5 hours work than someone for 8. I have read that the US worker in a given hour can produce 6 times that of someone in China but companies deem the Chinese more productive because someone in China can be paid $1/hour.



Engineers Rule The World!!!!!
User currently offlineDanny From Poland, joined Apr 2002, 3505 posts, RR: 2
Reply 16, posted (1 year 10 months 1 week 2 days 14 hours ago) and read 1563 times:

Quoting AR385 (Thread starter):
1) What she said about Greece (look it up, it was basically so out of touch, it was shameful)
2) What she is saying about the Euro and "we have les than three months to save it"
3) Her opinion on Spain´s recent bailout.

All of it was bitter but truth. Unfirtunately those countries prefer not to hear it.


User currently offlineNAV20 From Australia, joined Nov 2003, 9909 posts, RR: 36
Reply 17, posted (1 year 10 months 1 week 2 days 13 hours ago) and read 1546 times:

Quoting speedbird217 (Reply 13):
The problem is also that there is so much money that isn't really there

I think that's at the root of it..........

In my day (though I wasn't in the banking business, I dealt in more tangible things) banks tended to work on an '8%' basis. Meaning that they felt free to lend out up to 12.5 times the money they actually had in hand. That worked well for quite a while - but it's stopped working now. On a worldwide basis, although so far the s**t has only hit the fan in the Eurozone.

I was in business in the UK at the dawn of the European Common Market, and when it simply meant 'freer trade across Europe' it worked quite well. In my view the Euro was the ultimate 'wrong turning' - a dozen or more countries, with widely-differing economies, all using the same currency; and, largely, for a long time, all paying the same level of interest on loans..........

I really can't see any way out of the mess that the Eurozone has got itself into. Basically, the Germans are working with an 'under-valued' currency that has enabled them to export massively, and most of the rest of the Eurozone has been working with a severely over-valued one, which has enabled them to import on the same sort of scale. And that in turn meant that the German banks, for years, had basically to lend most of the rest of Europe the money with which to buy German products......

So the only way Germany will ever get its money back, starting from here, is to go on lending its 'pan-European' customers more and more (basically-German) money with which to go on repaying their debts......

"Spain's rightwing government came under pressure on Thursday to apply for rescue funds from Brussels after it became clear that the estimated €100bn bailout of the country's banks had failed to prevent Madrid's borrowing costs from hitting new highs.

"The interest rate on Spain's benchmark 10-year bonds rose as much as 25 basis points to a euro-era high of 7.02%, breaching the level that triggered a collapse in confidence in Portugal, Ireland and Greece.

"Italy's flagging economy was also under the microscope after panic among international lenders at an auction of three-year bonds pushed the price of borrowing to 5.3%, up from 3.91% last month."


http://www.guardian.co.uk/business/2...in-eu-rescue-funds-borrowing-costs

It's an odd feeling (as a pensioner who is 'comfortable' rather than wealthy) to ponder the fact that I could go down to my bank tomorrow morning and borrow money at a lower interest rate than the Spanish goverment is currently having to pay....... But it also makes me feel glad that I moved my family back here all those years ago; at least they still have SOME sort of chance of continued prosperity.....

Sincerely hope - for all our sakes - that Europe finds some way out of this (still-developing) crisis. But I can't, for the life of me, at this time, see what workable form any such 'escape route' would take.........

[Edited 2012-06-14 06:30:53]


"Once you have flown, you will walk the earth with your eyes turned skywards.." - Leonardo da Vinci
User currently offlineStarAC17 From Canada, joined Aug 2003, 3334 posts, RR: 9
Reply 18, posted (1 year 10 months 1 week 2 days 12 hours ago) and read 1521 times:

Quoting NAV20 (Reply 17):
I really can't see any way out of the mess that the Eurozone has got itself into. Basically, the Germans are working with an 'under-valued' currency that has enabled them to export massively, and most of the rest of the Eurozone has been working with a severely over-valued one, which has enabled them to import on the same sort of scale. And that in turn meant that the German banks, for years, had basically to lend most of the rest of Europe the money with which to buy German products......

I might get flamed by a lot of the Germans on here for this but I come from Canada which is similar and until recently was a very export driven economy for the same reason a low currency. With a slight difference as the central part of Canada manufactures where the east and the west like the high dollar for resource exports. Same in Australia where manufacturing has been hurt, but resources have boomed because of the high Aussie dollar.

As said I think that the German economy benefited hugely for having a weaker currency across the Euro than the Mark would have been on its own. It still probably benefits today exporting with a weaker Euro but the lack of demand and also the fact that German and French banks are now at more risk from the bailouts creates more trouble for the Eurozone.



Engineers Rule The World!!!!!
User currently offlineNAV20 From Australia, joined Nov 2003, 9909 posts, RR: 36
Reply 19, posted (1 year 10 months 1 week 2 days 11 hours ago) and read 1479 times:

Quoting StarAC17 (Reply 18):
It still probably benefits today exporting with a weaker Euro but the lack of demand and also the fact that German and French banks are now at more risk from the bailouts creates more trouble for the Eurozone.

Thanks, StarAC17 - your post started a 'line of thought,' and I think that I now know how the Eurozone can solve its problem in a comparatively 'gradual' way.

Basically the Euro should be 'nationalised' over time. First of all, all bank accounts/currency notes should be re-nationalised' - so that there would be a Greek euro, a French one, a German one.... All bank deposits would be re-classified in that way, banknotes over-printed, etc.

The value of the Euro, Europe-wide, should stay the same for at least a month or two. But, after that, currencies would be allowed to fluctuate within strict limits - let's say a maximum of 1% a month. Clearly, the German one would start to rise, most others would begin to fall - but the process would be gradual.

Of course people will say, "It won't work, people will run like hell to buy German Euros instead of their own ones" - but, of course, month by month, they'd face the 1% limit. There might indeed be a 'flight of capital,' mainly to the new 'German Euro,' for a few months; but most people, everywhere, tend to be monthly 'wage-slaves,' any such transfers would probably be minimal (especially when the maximum profit on such deals would be only 1% a month). And individual countries could introduce 'nasties' like differential interest rates/taxes on savings held in foreign currencies, and other tricks like that........

So the Greek, Spanish, Italian Euros - and anyone else's, bar Germany's - would be free to 'devalue' themselves by up to 12% a year. A gradual process, but a very-much-needed one. And, over time, and in a relatively-controlled way, Eurozone trade might tend towards some sort of more sensible balance?

When I was a consultant, years ago (not in the currency field) I used to charge a flat rate of $A100/hour. But it only took me about 20 minutes to dream this thing up (say 30 bucks' worth). And you helped give me the idea, so I'd owe you at least $10 of those. Not really worth sending my account to Brussels, even if the idea works...........

On the other hand, something like 300M. people live in the Eurozone. If they ALL contribute 30 bucks, we'll both be in clover! I see that you live in Melbourne - I live in Mentone. If all 300M. of them pay up for the idea, hope to see you in my 'local' - the Beaumaris Hotel - for an Aussie beer or ten.......  

[Edited 2012-06-14 08:54:21]


"Once you have flown, you will walk the earth with your eyes turned skywards.." - Leonardo da Vinci
User currently offlineAesma From France, joined Nov 2009, 6109 posts, RR: 9
Reply 20, posted (1 year 10 months 1 week 2 days 5 hours ago) and read 1407 times:

Well, your idea of breaking up the euro is not new, I remember arguing about it in another thread with you. The 1% thing is new, however. But I don't think it would work either, because the crisis is first and foremost a confidence crisis. Sure, there are underlying problems, but they're not causing most of the pain. The attacks of the market are. And your breaking up, whatever way you do it, would create a global panic making the current crisis look like a party.

I think the only solution is for Germany to give way. Sure, the country and the average layman may lose some in the process, but infinitely more is at stake for them and us all.

Merkel continuing to drum up austerity, responsibility or whatever is looking more and more desperate in the face of the situation. She wants countries that were never as responsible as Germany to do far better than Germany ever did. Germany made hard choices, sure, but it made them in a booming global economy, and without respecting the Maastricht criteria ! The same is impossible to achieve for Greece, Italy, Spain, and France. Fact is, we're not even trying, and are all the better for it !



New Technology is the name we give to stuff that doesn't work yet. Douglas Adams
User currently offlineNAV20 From Australia, joined Nov 2003, 9909 posts, RR: 36
Reply 21, posted (1 year 10 months 1 week 19 hours ago) and read 1292 times:

Quoting Aesma (Reply 20):
But I don't think it would work either, because the crisis is first and foremost a confidence crisis. Sure, there are underlying problems, but they're not causing most of the pain. The attacks of the market are. And your breaking up, whatever way you do it, would create a global panic making the current crisis look like a party.

Have cordially to disagree, Aesma.   I think the 'underlying problems' are very much the cause of the current mess. The basic 'problem' is that the European Union is not in fact a union - it remains an assembly of a number of self-governing countries whose economies vary greatly; from world leaders in manufacturing and commerce to countries whose main 'industry' remains subsistence agriculture.

In a single sovereign country, that sort of 'mixture' can be handled in relatively simple ways; basically the wealthier sectors being required, mainly through taxation, to support the weaker ones. Followed, if that doesn't work, by devaluation, making imports more expensive and exports cheaper. But the EU setup has no agencies to carry out the first task, and no agencies at all to carry out the second. So the EU is a classic case of the old saying coming true - 'The rich get rich and the poor get poorer...". And - given that it has no proper 'central bank,' and therefore the Euro cannot be devalued - any such system cannot possibly be introduced Europe-wide.

Couldn't agree less with your reference to "The attacks of the market." The market follows, it doesn't lead; it's reacting to the facts as they are. And, of course, they're largely using OUR money. I expect that you, like most of us, have savings earning interest at the bank? Would you really like to see 'the market' lending your money to places like Greece, Spain, and Italy at knockdown low interest rates; and then writing to you a couple of months from now to say that. due to 'unforeseen circumstances,' they'd had to reduce (or even suspend) interest payments on YOUR savings account?


Quoting Aesma (Reply 20):
I think the only solution is for Germany to give way.

Interested to hear what you actually mean by that? Germany is playing the leading part in the impending (though probably temporary) further 'rescues' of places like Portugal, Ireland, Greece......... plus, in all probability, those of Italy, Spain, and others. What more do you want Germany (and the other more stable countries in the EU) to do?

Quoting Aesma (Reply 20):
And your breaking up, whatever way you do it, would create a global panic making the current crisis look like a party.

Sorry my point didn't come over more clearly. I was suggesting something that could possibly avoid (or at least diminish) any such 'panic.' At the moment the likely outcome of all this is one country after another 'freezing' their economies and reverting (probably overnight) to their old (and much less valuable) currency. My suggestion (for individual countries to go on using the Euro, but being allowed to devalue their Euro by small amounts over a period of time) was specifically aimed at 'gradualising' the process as far as possible...............

Thus, hopefully, avoiding a panic on the scale you appear to expect........



"Once you have flown, you will walk the earth with your eyes turned skywards.." - Leonardo da Vinci
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