Greece faces "the spectre of bankruptcy" (again)

tapzilla2k

I think that may well be a common idea in Greece, they can default but still remain in the Eurozone. They'll be ejected to contain contagion from the likes of Italy and Spain defaulting on debts etc.

EarthRod

You appeared to be filled with fear.

Don't worry. The EU is an organisation and has little to do with national sovereignty. There are countries which have existed for thousands of years and there is an organisation called the EU which was founded in 1993 - 22 years ago.

If the EU folds together with the Euro the countries will quickly adapt back to their own currencies and formulating their own policies. I bet many countries have plan B in place already in case of trouble.

tapzilla2k

Well It's even easier now as money is created electronically, the lag would be the printing and minting of a physical currency.

Ed Selley

When the Czech Republic and Slovakia split in the early 90's, the Slovaks, designed, printed and issued a currency in exchange for Crowns at 1/1 parity in a little over 72 hours. It's only a lag if you want it to be.

domtheone

Surely the Greeks have already done a lot of the prep work on their new currency (if it happens).

Just the printing presses that would need to be turned on.

The prospect of a first ever holiday to Greece next year draws closer.

domtheone

Taken from a report in the DT:

Just spoken to De La Rue, the UK-based printing company that prints money for about 150 countries worldwide. They are widely tipped to be the people that the Greek government would go to if it wanted to start reprinting the drachma. However, their spokesman this morning said they had no comment on the matter.

It's worth pointing out that it apparently takes about six months for a currency printing contract to get going, in terms of ordering in the paper, supervising the safe delivery of the notes and so on. It's not a simple process.

tapzilla2k

If the countries are relatively stable then printing a currency is easy. There were rumours about Germany printing the deutschmark when a Greek default first reared it's head. I expect Germany would react very quickly if the Euro fails entirely.

They probably have done the prep work.

They are probably being warmed up.

I wouldn't too gleeful, it wasn't that long ago that Greece was under a military dictatorship. Some of the more extreme far right political groups in Greece see the Dictator Papadopoulos as a Greek Hero.

domtheone

Tourism will play an important part in their long path to recovery.  If they return to the drachma.....

I stand ready to do my bit.

tapzilla2k

I just worry that Greek society will implode, things don't sound too great from what a Greek friend said to me last night. She's fed up of the IMF and co, and she's fed up with the Greek PM. She wants Greece to be put out of it's misery one way or another.

Member 55145

I hope Greece leave the euro, hopefully then we will have the balls to leave the EU and have a better trading agreement with them.

Has anyone considered that Greece could continue to use the Euro after being kicked out?
Malta and Turkey used the Euro above their own currency before they even joined!