[Obsidian]

Seems like Merkel is finally realizing that Germany can't save the euro...She was complaining about placing too many financial burdens on Germany...politicians:cra p:

[RealDemo]

Originally Posted by Obsidian »

I would like to hear thoughts of the people living in the eurozone.

Here in Thailand I meet European people who come here to work and most of them say Europe is a mess...

Europe is a very big place and not all of us are eating mud, well not yet anyway

One of the major effects of all this debt is the kind of unemployment figures you find in countries like Spain with 23%, it's a real cancer in their society and the trend is up.

If Greece defaults I believe the greatest pain will be felt by the Greeks themselves.

[Landser]

I think that the default in Greece is just the matter of time and this event is already priced in (to some extent).

After this event EU leaders will try to impose stricter fiscal rules but this approach will be born dead because of the local politicians (such as Athenians) that won't approve new rules may be just in order to demonstrate their independency.

And I don't think that any EU country will leave the union (at least for the next 12 months) since there're now any mechanisms for that.

[Obsidian]

Eurozone debt web: Who owes what to whom?
BBC News - Eurozone debt web: Who owes what to whom?

[Obsidian]

Still no news about the PSI deal?

[Obsidian]

Bavarian Finance Minister: Greece Won't Be Able To Avert Default

As Greece continues its battle to get a second bailout package, the finance minister of the German state of Bavaria in a radio interview Monday says Greece isn't capable of carrying out necessary reforms and won't be able to avoid a default.

"Personally, I don't believe anymore that an agreement is possible," Bavarian Finance Minister Markus Soeder tells Deutschlandfunk radio. "Everyone is trying, but it can't be that Germany and Europe permanently pay and pay, and ultimately the Greeks, above all the Greek government, don't change."

Soeder belongs to the Christian Social Union, the sister party of Angela Merkel's Christian Democratic Union, and one of the pillars of the Chancellor's government in Berlin.

A Greek insolvency could also be a chance for a new beginning for the Hellenic country, Soeder says, but added that it needs to be assured that a Greek default isn't a default of Europe.

"Greece is an absolute exception," Soeder says, adding that Italy is a rich country capable to solve its own problems.

Greece's political party leaders will resume talks Monday after major differences on draconian reforms as part of an international aid package remained unresolved following a marathon meeting Sunday.

German Chancellor Angela Merkel at a meeting later Monday with French President Nicolas Sarkozy in Paris likely will discuss the Greek impasse. Euro-zone finance ministers may hold a meeting later this week in Brussels about Greece's debt restructuring and the second bailout program.

Source: Deutschlandfunk Radio

[khamore1]

Originally Posted by Obsidian »

Many people think that Greece will default this year. Do you think the same?
If yes, what will be the consequences? Will it lead to a stronger euro? or will it lead to collapse of the eurozone?

In my opinion if they don’t come up with a solution BEFORE the closing bell on Friday
(2-10-2012) they will go bankrupt on the weekend. They intend to trap the market in the current position

[Obsidian]

They were "too close" to come up with a solution 2 weeks ago