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Topic Title: Is it time to scrap the Euro?
Topic Summary: The Euro is a failed experiment and it's time to pull the plug.
Created On: 08 May 2011 10:03 PM
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 08 May 2011 10:03 PM
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westonpa

Posts: 1771
Joined: 10 October 2007

After bailing out Greece and Ireland and soon Portugal it appears that already Greece is in trouble again! I fail to understand how giving more money and debt to countries who cannot manage their finances, and our money at that, is going to solve their problems. If we loaned money to Greece in the first place and yet they could not meet the terms that were agreed then surely those who lent the money are not best placed to do the same again! It would also seem that Ireland requires a rate reduction on their repayments. Maybe the UK banks will do the same for the UK mortage holders.

It would seem that rather than admit failure and allow these countries to pull out of the Euro and set their own rates these poor excuses for politicians want to keep throwing our money at it to protect their own positions.

Regards.
 09 May 2011 07:33 AM
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DavidParr

Posts: 238
Joined: 19 April 2002

It's a matter of balance in my opinion. Countries, like individuals, get into financial trouble, and it is only reasonable that there should be some sort of safety net. The situation concerning Greece is very worrying though, and if it does default, the ramifications will affect us all. What we are paying is a fee to try and stop that happening - an investment in our future. Politics!

Regards,

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David Parr BSc.CEng MIET
PRA
 11 July 2011 05:20 PM
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dvaidr

Posts: 519
Joined: 08 June 2003

The whole financial sector is wrong. These people are paid lots of hard cash to forecast and steer the countries finances and yet there never seems to be any stability. It's always a famine or a feast. We can learn a lot from the frugal sixties/seventies.
 28 August 2011 06:52 PM
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MikeWrigley

Posts: 100
Joined: 16 April 2002

It might be relatively easy for people who do not live and work in the Euro zone to overlook the massive advantages that we have come to take for granted today.

For many years I was afraid that my engineering education did not equip me to understand finance. The 2008 crisis told me that I probably understood finance at least as well as those who work in the financial sector and that did not bolster my confidence. However, far be it from me to judge how one should put a demoncratic nation's finances back on the rails.

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Mike Wrigley
Past Chairman, French Network
 28 August 2011 11:21 PM
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westonpa

Posts: 1771
Joined: 10 October 2007

Originally posted by: MikeWrigley
It might be relatively easy for people who do not live and work in the Euro zone to overlook the massive advantages that we have come to take for granted today.

Good point but those advantages would have been a lot better had we not allowed countries in who could not afford it and then allowed them to live beyond their means and flout the rules. The point is that the so called politicians were responsible for the financial mess and they set up all these so called rules which they bend and break when it suits and then come up with feable excuses to justify it.

The Euro is a failed experiment by failed politicians and it's time to let countries get back to their own currencies again. Greece, Italy, Spain, Portugal are no better off for having the Euro.

Regards.
 30 August 2011 07:55 AM
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StewartTaylor

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Joined: 18 January 2003

Seems to me it's not up to us anyway. We already decided not to get involved.

Besides, how can you say it's a failed experiment by failed politicians? France and Germany have done fine out of it, and the only way to fix it is political integration which is what the eurocrats want. Good manoeuvre?

Maybe the Greeks, Portuguese etc failed, but who says it's not going according to plan?

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Reality is that which, when you stop believing in it, doesn't go away.
 30 August 2011 09:30 AM
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westonpa

Posts: 1771
Joined: 10 October 2007

Originally posted by: StewartTaylor
Seems to me it's not up to us anyway. We already decided not to get involved.

Yes and no, we can have an opinion and some of our monies is being spent on these bail outs.
Besides, how can you say it's a failed experiment by failed politicians?

It's quite simple really, because I can suggest that if the Euro had not been adopted and countries had been allowed to maintain their currency control then it would have been easier for them to deal with the issues they now have. Would you say the Greek politicians are successful having allowed their country to get into debt and be bailed out and yet not have the means to pay that money back?
France and Germany have done fine out of it, and the only way to fix it is political integration which is what the eurocrats want. Good manoeuvre?

France and Germany would have done ok anyway because their products are good. Good idea about the integration, screw things up and then suggest that we now need to do more of it in order to fix the problem.
Maybe the Greeks, Portuguese etc failed, but who says it's not going according to plan?

If the plan involved large amounts of debt and then large loans which cannot be paid back then that was not a very good plan in my opinion. The politicians failed to control spending and allowed people and countries to live beyond their means......that's a failure of leadership.

Regards.
 14 September 2011 05:39 PM
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MikeWrigley

Posts: 100
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The advantages would have been even greater had the UK decided to join in, especially for those who live in or are funded by the UK today. Sitting on the fence isn't a good place to sing "Land of Hope and Glory" more than once a year.

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Mike Wrigley
Past Chairman, French Network
 14 September 2011 07:43 PM
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westonpa

Posts: 1771
Joined: 10 October 2007

Originally posted by: MikeWrigley

The advantages would have been even greater had the UK decided to join in, especially for those who live in or are funded by the UK today. Sitting on the fence isn't a good place to sing "Land of Hope and Glory" more than once a year.


Well that's debatable as we did not join no one will know. The Chinese and Indians are not in the Euro and they seem to be doing just fine.

Regards.
 15 September 2011 10:31 AM
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simonhowes2

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Joined: 24 May 2008

Originally posted by: StewartTaylor
Besides, how can you say it's a failed experiment by failed politicians? France and Germany have done fine out of it, and the only way to fix it is political integration which is what the eurocrats want.

The problem with the Euro zone is all the successful countries have to lower their standards so that they are closer to that of the under performing countries.

They do not say to Greece, go look and learn from the UK's financial sector, go and look at Germany and how well it does at exporting manufacture, or look at France and how they have good skilled workforces.

Instead, Germany are told to decrease exports to allow other Euro countries to compete more fairly, have give money to bail out the others, quotas are put in place, we have quotas in the UK on milk and bacon, it's not just fish.

Eurocrats really think backwards, not too dissimilar to how our government were in the 1970's in some aspects.

My worry is the Far East will be benefiting from us too easily.
 15 September 2011 01:45 PM
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mbirdi

Posts: 1907
Joined: 13 June 2005

Very interesting debate on the Eurozone by economists on Newsnight last night. Unfortunately I was half asleep watching it, so will try and watch it again this evening. I think it was George Magnus who suggested that if Greece and other countries crashed out of the Euro or that Germany pulled out of the Euro altogether to avoid being the collector of europe's debts, it could lead to a world war, as history has shown.

Edited: 15 September 2011 at 02:08 PM by mbirdi
 07 October 2011 08:47 AM
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westonpa

Posts: 1771
Joined: 10 October 2007

And now we have the idi%t who runs the bank of England talking about it possibly being worse than the great depression. Talk about loose talk and talking things down.

Regards.
 16 December 2011 04:14 PM
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westonpa

Posts: 1771
Joined: 10 October 2007

Now we can understand the French mentality on the Euro. They are in danger of losing their AAA credit rating and so they start criticising other countries to try and deflect attention.

http://www.bbc.co.uk/news/uk-politics-16222988

Regards.
 22 December 2011 03:14 PM
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westonpa

Posts: 1771
Joined: 10 October 2007

Let's have some tough new fiscal rules put together by the two countries who agreed the same rules when the Euro was first set up but then broke them as and when required. http://www.bbc.co.uk/news/business-16290598
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