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Braybuddy
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RE: Eurosceptic French Town Rejects Euro

Mon Apr 05, 2010 10:57 pm

Quoting OA260 (Reply 48):
If I lived in Cork or South Of Dublin Id be really miffed.

But we have Aldi and Lidl here! None where I live, unfortunately, and the nearest is 8 km away, and the prices are up to 50 per cent cheaper than the larger multiples (and sometimes even more). Yet those larger stores are still the dominant retailers. So that says a lot about the country in 2010: even though we're experiencing the biggest recession in our history, the majority of people still shop in the dearer supermarkets, although the Germans have made inroads over the last few years.

I was in the UK a couple of weeks ago and was surprised that things weren't the bargain I was expecting. I bought a watch in a 30%-off sale and two pairs of trousers in the duty free Timberland outlet in LHR. Maybe the exchange rate has been overhyped, but I was expecting to come home laden with bargains.
 
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DocLightning
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RE: Eurosceptic French Town Rejects Euro

Tue Apr 06, 2010 7:38 am

Quoting fr8mech (Reply 17):
Doesn't anyone else see a problem with a small town using a currency that is not supposed to be in circulation? In effect, to use an American term, isn't the Euro the only "legal tender" in the Euro-zone?

Yes, but there is not, I suppose, a law barring alternative economies.
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Braybuddy
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RE: Eurosceptic French Town Rejects Euro

Tue Apr 06, 2010 8:47 am

Quoting AverageUser (Reply 39):
Only your order is reversed here -- the Icelandic króna collapsed due to the disproportionate amount of foreign debt -- and in a free-market system to collapse is just what it should have done.

I missed this yesterday, somehow. Without going into the whole history of the Icelandic banking collapse what I was talking about was the doubling of debt AFTER the currency collapsed, which is what would happen here if we were to leave the euro. And Iceland's response to the crisis is to join the EU and eurozone.

Quoting AverageUser (Reply 39):
The Euro postpones nad masks the inevitable for Ireland.

Inevitable as in what?
 
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OA260
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RE: Eurosceptic French Town Rejects Euro

Tue Apr 06, 2010 8:52 am

Quoting Braybuddy (Reply 50):
But we have Aldi and Lidl here! None where I live, unfortunately, and the nearest is 8 km away, and the prices are up to 50 per cent cheaper than the larger multiples (and sometimes even more). Yet those larger stores are still the dominant retailers.

I would hardly call it quality food. I have been to both and there are only a few items I would buy there, the rest is junk.
 
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Braybuddy
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RE: Eurosceptic French Town Rejects Euro

Tue Apr 06, 2010 9:31 am

Quoting OA260 (Reply 53):
I would hardly call it quality food. I have been to both and there are only a few items I would buy there, the rest is junk

You know I always thought this too, until I checked one of the stores out at the end of last year after hearing so much about them. My eyes were opened by a pallet of 100% Arabica ground coffee, retailing at less than €2.50 for a 500g pack. I'd normally pay over €4 for a 250g pack. That's a whopping 70% cheaper! I bought one pack to check it out, and it really is a delicious coffee, as good as, if not better than anything I'd normally buy. I went back the following day and bought ten more packs, which I'm still using. I've tried other foods, and they do a fantastic range of sliced serrano and parma hams and salamis at two thirds of the price I'd normally pay. And you can't go wrong with basics like rice, balsamic vinegar, olive oil, etc. Granted, I haven't tried everything in their range, but I haven't had a bad experience yet. Some foods are better than others: pickles for instance tend to be on the sweet side for my liking, but they're not bad quality, they're just catering for a continental palate. I now take the trouble now to head out once a month to stock-up, and actually enjoy trying out the new brands.

I do agree with you on their line in clothes, but you really have to be hard-up to kit yourself out in any supermarket.
 
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OA260
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RE: Eurosceptic French Town Rejects Euro

Tue Apr 06, 2010 9:48 am

Quoting Braybuddy (Reply 54):
You know I always thought this too, until I checked one of the stores out at the end of last year after hearing so much about them. My eyes were opened by a pallet of 100% Arabica ground coffee, retailing at less than €2.50 for a 500g pack

I like my trusted brands and at ASDA and Sainsburys I can get those 24/7 without being bent over when I get to the till lol..

My mate bought some washing powder from Aldi and it bleached his black jeans grey  Wow!

Their fruit and veg is good value I will grant you that but you couldnt do a weeks shopping in it. Even some items dont even have English on them   Thank god it was written in Greek  
 
kappel
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RE: Eurosceptic French Town Rejects Euro

Tue Apr 06, 2010 12:08 pm

Quoting danfearn77 (Reply 8):
It's one for one with the pound sterling but it can only be spent in the town of Brixton. Very clever as it keeps money local!!

IMHO not clever at all, as you always need two sets of currencies if you ever plan to leave the town. I like the Euro a lot, IMHO it has brought European countries closer. It's much easier to pop across the border for some shopping (agreed, I live in the Netherlands, so your over the border quite quickly (in Belgium or Germany or even France...)

Quoting OA260 (Reply 53):
I would hardly call it quality food. I have been to both and there are only a few items I would buy there, the rest is junk.

I regularly shop at Lidl. While they are relatively cheap, I agree that you have to know what to buy as not everything is of good quality. I don't buy bread there for example, or milk. The milk is very watery and the bread goes stale in no time. I do buy meat products and vegetables, as well as cheese.
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AverageUser
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RE: Eurosceptic French Town Rejects Euro

Tue Apr 06, 2010 12:35 pm

Ouch, here comes the graph that was missing:



[Edited 2010-04-06 05:36:34]
 
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Braybuddy
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RE: Eurosceptic French Town Rejects Euro

Tue Apr 06, 2010 1:13 pm

Quoting AverageUser (Reply 57):
Ouch, here comes the graph that was missing:

Which is?
 
AverageUser
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RE: Eurosceptic French Town Rejects Euro

Tue Apr 06, 2010 1:59 pm

Quoting Braybuddy (Reply 52):
I missed this yesterday, somehow. Without going into the whole history of the Icelandic banking collapse what I was talking about was the doubling of debt AFTER the currency collapsed, which is what would happen here if we were to leave the euro. And Iceland's response to the crisis is to join the EU and eurozone.

The Icelandic currency collapsed due to disproportionate indebtedness, there's the short history for you. We're not sure yet what the crisis will result in, I personally doubt the Icelandic would be selling their country and territorial waters just yet, especially when the price they'd get is payable in an unstable currency.

There's no way you could say anything certain about an Irish currency post-Euro. The first thing would be to gather capital for the new central bank, remember that eveything was lost to the ECB. The rates at which the investors would be willing to fund the new currency would determine the final conversion rate from the Euro. A 50% loss is just your guess to make things look bleak -- if that really were true, your situation in Ireland would in fact be dreadful already, and the Euro is merely a mask to hide true state of the economy. Investors will not be be paying for nothing.

The legand for the graph (copied from above)
The interest rates for 10-year public bonds for selected EU countries: Set your bets!

Kreikka=Greece
Suomi=Finland
Saksa=Germany

 
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Braybuddy
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RE: Eurosceptic French Town Rejects Euro

Tue Apr 06, 2010 7:14 pm

Quoting AverageUser (Reply 59):
The Icelandic currency collapsed due to disproportionate indebtedness, there's the short history for you

We weren't arguing, or even talking about, the colllapse of the Icelandic krona, we were talking about the fall-out, which resulted in foreign currency denominated loans ballooning for the unfortunate inhabitants of the island. Which is why there is no appetite for leaving the eurozone here. There isn't even any serious debate about it.

Quoting AverageUser (Reply 59):
There's no way you could say anything certain about an Irish currency post-Euro. The first thing would be to gather capital for the new central bank, remember that eveything was lost to the ECB. The rates at which the investors would be willing to fund the new currency would determine the final conversion rate from the Euro. A 50% loss is just your guess to make things look bleak -- if that really were true, your situation in Ireland would in fact be dreadful already, and the Euro is merely a mask to hide true state of the economy. Investors will not be be paying for nothing.

You're making a good case for sticking with the euro . . .

Quoting AverageUser (Reply 59):
Set your bets!

On what, pray tell?
 
AverageUser
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RE: Eurosceptic French Town Rejects Euro

Wed Apr 07, 2010 1:12 pm

Quoting Braybuddy (Reply 60):
Which is why there is no appetite for leaving the eurozone here. There isn't even any serious debate about it.

Yes, why would you, when the others will get your a** covered? Thank you for our housing boom that has already began here, as the ECB will not be able to raise rates for a looong time! One rate fits all --égalité, fraternité and all that jazz (but sorry, no liberté)!

Quoting Braybuddy (Reply 60):
On what, pray tell?

You can't be saying you've not been reading what Soros has said on the Euro just recently? What might be in his mind, knowing his history that whenever he sees a government trying to defend a currency, he'll try to outplay them, and has in fact walked away with huge amounts of public money, including ours in the 1990s.
 
Derico
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RE: Eurosceptic French Town Rejects Euro

Wed Apr 07, 2010 3:29 pm

Quoting Braybuddy (Reply 43):

I think Derico makes a valid point, and the more removed one is from the continent the more homogenous it seems

Bingo, that sums it up. My original point was this precisely, having the pound or not having it might be culturally significant within Europe, but for those of us that come outside Britain is still European, whether it adopts the Euro or never does. So losing the Pound would be a patriotic loss for the Brits, but for most the rest or the world it's not like a tourist that went to London yesterday using pounds and went back tomorrow and think ''oh, now that Britain uses the Euro, it feels a lot more like Europe and less like England''.....  

England is part of Europe while simultaneously feel like England in all the good (and occasionaly not so good) things! Whatever the currency.
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Braybuddy
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RE: Eurosceptic French Town Rejects Euro

Wed Apr 07, 2010 6:32 pm

Quoting AverageUser (Reply 61):
Thank you for our housing boom that has already began here, as the ECB will not be able to raise rates for a looong time!

If your government has the willpower, it can dampen any housing boom. Like putting a ceiling on your banks' lending habits.

Quoting AverageUser (Reply 61):
as the ECB will not be able to raise rates for a looong time!

Economists here are predicting an ECB rate rise either towards the end of this year or early next.

Quoting AverageUser (Reply 61):
You can't be saying you've not been reading what Soros has said on the Euro just recently?

You have a very good grasp of English for a non-native speaker, but sometimes your posts can be on the vague side, as in no 57 above, so forgive me if a graph in Finnish with the words

Quoting AverageUser (Reply 59):
The legand for the graph (copied from above)
The interest rates for 10-year public bonds for selected EU countries: Set your bets!

Kreikka=Greece
Suomi=Finland
Saksa=Germany

without any context is meaningless to me.
 
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Asturias
Posts: 1977
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RE: Eurosceptic French Town Rejects Euro

Wed Apr 07, 2010 7:44 pm

Quoting Pyrex (Reply 26):
Portugal is further removed from the rest of Europe than you guys are. All you need to do is swim across 17 miles of water, we need to drive through the whole freaking wonderful Spanish countryside! Any idea how boring fabulous and unbearable envigorating that is, especially on a hot summer day?


  

fixed   ..

asturias
portugese person
Tonight we fly
 
AverageUser
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RE: Eurosceptic French Town Rejects Euro

Wed Apr 07, 2010 8:11 pm

Quoting Braybuddy (Reply 63):

without any context is meaningless to me.

Google "Greek goverment bonds" (is preselectable even) and you shall be provided an ample context.
 
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Braybuddy
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RE: Eurosceptic French Town Rejects Euro

Wed Apr 07, 2010 9:06 pm

Quoting AverageUser (Reply 65):
Google "Greek goverment bonds" (is preselectable even) and you shall be provided an ample context.

Ah you're okay, thanks all the same, I have some Christmas cards to write . . . 
 
AverageUser
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RE: Eurosceptic French Town Rejects Euro

Wed Apr 07, 2010 9:25 pm

Quoting Braybuddy (Reply 66):
I have some Christmas cards to write . .

Send a handsome one to Soros if you please....
 
AverageUser
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RE: Eurosceptic French Town Rejects Euro

Fri Apr 09, 2010 11:22 am

Bumping this with news of the recent Greek development:

Particularly worrying is that the spread between the Greek and German 2-year bonds swelled by a staggering 1.2 percentage points Thursday as investors demanded more interest just to hold Greek debt. Greek shares took another battering _ the benchmark ASE composite index was down around 5 percent.

(April 8.)

Interesting times, seldom does one see history being made before one's eyes in such a great scale.

http://www.newser.com/article/d9eur8...greek-debt-crisis-intensifies.html

http://www.bloomberg.com/apps/news?pid=20601087&sid=a_AGUa79Zop4&pos=4
 
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OA260
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RE: Eurosceptic French Town Rejects Euro

Fri Apr 09, 2010 1:37 pm

Trichet says Greece not in need of rescue

Friday, 9 April 2010 12:18

Greece is not at the point where it needs a financial bailout and is in no danger of defaulting, European Central Bank president Jean-Claude Trichet said in an interview today.

Default 'is not an issue', he told Italian paper Il Sole 24 Ore, reiterating comments he gave at an ECB news conference on Thursday while stressing the importance a joint EU/IMF rescue promise given late last month.

Greece was not yet at the point where it needed to tap into the aid. 'At this moment in time I don't expect this mechanism to be necessary', he said.

http://www.rte.ie/news/2010/0409/greece.html
 
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OA260
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RE: Eurosceptic French Town Rejects Euro

Fri Apr 09, 2010 1:40 pm

Greek borrowing costs ease off record highs

The interest rate Greece must pay to borrow on the bond market eased off record high levels today after the head of the European Central Bank had said that Greece would not default on its debt.

The rate demanded by investors to buy Greek 10-year bonds dropped to 7.204% this morning, a day after the yield soared past 7.5% to reach the highest level since Athens adopted the euro in 2001.

http://www.rte.ie/business/2010/0409/greece.html
 
AverageUser
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RE: Eurosceptic French Town Rejects Euro

Fri Apr 09, 2010 5:18 pm

An excellent piece of background here:

http://www.telegraph.co.uk/finance/c...into-global-margin-call-as-confide

The odd twist today is that Greece cannot turn to the IMF because that offends EMU pride, yet no other help is on offer because the EU has no fiscal authority. Greece lies prostrate between two stools.

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