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Euro falls as market doubts rescue package

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posted on May, 11 2010 @ 06:51 AM
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Euro falls as market doubts rescue package


www.reuters.com

LONDON, May 11 (Reuters) - The euro fell on Tuesday as the relief rally unleashed by an emergency aid package to prevent the spread of a euro zone debt crisis dissipated and the focus switched back to structural problems plaguing the bloc.
(visit the link for the full news article)




posted on May, 11 2010 @ 06:51 AM
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European Union finance ministers, central bankers and the International Monetary Fund hammered out an emergency package of loan guarantees to euro zone members over the weekend to try to shore up sentiment in its bond markets and the euro.


In terms of effectiveness, the rescue package seems to be one big disaster. Yes, it did probably work against speculation, but it has not changed anything about the economic state of countries such as Greece and Portugal. Even though their economies are not of any significant importance to the EU-zone as a whole, the world remains fearful.

It is going to be very interesting to see how this will evolve.

www.reuters.com
(visit the link for the full news article)



posted on May, 11 2010 @ 07:20 AM
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reply to post by Mdv2
 


We need to wait and see what Van Rompoy comes out with in a dew weeks in regards tight fiscal governance but its looking more likely that the only way to sort this out is to get rid of Greece for their own good and all our goods..

Portugal mainly but also Spain, Italy and Ireland need to shore up their vulnerabilities to a Greek default, Greece needs to leave and restructure or else just restructure at this stage and the bailout funds need to be used to secure the rest of the EUROZONE against issues with the default..

That is unless Van Rompoy pulls some pretty serious ideas out of his bag.. I won't hold my breath but the EU have been doing some strange things lately.. Its still always going to be bad for Greece no matter what..



posted on May, 11 2010 @ 07:23 AM
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The way i see it greece like you people say have to do what they have to do. People rioting doesn't change the fact that the country needs to change for them to survive. I do not see the problem they have, all of europe has a certain way of life, so greece can be no different.



posted on May, 11 2010 @ 07:54 AM
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reply to post by Mdv2
 


Thats because the Greece rescue package was just a small dent on the real rescue here, the Euro.

If 1 trillion dollars by the main banks did not work that means that the leaching of wealth is no Greece along, too many nations going into chaos and it seems that nothing is going to help.



posted on May, 11 2010 @ 08:03 AM
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Originally posted by Dermo
We need to wait and see what Van Rompoy comes out with in a dew weeks in regards tight fiscal governance


I can't believe after our little chat yesterday and the subsequent drop in the Euro you still give any credence to your governments ability to respond to this.

The yanks just fed these beasts over 30 trillion and they aren't full. Your paltry contribution in this round of the rolling bailouts we've seen over the past few years, a mere trillion. Is nothing to speculators.

You got one day of bull market and now the bears are back in force. The very banks you tried to bail out are the ones driving the Euro down. That was the entire effect of this rescue package.

Van Rompuy might have the advantage his bureaucrats are mostly unelected and don't have to worry about their reputation. But aside from that he has about as much chance of effecting change as the US congress did. Look at their "reform bill" it's a joke.

The only way to stop these people is to do it at the g20. It's going to take a truly global effort and even then, lets face it. Our leaders are so corrupt and useless them coming to an agreement on something, it actually working, and joe sixpack not getting screwed in the process, is never going to happen.


[edit on 11-5-2010 by belial259]



posted on May, 11 2010 @ 08:06 AM
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The bailouts of all of these countries indicates to me that the leaders of these countries KNOW that they are already doomed, they are just playing to the crowd until they can no longer contain it, forcing the people to join their One World Government . What makes anyone think that our GOVT officials areactually looking out for the people and the nation? Last time I checked, they were politicians, and they have not had a very good rap sheet over the years whenit comes to telling the truth.

At least, thats what all the NWO people have been telling me.
They are destroyingnation by nation, until it has no choice but to accept "the mans" help. From there on out, you better watch yo ass.

We are ALL doomed, and the days ahead are gloomy.

::runs around like Im on fire:::

No really, Im ok. See



posted on May, 11 2010 @ 08:07 AM
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Originally posted by Dermo
reply to post by Mdv2
 


We need to wait and see what Van Rompoy comes out with in a dew weeks in regards tight fiscal governance but its looking more likely that the only way to sort this out is to get rid of Greece for their own good and all our goods..

Portugal mainly but also Spain, Italy and Ireland need to shore up their vulnerabilities to a Greek default, Greece needs to leave and restructure or else just restructure at this stage and the bailout funds need to be used to secure the rest of the EUROZONE against issues with the default..

That is unless Van Rompoy pulls some pretty serious ideas out of his bag.. I won't hold my breath but the EU have been doing some strange things lately.. Its still always going to be bad for Greece no matter what..


there cant be fiscal control over the countries....germanys constitution forbids it..

and no..there isnt only one solution...and greece leaving wont solve anything...the other countries would follow..

the answer is for the EU to split and everyone to get their currencies back...break up the corrupt EU...take away all its power...



posted on May, 11 2010 @ 08:12 AM
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Originally posted by alienesque
there cant be fiscal control over the countries....germanys constitution forbids it..


And that is the very reason why the Euro was doomed to fail from the very beginning. Should it have been in place before Greece was granted access, they would have known that the scenario that is now unfolding could happen.

With sadness, I say that the future of the Euro is very doubtful. As soon as more countries fail, the willingness of other people's to pay the cost of these burdens will quickly vanish.



posted on May, 11 2010 @ 08:16 AM
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Originally posted by alienesque
the answer is for the EU to split and everyone to get their currencies back...break up the corrupt EU...take away all its power...


And how will that help. The carnage of the EU breaking up would destroy the markets anyway.

They've already turned on China because it showed signs of weakness. They own the USA. They're too big to fail and nothing and nobody is going to stop them.

The only thing people can do is roll over and play dead. Stop trading. Stop borrowing. Stop spending, try and survive the coming depression. By 2020 we should start to see real economic recovery but until then the only thing a person can be reasonably expected to do is take care of themselves, their family and their property and try and preserve it.

The next decade will a black mark on human history. But there is a light at the end of the tunnel, as dim as it is.

Our children, maybe our grandchildren will be the ones that find a way out. But for us, as the IMF chief warned, the good times are over.



posted on May, 11 2010 @ 08:19 AM
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Many financial experts and historians predicted 10 years ago the downfall of the Euro base in the same predictions that is now affecting the Euro, with an global economic downfall.

Many countries will reverse back to their own currencies as the debt owe in their countries keeps robbing countries of their sovereignty.

Greece"s riots is one big example of what is to come as the IMF keeps imposing restriction to countries that takes their bailouts like Greece.



posted on May, 11 2010 @ 08:26 AM
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The EU is not going to break up and the euro is going no-where.

The EU was set up as an economic union to ensure economic strength. At the moment, the Euro is strong and expensive, this hampers production and export. If the Euro was weaker there would be higher exports and the ecconomy would grow.

The politicians can't just allow the collapse of the currency because they're worried about what we'll do.

However, if they try to stop the collapse and fail, the banks and governments are happy because they the value of what they owe is less, industry is happy because the value of what it owes is less and exports are high. Of course, any savings the people have are decimated but, as far as the EU is concerned, we're just an economic asset that is now cheaper, so long as we don't burn their houses down, they don't care.

The same basic picture is true in the US but the US is creating a devaluation through printing money, the EU is a more complex structure so they need to do it by more complex means.

[edit on 11/5/10 by pieman]



posted on May, 11 2010 @ 08:35 AM
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Why the Greeks are angry with the EU is unclear to me. Firs of all, it was the Greek government that has long lived beyond its means, failed to implement a proper taxation system and were allowed to adopt the Euro under false pretenses.

To me, it sounds no more than reasonable that the Greek people are forced to bear a fair share of the burden that they have caused themselves. Although the EU does not act out of compulsion, the EU is the reason Greece has not collapsed yet. If Greece would still have had the drachma, its credit rating would have been downgraded a long time ago and they would have long gone down the drain under the heavy weight of interest rates.

The EU needs to bail Greece out to prevent their misery to further affect the stability of the Euro, but regardless of motive, the fact remains that Greek would be no more without the financial support of the Eurozone. For that very reason, I sincerely wonder why Greeks are so angry with the EU, whereas I believe they should solely be angry with their own government.


[edit on 11-5-2010 by Mdv2]



posted on May, 11 2010 @ 08:39 AM
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HA! Here it comes. Bye Bye EU...



posted on May, 11 2010 @ 08:43 AM
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reply to post by Mdv2
 


You said all there needs to be said on the the greek thing.

Greece messed up and now the eu is paying for them, they need to get to grips with the situation for the sake of all of us.



posted on May, 11 2010 @ 08:44 AM
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Regardless of what the main stream is telling the downfall of nations in the EU is real, this is going to bring the Euro down and trillions of dollars been created at the expenses of nations citizens is not helping anybody but those that are trying to protect their investments in the nations in economic trouble.

How much bailout is going to be needed to keep the EU afloat?

And again to whom the debt of the bailout is going to fall.

The ponzi scheme that global markets are today is falling down like a deck of card as it was build on nothing. . .

The financial crisis started with the US corruption practices and will end when Americas debt is so big that no country will be able to bail America out after our own currency becomes worthless.

Printing money is is the easiest part, selling the debt is going to become harder to achieve when other countries will start to protect their own interest.

[edit on 11-5-2010 by marg6043]



posted on May, 11 2010 @ 08:46 AM
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Of course the value is going to fall, its not a surprise really. If you make something more available, the demand for that goes down...

print more money, the value of it will drop. (inflation)

common sense.

yea, what happened to the USA in 2008, is happening to Europe now.

since every one seems to be printing their own money non-stop, can i start printing mine?

I will call my currency the Ugie. Its backed by nothing! ill fit right in with the IMF!

Shouldn't of said that! the banksters will have my head, oh noes!



posted on May, 11 2010 @ 08:53 AM
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reply to post by Mdv2
 




It is going to be very interesting to see how this will evolve.


How about a complete implosion of the Euro. Then we can finally get back to Guldens and dubbeltjes!!


But seriously, this is some bad news!! Couldn't we just print a couple of trillion euro's like the FED does without anything backing it up?? Or maybe a good size war will fix this little "currency-confidence-problem".

S+F for the update!!

Peace



posted on May, 11 2010 @ 08:55 AM
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reply to post by ugie1028
 


Exactly, no currency can stand strong when the debt is higher than the value of that currency.

Like I say printing money is the easiest part, selling debt as is growing by the minute with all the bailout rescues is going to become hard to do.

How much can a nation borrow until the debt is bigger of that nations entire value.

Greece is not the only nation in trouble, they are just the first ones to admit they are in trouble. . . Italy, Portugal, Spain and others already are been warn of the possibility of been downgraded to junk, by Moody's agency.

The plunge of the Markets last week was not an "error" as we know that 1 trillion dollar was approved during the weekend to Rescue the EU and for the EU to rescue Greece.

this becoming a vicious cycle with not end.



posted on May, 11 2010 @ 09:10 AM
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Originally posted by pieman
The politicians can't just allow the collapse of the currency because they're worried about what we'll do.


What you're talking about here is called moral hazard. And yes at some point they were worried about what people might do. But now, after so much money has been stolen and so many crimes committed and covered up they know there is no moral hazard. People aren't going to do anything.

Most people don't even know about this or care. And even if they did lets face it. We the people are basically powerless.

Hope and Change won't feed you or your family. The government isn't going to save us, and maybe we were stupid for relying on them for so long.

Forget the public services, the welfare, the banks and loans. Forget the money and jobs and consumer culture. There are more important things in life.

This will be the end of the world as we know it. But it won't be the end of the world. If you can adapt and learn to take care of yourself you'll be fine.

People have lived and do live through much worse than this.



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