Debt crisis: Greece closes banks; Sensex, global markets crash

[Spectre]

Early results show 'No' vote with strong lead in Greek referendum - The Times of India

EU in trouble, China slowing. Interesting times ahead. Looks like India will be the bright spot in global economy.



I thought no exit polls were conducted.

Anyway, the markets will collapse if its a no. Thank God I took my money out.

Unlikely to be no. Excellent last minute diplomacy by EU to assure greeks that they won't be chucked out of EU even if vote is new

 

[Nicky G]

Unlikely to be no. Excellent last minute diplomacy by EU to assure greeks that they won't be chucked out of EU even if vote is new

For the markets, I hope so; for actual Greek people, I hope you are wrong.

 

[Spectre]

For the markets, I hope so; for actual Greek people, I hope you are wrong.

Are you sure? Greek rating is already junk. Where will they raise money to run the country if they say no?

IMF and EU has been pouring money in Greece so that they can run the govt and provide pensions and basic social security

 

[Nicky G]

Are you sure? Greek rating is already junk. Where will they raise money to run the country if they say no?

IMF and EU has been pouring money in Greece so that they can run the govt and provide pensions and basic social security

You are thinking from the perspective of a banker or what the media tells the people - which is what they want the people to hear.

Does anybody ask why GS help hide Greek debt with CDS? I am not a commie by any stretch of imagination, nor am I against global financial institutions; but facts are facts.

A union that forces intrinsically different economies such as Germany and Greece into a monetary union without a political union is bound to fail; which is why the charter of EU talks of 'an ever closer union'; that will takes decades though, if ever it actually comes to fruition.

What Greece needs most is control of its currency, so that they can devalue it and start borrowing as many other nations have done before. Plenty of sane articles that explain this:

Why Greece Should Default and Leave the Euro - Forbes

 

[Spectre]

Discussion pointless

'Vote is no. 60% of polled vote till now says no. Projections are for massive yes for no.

I am not going into details of what pushed Greece into such a miserable situation. In a nutshell it was combination of incompetency and inefficiency of Greeks and EU policies which you have rightly pointed out.

Very difficult times ahead. My job is gonna be hell for next week, thinking its a good time to go for a vacation

You are thinking from the perspective of a banker or what the media tells the people - which is what they want the people to hear.

Does anybody ask why GS help hide Greek debt with CDS? I am not a commie by any stretch of imagination, nor am I against global financial institutions; but facts are facts.

A union that forces intrinsically different economies such as Germany and Greece into a monetary union without a political union is bound to fail; which is why the charter of EU talks of 'an ever closer union'; that will takes decades though, if ever it actually comes to fruition.

What Greece needs most is control of its currency, so that they can devalue it and start borrowing as many other nations have done before. Plenty of sane articles that explain this:

Why Greece Should Default and Leave the Euro - Forbes

Discussion pointless

'Vote is no. 60% of polled vote till now says no. Projections are for massive yes for no.

I am not going into details of what pushed Greece into such a miserable situation. In a nutshell it was combination of incompetency and inefficiency of Greeks and EU policies which you have rightly pointed out.

Very difficult times ahead. My job is gonna be hell for next week, thinking its a good time to go for a vacation

 

[Nicky G]

Discussion pointless

'Vote is no. 60% of polled vote till now says no. Projections are for massive yes for no.

I am not going into details of what pushed Greece into such a miserable situation. In a nutshell it was combination of incompetency and inefficiency of Greeks and EU policies which you have rightly pointed out.

Very difficult times ahead. My job is gonna be hell for next week, thinking its a good time to go for a vacation

Don't forget the global financial institutions.

Anyway, this is a bargaining chip for Greek leadership to get a better deal. They are themselves not looking to get out of Euro, as though it might be better in the long term, in the short term it would be so painful and chaotic, the political careers of those involved would be finished.

Within a week or two, they will come up with a new deal, the Greek leadership will be seen as heroes some a few weeks. Gradually, the discontent will start up again and in a year or so, we will be back to square one.

Most importantly, since markets will go down over the next few days, great time to buy.

By the way, since you mentioned that your job will be hell in the next week, if you don't mind, are you a trader?

 

[Spectre]

Don't forget the global financial institutions.

Anyway, this is a bargaining chip for Greek leadership to get a better deal. They are themselves not looking to get out of Euro, as though it might be better in the long term, in the short term it would be so painful and chaotic, the political careers of those involved would be finished.

Within a week or two, they will come up with a new deal, the Greek leadership will be seen as heroes some a few weeks. Gradually, the discontent will start up again and in a year or so, we will be back to square one.

Most importantly, since markets will go down over the next few days, great time to buy.

By the way, since you mentioned that your job will be hell in the next week, if you don't mind, are you a trader?

Financial Analyst. I consult with Japanese Embassy

 

[Nicky G]

Financial Analyst. I consult with Japanese Embassy

Hehe.. then do take that vacation.

 

[Nicky G]

So EU leaders start whining.

Germany: Greeks Have 'Torn Down Last Bridges'

A tad over the top, particularly coming from a German.

What's shocking is that the turnout only seems to be 60%. Do 40% not care what happens to their lives?

Twitter is having fun: