Eurozone is preparing to jettison the PIIGS: FT

kerrynorth

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Making it legal won't make it possible. Its not practically possible. The legal situation is unimportant.
Jesus, if you spin any harder you will be airborne.
 


CookieMonster

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The article doesn't say how this will be done. There are no specifics.
He does say, however, that the EMU as proposed by Schäuble does:
When I read the whole proposal in detail, the fog lifted – or maybe my confusion just reached a higher level. I realised that the EMF is just a smokescreen. The real bullet in his proposal is that countries could leave the eurozone without leaving the European Union.
And as we can see, the idea certainly hasn't been dismissed FT.com / Brussels / Finance & Markets - Schäuble calls for tough EMF sanctions
 

Clanrickard

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Businesses would refuse to use the punt. Banks would refuse to redominate loans into punt, and Unions would refuse to accept that their members be paid less via a punt introduction.

Banks would collapse overnight as savers offshored their currency.

Its not possible to do this.
Businesses would have little choice. Either they accept or they don't get paid. Overseas businesses would be difficult but our exports would boom. Banks would be legislatively forced to accept a one for one conversion as would unions. Currency controls would prevent capital flight or there could be a hefty withdrawal tax imposed. It could be done.
 

evercloserunion

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Funny how all p.ie's Euroluvvies were able to respond to this thread yet never dared to show their faces on the recent Intel thread (they of the six figures Yes to Lisbon campaign) on the likelihood of Intel exporting jobs from Ireland to Israel......funny that....
Am I obliged to respond to every single one of your threads about the EU? Surely you wouldn't inflict that punishment on me?

If it is so I may change my political affiliation from "Eurolovvy" to "grouchy ignorant conspiracy theorist" to avoid this laborious task.
 

Clanrickard

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He does say, however, that the EMU as proposed by Schäuble does:


And as we can see, the idea certainly hasn't been dismissed FT.com / Brussels / Finance & Markets - Schäuble calls for tough EMF sanctions
They could leave but then they could always leave. Them being forced to leave is another thing entirely. He claims to have seen the proposals but doesn't say how these could force countries to leave. I am not saying he is wrong but I would like some more specifics.
 

seabhcan

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Businesses would have little choice. Either they accept or they don't get paid. Overseas businesses would be difficult but our exports would boom. Banks would be legislatively forced to accept a one for one conversion as would unions. Currency controls would prevent capital flight or there could be a hefty withdrawal tax imposed. It could be done.
I run an export business. If our current accounts were converted to punt we would collapse as we could no longer trade. To avoid this, we would offshore our accounts and possibly just move the whole business abroad.

It would not be possible to return the punt and remain as a free, democratic, first world nation.
 

evercloserunion

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Very mature reply. Well done.
His was an immature post to begin with. This is an immature thread and pretty much every post here from you or KN has had the sole or primary purpose of taking cheap digs at other members.
 

Clanrickard

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I run an export business. If our current accounts were converted to punt we would collapse as we could no longer trade. To avoid this, we would offshore our accounts and possibly just move the whole business abroad.

It would not be possible to return the punt and remain as a free, democratic, first world nation.
That is simply untrue. If you are exporting you'd be paid in euro/dollars whatever but you'd be paying in punts your expenses and workers. I fail to see how you'd collapse considering the punt would initially devalue against the bigger currencies.

That last line is totally OTT and frankly hysterical.
 

seabhcan

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That is simply untrue. If you are exporting you'd be paid in euro/dollars whatever but you'd be paying in punts your expenses and workers. I fail to see how you'd collapse considering the punt would initially devalue against the bigger currencies.

That last line is totally OTT and frankly hysterical.
So only some Irish based euro accounts would be converted to punt? Who gets to pick which ones? Could I keep my personal account in euro?
 

CookieMonster

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His was an immature post to begin with. This is an immature thread and pretty much every post here from you or KN has had the sole or primary purpose of taking cheap digs at other members.
Says the person who accused KN of "twisting Munchau's words" and "dishonest" and said nothing about seabhcan accusing me of posting nonsense. I'd ask your for a specific example of where KN or I have taken cheap digs at other members. but none exist in this thread.
 

Clanrickard

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So only some Irish based euro accounts would be converted to punt? Who gets to pick which ones? Could I keep my personal account in euro?
No all of them would be.
 

evercloserunion

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Says the person who accused KN of "twisting Munchau's words" and "dishonest" and said nothing about seabhcan accusing me of posting nonsense. I'd ask your for a specific example of where KN or I have taken cheap digs at other members. but none exist in this thread.
In fact I corrected seabhcan when he accused you/Munchau of talking nonsense. I have explained the reasoning behind my concerns about KN's thread title. And as for cheap digs, see here and here for examples.
 

CookieMonster

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In fact I corrected seabhcan when he accused you/Munchau of talking nonsense. I have explained the reasoning behind my concerns about KN's thread title. And as for cheap digs, see here and here for examples.
KN pointing out that the fanboys avoided the Intel job losses thread like the plague is not so much a cheap dig as it is a fact. During the Lisbon debate the eurolovvies hoisted their flag on the good ship Intel and sang from the rooftops how wonderful intel was and how we couldn't risk annoying them blah, blah, blah. When the ship sank they were nowhere to be seen. Yet they swarm this thread within moments of it opening, kind of shows the fair weather nature of these people, don't you think.

Anyway, I am done now. Retain your pyrrhic victory.
 

Schuhart

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Who gets the power to pick which accounts are converted (ie. devalued) and who gets to keep their money?
Developing that point in another direction, like many patriotic Irish Republicans, I keep my savings in Rabobank so that I can be sure the money is subject to the regulation of the Dutch Central Bank. I prefer them as the Dutch merely want my business. Ireland, on the other hand, is filled to be brim with people who just want to rob me because they want my money and that's a good enough reason for robbing someone.

Anyway, Rabobank have taken a fair amount of euro from Irish people and undoubtedly have put that money out there in loans and whatnot. On their balance sheet, it will be assumed that those loans they've handed out are backed by Irish euro deposits.

Even if the Irish Goverment did decide to pull out of the euro, where would they get the legal right to rob Rabobank of its Irish euro deposits and to replace them with Irish Pesos?

Bearing in mind that Rabobank's internet accounts are held by an entity with a Dutch banking licence?

I don't think I've gotten chapter and verse on where the Irish State has this power - although I've posed the question more than once.
 

evercloserunion

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KN pointing out that the fanboys avoided the Intel job losses thread like the plague is not so much a cheap dig as it is a fact. During the Lisbon debate the eurolovvies hoisted their flag on the good ship Intel and sang from the rooftops how wonderful intel was and how we couldn't risk annoying them blah, blah, blah. When the ship sank they were nowhere to be seen. Yet they swarm this thread within moments of it opening, kind of shows the fair weather nature of these people, don't you think.
I did no singing about Intel. I think at one point someone said they had no right to get involved and I said they've as much a right as any other organisation. Apart from that I said nothing. I don't see how I'm obliged to go over and respond to all his threads just because I support the EU as a project.

Apart from me, what other "Eurolovvies" are there? There's seabhcan. He can speak for himself. But I think mine and seabh's posts are a very weak basis on which to infer the sweeping generalisation that KN made.
 


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