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jump to last post 1-9 of 9 discussions (24 posts)

Is the Euro on the verge of collapsing?

  1. CMHypno profile image93
    CMHypnoposted 8 years ago

    Fitch has downgraded Spanish debt and Germany is panicking.  Will the Euro survive much longer?

    http://www.guardian.co.uk/commentisfree … uro-crisis

    1. Paraglider profile image94
      Paragliderposted 8 years agoin reply to this

      The short answer is yes. The Euro is on the verge of collapsing. It's arguable which would be worse: an immediate, painful collapse or a delayed, excruciatingly painful collapse when the dollar goes the same way.

    2. sannyasinman profile image61
      sannyasinmanposted 8 years agoin reply to this

      Let's hope the Euro fails - and soon. Rumour has it that 64% of Germans want to see a return to the D-mark, and I believe its the same in Greece.

      If the collapse of the Euro means another nail in the coffin of globalisation, so much the better.

  2. theirishobserver. profile image58
    theirishobserver.posted 8 years ago

    I think that the Eurocrats will do all in their power to ensure that does not happen - this would be the foundations of world capitalism beginning to crumble so I think the great power-houses will be sticking their finger firmly in the dam smile

    1. CMHypno profile image93
      CMHypnoposted 8 years agoin reply to this

      But I think that the German voters are beginning to rumble and moan - they are definitely not keen on their trade surplus being used to shore up what they consider to be the flaky economies of Southern Europe.

  3. Origin profile image59
    Originposted 8 years ago

    I read the article, and others like it.. I do think that if countries are going to share the same monetary system, there must be rules on what they can do with it.. since it only takes a country or two to splurge and wreak havoc on the system.

    1. Paraglider profile image94
      Paragliderposted 8 years agoin reply to this

      That's been a recognised weakness of the Euro from day one, that you can't easily have monetary union without political union (which Europe does not have, or has only partially).

      1. Origin profile image59
        Originposted 8 years agoin reply to this

        Perhaps it's best if the Euro went away and European nations resumed with their own currencies?

  4. prettydarkhorse profile image63
    prettydarkhorseposted 8 years ago

    What is the effect on this on the USD?

    Is it possible to have politically one Europe? I mean their own countries interests, I gathered from my Econ 101 class a long time ago that politics should go with economy? political economy should go hand in hand --

    1. Origin profile image59
      Originposted 8 years agoin reply to this

      The USD is suffering a bit, but a lot of it is internal banking problems.

      Your right, politics and economy are pretty reliant on each other to function properly. I suppose some countries in Europe would be for a centralized government that runs them all as a group (I guess it's similar to USA's President overlooking the states). But, I'm pretty sure that many European countries wouldn't want that either. I guess only time will tell.

      big_smile

      1. prettydarkhorse profile image63
        prettydarkhorseposted 8 years agoin reply to this

        ok, thanks origin
        transport system is so good in Europe that boundaries and travelling is not a prob, nations have different culture and belief system though.
        They have also Eurovisa which allows you to move from one country to another...
        Does this mean it is really difficult to have one people one nations all over the world, Isnt the gloabalization thing is because of that concept?

    2. Ben Evans profile image72
      Ben Evansposted 8 years agoin reply to this

      The USD will gain value.  They are talking bout parity..............1 EUR=1USD.  To have a politically one Europe wont happen. 

      Despite everything, I think the countrys will remain on the EUR for years to come.  It will be very hard to undo.

      1. prettydarkhorse profile image63
        prettydarkhorseposted 8 years agoin reply to this

        Hi Ben, when I went to Europe the value of euro to dollar is 1.3 to 1 USD, -- five years ago--  euro is 1.3

        thanks for the insight

        1. CASE1WORKER profile image67
          CASE1WORKERposted 8 years agoin reply to this

          You might get the mainland original european 6 combining but not the new states and of course not the Uk! we are basically xenophobic!

          1. prettydarkhorse profile image63
            prettydarkhorseposted 8 years agoin reply to this

            xenophobia -- scared of foreigners? But I went to Wales already, Cardiff and travelled to london and Paris via the English tunnel,
            it is expensive though in London,

            1. CASE1WORKER profile image67
              CASE1WORKERposted 8 years agoin reply to this

              yep youve got it!  although i was thinking more of the definition of an unreasonable hatred of foreigners-except that there is no such thing as british- i live in a really multi cultural city and we are all brits- ok some of us might wear saris and speak english with a bit of an accent but the new generations coming through are obstinately english- think it is something to do with living on an island- which gets us neatly around to the original question - we didnt want the euro when it was good so with our profligate over spending it is a good job we didnt join it or our government would have spent all the EEC money as well

              1. prettydarkhorse profile image63
                prettydarkhorseposted 8 years agoin reply to this

                oh ok, I understand now, the English pound is always strong in the market anyway, if the joined the Euro then some years back, their money will be lesser in worth

                1. CMHypno profile image93
                  CMHypnoposted 8 years agoin reply to this

                  The trouble with a single currency is that one size does not fit all, and now countries like Greece do not have mechanisms like devaluing their currency to kick start economic growth available to them.

                  I don't think that the British are particularly xenophobic, but I don't think that they want to ruled from Brussels either. Can you imagine people in the US wanting to be politically integrated with the countries of Latin America and sharing a common currency that is not the US dollar? Britain is an independent, sovereign nation and most Brits want it to stay that way.

  5. billyaustindillon profile image66
    billyaustindillonposted 8 years ago

    The Euro hit a new 4 year low today after Spain on Friday, ECB warning on more losses and BP losing 15% of it's value hitting EU shares. Add to this China and Korea misses industrial production numbers overnight.

    As far as devaluing currencies go check out my hubs on Estonia that turned itself around with tough austerity measures - it can be done.

    1. CMHypno profile image93
      CMHypnoposted 8 years agoin reply to this

      The problem with BP is that if they go down or keep on hitting big problems, a lot of British pension funds etc hold a big raft of BP investment and they are also one of the biggest players on the FTSE.  It will really not be good for the British economy if BP goes down the pan or is fatally holed below the waterline and start foundering misrably.

  6. MikeNV profile image78
    MikeNVposted 8 years ago

    Lets hope so.

    What I find intersting is the Billions the IMF seems to have ready to loan out to everyone.  Where does that money come from... oh wait... they just print it.

    When they just print money, then flood the markets with currency all attached to debt how can you expect a recovery?  A recovery based on what?

  7. Gypsy Willow profile image79
    Gypsy Willowposted 8 years ago

    I think Mikenv has summed it up neatly. As a Brit I could never understand the attraction of cobbling together diverse European countries whose very diversity is their charm,

  8. Greek One profile image76
    Greek Oneposted 8 years ago

    nope.. they won't let it

  9. CMHypno profile image93
    CMHypnoposted 8 years ago

    25 leading economists have now predicted that the Euro will not last any longer than 5 years. Also Hungary is now indicating that it is expereincing a fiscal crisis similar to that of Greece.

    http://www.dailymail.co.uk/news/article … years.html

 
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