Greece debt farce - the end of the Euro?

Thu, Sep 15 2011, 13:17 GMT
FXstreet.com (Barcelona) - The ECB has announced today that it will join forces with the US Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank and carry out dollar liquidity-providing operations until the end of 2011.

According to the official publication the ECB in cooperation with the three other central banks will “conduct three US dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year. These operations will be conducted in addition to the ongoing weekly seven-day operations announced on 10 May 2010. These will all take the form of repurchase operations against eligible collateral and will be carried out as fixed rate tender procedures with full allotment.”

(c) FXstret.com


We are saved :lol::lol:
 
Updated forecast:

China will NOT overtake the US as worlds largest economy, the Chinese bubble is a whopper in comparison to rest of the world.

Dollar bubble will burst and loose enormous value against many currencies but will survive as a reserve currency, possibly demoted to 2nd behind the Euro.

High inflation is almost certain.

Lots of bumps in the road for the Eurozone but ultimately comes out bigger and stronger.

(all over next 1 to 6 years. disclaimer, all my personal opinion!)
 
The Euro debt crisis will deepen with more riot in the streets because of cuts.

Italy and Spain will need a bailout

The Euro and dollar will equalize

Swiss franc will become the second reserve currency after the dollar

The above should be used for entertainment purposes only, in other word don't bet the house on it.:lol:
 
Is there any real point to the continued bailout of Greece?

Surely they will ultimately default, this is a dire situation. We need some more of the feds free money:idea: Or maybe Apple might consider giving out a few low cost loans...
 
If Greece goes the other may not be far behind them. The Euro will take a big hit, sowill the pound and the dollar.
 
Obviously there are now massive implications for the European banks so heavily invested in the Greek debt, but this is going to turn sour sooner or later.

QE2 announced today should hold the ftse up briefly... Wish I had the Kahoonas to be trading the ftse right now.
 
WeLuvIbiza said:
Obviously there are now massive implications for the European banks so heavily invested in the Greek debt, but this is going to turn sour sooner or later.

QE2 announced today should hold the ftse up briefly... Wish I had the Kahoonas to be trading the ftse right now.
Click to expand...

The ftse is not as volatile as nyse. I wouldn't be worried unless I was retiring real soon
 
If the person that owes you money goes under you get nothing, but if you keep them afloat you have a chance of getting your money back even if it is a small chance.
 
I exited my final stock last week for tiny profit, simply don't have the b*lls for these turbulent markets. Last weeks rally was the most bizarre event of the year:eek:.
 
Small update on that BBC news: Guardian reporting the Greek government is about to fall. Several MPs ready to defect, thus ending the ruling majority.
 
The sh1t is about to hit the fan now as Italian bonds hit 6.7% today. Anything over 7% and its curtains for Italy and the rest of the euro as its too big to bailout.

The next few day will make for interesting viewing
 
I still amazes me that the Euro has not dropped in value that much. When it was introduced it was trading at 1.6 to the £. I think at it's strongest it went to almost parity. However today it is still at 1.16 even with all the drama.
This exchange rate just seems wrong to me, making Europe more expensive than it should be for us from the UK and unnaturally UK cheap for visitors.
Obviously it is also good for our exports, but as we don't tend to manufacture much these days, it probably doesn't make as much difference as it should.
It seems that the only assumed safe currency in Europe is the Swiss Franc....
 
I-Spy said:
I still amazes me that the Euro has not dropped in value that much. When it was introduced it was trading at 1.6 to the £. I think at it's strongest it went to almost parity. However today it is still at 1.16 even with all the drama.
This exchange rate just seems wrong to me, making Europe more expensive than it should be for us from the UK and unnaturally UK cheap for visitors.
Obviously it is also good for our exports, but as we don't tend to manufacture much these days, it probably doesn't make as much difference as it should.
It seems that the only assumed safe currency in Europe is the Swiss Franc....
Click to expand...

The different national banks are keeping the euro strong be cause if it falls to much companies that switched from the dollar to euro will lose billions and cause a bigger bank crisis. The euro should have been devalued and should be on par with the dollar. The USA would like to keep a strong euro it helps with the trade balance
 
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