"Zero Danger" of Euro Break Up - Klaus Regling

Asparagus

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'Zero danger' of euro breaking up - The Irish Times - Thu, Nov 25, 2010

"There is zero danger," Klaus Regling, chief of the European Financial Stability Facility (EFSF), told German daily Bild when asked if the euro zone could break up. "It is inconceivable that the euro fails.

"No country will give up the euro of its own will: for weaker countries that would be economic suicide, likewise for the stronger countries. And politically Europe would only have half the value without the euro."


?????
 


NascentCube

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He is probably right about the weaker countries as setting up a new currency would take a long time and the crisis will be over long before it is possible. For Ireland it would probably pay to default and adopt Sterling or reintroduce the Punt pegged to Sterling. Regardless, eventually Germany will leave as it will not want to pick up the tab any further.

However, it is ironic about the term weaker countries as they are only weak at the moment because of Euro membership. If you look at Ireland as an example. While mistakes have been made in the micro-economics management of the country by and large Ireland has done most things right. However, the countries problems have been brought about made much worse by the macro-economic conditions inherent in being part of the eurozone.

The present circumstances were predicted by eurosceptics years ago but decried as xenophobic utterances of knuckle-draggers. How right they have turned out to be.
 

Tea Party Patriot

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He is probably right about the weaker countries as setting up a new currency would take a long time and the crisis will be over long before it is possible. For Ireland it would probably pay to default and adopt Sterling or reintroduce the Punt pegged to Sterling. Regardless, eventually Germany will leave as it will not want to pick up the tab any further.

However, it is ironic about the term weaker countries as they are only weak at the moment because of Euro membership. If you look at Ireland as an example. While mistakes have been made in the micro-economics management of the country by and large Ireland has done most things right. However, the countries problems have been brought about made much worse by the macro-economic conditions inherent in being part of the eurozone.

The present circumstances were predicted by eurosceptics years ago but decried as xenophobic utterances of knuckle-draggers. How right they have turned out to be.
The crisis is only begining, and when Klaus Regling feels it necessary to come out and make a defence of the Euro it is very worrying.

The Euro isn't going to last, the figures just don't add up.
 

CookieMonster

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"We've always been at war with Eastasia"
 

H.R. Haldeman

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The crisis is only begining, and when Klaus Regling feels it necessary to come out and make a defence of the Euro it is very worrying.

The Euro isn't going to last, the figures just don't add up.

It must be nice to wrap yourself in ideology and simply remove the need for independent thought. Must make the world a far neater place.

Personally, I find it nauseating. I'd rather be wrong using my brain than right using faith.
 
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"We've always been at war with Eastasia"
"We've always been at war with Eastasia going forward" CM.

Be careful with your online public information people, that's what I say. Information is power. In desperate times people follow psychopaths, please see human history. I'm severely paranoid on this one but hope for the best.
 

CookieMonster

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It must be nice to wrap yourself in ideology and simply remove the need for independent thought. Must make the world a far neater place.

Personally, I find it nauseating. I'd rather be wrong using my brain than right using faith.
You have to admit that the Euro doesn't look so good right now and that actions being taken by it's main beneficiaries to protect it are becoming increasingly drastic and expensive.
 

ffc

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H.R. Haldeman

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You have to admit that the Euro doesn't look so good right now and that actions being taken by it's main beneficiaries to protect it are becoming increasingly drastic and expensive.

I agree with all that CM, but it was not the point I was making. The point I was making was that the poster was coming to his or her conclusion for ideological reasons and not because its a reasoned response to what's happening.
 

forest

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its more than zero chance but its also not eminent as people here or journalists in the UK or US think
We are in a crisis and we need to solve it by what ever means necessary
 

Squire Allworthy

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You have to admit that the Euro doesn't look so good right now and that actions being taken by it's main beneficiaries to protect it are becoming increasingly drastic and expensive.

The problem is lack of coordinated action and allowing weaker countries to be picked off one by one.

Needs institutional reform and intervention.
 

powderfinger

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The problem is lack of coordinated action and allowing weaker countries to be picked off one by one.

Needs institutional reform and intervention.
Removing the current Irish administration from having any hand,act or part in such a crisis resolution mechanism would strengthen the structure of that approach,SquireA.
Klaus Regling would probably concur.
 

Cassandra Syndrome

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I agree with all that CM, but it was not the point I was making. The point I was making was that the poster was coming to his or her conclusion for ideological reasons and not because its a reasoned response to what's happening.
It isn't a case of ideology. Its reality. Fiat Currency simply does not work. It failed before, in China 1,000 years ago.

The last time someone apparently was able to successfully create commodities out of thin air was a bearded Jewish man 2,000 years ago at a wedding in Caneen, Israel.
 
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Apparently the Roman coinage system also ended badly due to it's continually diminishing quantity of silver. Started off with over an ounce of silver in the coins but it was then reduced to roughly 0.1 ounces as far as I remember. This had a major effect on Rome's political might. I think I was reading about this in the book Barbarians by T. Jones, but it may have been elsewhere. It's a while since i read that. Still though with the collapse of their pseudo-fiat currency europe didn't do so well.
 

Squire Allworthy

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Removing the current Irish administration from having any hand,act or part in such a crisis resolution mechanism would strengthen the structure of that approach,SquireA.
Klaus Regling would probably concur.

I think that goes without say, who would want them on their team? If they were taking decisions randomly they would get more right.

Ireland needs an election now. Can the next lot be any worse? Some of their utterances send shivers up my spine.
 

scallioneater

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When a politician makes an announcement that something is not possible it tends to mean there are real worries that it will happen. This is why they make the announcement.
 


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