Greek economy

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Greek economy

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stratos13

Posts: 222
Joined: Apr. 11 2005
From: Αθήνα

Greek economy

Sorry if this should be in the off topic category.
But it has got really big.
Chances are we are losing ALL our money in the banks,

What should we do?
Price of gold too high.
Should i buy Condes and Reyes with my current savings?
Would you then buy it back from me for real money?

REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 10:20:54

Arash

Posts: 4495
Joined: Aug. 9 2006
From: Iran (living in Germany)

RE: Greek economy (in reply to stratos13)

I thought that europe is going to help with 30 billion euros or something like that.
Germany alone with 10 Billion i think.
And i don't think that your money (i mean normal euro in the bank) is in danger

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REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 10:33:39

stratos13

Posts: 222
Joined: Apr. 11 2005
From: Αθήνα

RE: Greek economy (in reply to Arash)

If you hear the latest news noone accepts to loan Greece.

Right now many people i personally know are getting money out of the bank to have something before the money is kept closed in the bank.
The media does not say that there are major demonstrations in Athens today
and the whole systems is ready to collapse.
61% greeks against what the government does

Just now decided 48 hours media strike!
so we do not learn what happens?

REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 10:38:06

Arash

Posts: 4495
Joined: Aug. 9 2006
From: Iran (living in Germany)

RE: Greek economy (in reply to stratos13)

ok, after you posted , i was reading a new article that the Rating Agency Standard and Poors rated Greece as "Junk" (BBB-)

This is generating more panic i guess.

Man, and the banks are betting against Greece and want to make money out of this disaster again and by doing all this BS, they are making everything worse than it already is.

well, i hope that europe helps fast, but i think that hard times are coming for greek people. the next one may be portugal, and then maybe spain too.

however, i don't think that your government would do such a thing like don't give your money back. poeple would go crazy (much more than already)

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REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 10:45:38

Escribano

Posts: 6415
Joined: Jul. 6 2003
From: England, living in Italy

RE: Greek economy (in reply to stratos13)

quote:

Chances are we are losing ALL our money in the banks

Looking grim. You'll have to go to the IMF and this will hit the whole Euro Zone and might send us all into another recession as banks bail their Greek bonds. They are not allowed to keep them in this situation and that drives the price to almost zero.

Portugal and Spain are next I fear - Spain is way too exposed in construction and tourism - which are in reverse.

Keep calm and carry on, that's the only way or maybe get out of Greece for a while while it's in the EU.

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REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 10:49:01

Ron.M

Posts: 7051
Joined: Jul. 7 2003
From: Scotland

RE: Greek economy (in reply to stratos13)

Stratos,

There is a lot of fear that Greek Gilts are going to be worthless for any potential investor.
(UK is not that far behind actually, hovering on being downgraded from triple A to AA+.....Still the Banker's have made their pot...so I bet they are not that really worried personally...but just hoping to make even more money out of a 'shorting' opportunity)

I think although the EU is reluctant to guarantee the Greek Debt, they will still give way in the end IMO....Failure of one EU state could lead to worldwide fear and panic in other member countries and a devaluation of the Euro.

We are coming up for an Election here so NO party is prepared to disclose more than about 20% of their overall cuts and tax hikes which are going to be BAD in the years to come.
We are still living in a dream here. But the Politicians are too scared to reveal it.
They just want to get themselves in a secure job for the next 4 years, so will tell you anything you want to hear.

My advice would have been to transfer out of Greek Currency earlier to either solid assets or a foreign bank account....but it's getting a bit late now.

Inflation will rise, services will be cut and you are just going to have to hack it out like the rest of us.

Don't worry too much though..

Money is just money..just tighten the belt a bit.

In 1939 the previous generation had to go through worse hell.

And everything eventually turned out OK.

That's just the way human beings are!

We don't give in.

cheers,

Ron

REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 10:52:53

stratos13

Posts: 222
Joined: Apr. 11 2005
From: Αθήνα

RE: Greek economy (in reply to Escribano)

quote:

ORIGINAL: Escribano

You'll have to go to the IMF

The IMF has started working here already

I'm going to the atm now like most people are.

REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 10:54:12

Arash

Posts: 4495
Joined: Aug. 9 2006
From: Iran (living in Germany)

RE: Greek economy (in reply to Ron.M)

quote:

ORIGINAL: Ron.M

My advice would have been to transfer out of Greek Currency earlier to either solid assets or a foreign bank account....but it's getting a bit late now.

Ron, Greeks Currency is Euro!

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REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 10:55:59

Escribano

Posts: 6415
Joined: Jul. 6 2003
From: England, living in Italy

RE: Greek economy (in reply to stratos13)

quote:

I'm going to the atm now like most people are

At least you have the Euro for the moment. If it was the UK the pound would be through the floor (and may still go that way) and would render it useless. Keep taking it out of the ATM every day and stuff it under the floorboards.

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REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 10:57:15

Ron.M

Posts: 7051
Joined: Jul. 7 2003
From: Scotland

RE: Greek economy (in reply to Arash)

quote:

Ron, Greeks Currency is Euro!

Hi Arash,

I meant transferring out of Greek Banks and investments which will be subject to Greek Law.

cheers,

Ron

REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 11:05:54

Arash

Posts: 4495
Joined: Aug. 9 2006
From: Iran (living in Germany)

RE: Greek economy (in reply to stratos13)

ah ok Ron,

anyway, maybe greece currency won't be euro anymore soon and they have to go back to the old greece currency.

many politicians and so called experts demand that greece should be excluded from the common currency (euro). maybe that will happen.

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REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 11:12:40

minordjango

Posts: 918
Joined: Feb. 26 2005

RE: Greek economy (in reply to stratos13)

Yeah its not good stratos, all my family talk about it ! imagine we go back and use drachmas!!!

Ασχολείσαι επαγγελματικά με τη κιθάρα?
Έχεις κιθάρα Conde Hermanos? Εντυπωσιακό!

REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 11:19:44

Ron.M

Posts: 7051
Joined: Jul. 7 2003
From: Scotland

RE: Greek economy (in reply to Arash)

Let's face it DUDES

...

This Sh*t hasn't really hit any of us yet!

EVERYBODY with a massive debt problem is always cheered up by a big Loan cheque. (Quantititive Easing)

Until they realize they have to pay it back...

IMO we are still in the stages of planning our next holiday to the Seychelles and looking at upgrading our car to the better spec BMW while ignoring the Utility Bills and House Reposession Order piled up behind the door.

Hold on folks...it's gonna be a rough ride..

cheers,

Ron

REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 11:22:30

Posts: 524
Joined: Jun. 15 2006

RE: Greek economy (in reply to stratos13)

Stratos,

Buy Gold. Everyone else is going to jump into gold and the demand is going to be higher than the supply and guess what's going to happen to Gold prices....I think it will be around 1,600 to $1,700 by year end...

TK

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REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 11:46:28

stratos13

Posts: 222
Joined: Apr. 11 2005
From: Αθήνα

RE: Greek economy (in reply to Ron.M)

quote:

Ασχολείσαι επαγγελματικά με τη κιθάρα?
Έχεις κιθάρα Conde Hermanos? Εντυπωσιακό!

@minordjango
Όχι.
Όχι. Απλά έλεγα μήπως να αγορασω τέτοιες κιθάρες με τις οικονομίες μου, και να τις πουλήσω μετά.

quote:

ORIGINAL: Ron.M

This Sh*t hasn't really hit any of us yet!

EVERYBODY with a massive debt problem is always cheered up by a big Loan cheque. (Quantatitive Easing)

Until they realize they have to pay it back...

I just removed 2500 from my acounts at the bank.
Many people where doing the same.
It is not that simple. What we fear most is political change here.
Last time this happened (1897) after bankrupty we had a war.

REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 11:47:24

Escribano

Posts: 6415
Joined: Jul. 6 2003
From: England, living in Italy

RE: Greek economy (in reply to Ron.M)

quote:

This Sh*t hasn't really hit any of us yet!

It hit me today when I heard a refuse collector in Birmingham made £50,000 with bonuses, sheesh!

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REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 12:44:48

Escribano

Posts: 6415
Joined: Jul. 6 2003
From: England, living in Italy

RE: Greek economy (in reply to stratos13)

quote:

I just removed 2500 from my acounts at the bank.

Good move, it was earning nothing in there anyway.

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REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 12:45:36

gerundino63

Posts: 1743
Joined: Jul. 11 2003
From: The Netherlands

RE: Greek economy (in reply to stratos13)

Smart thing to do to get your euro's from the bank, keep them save. ( maybe get as much from the bank as possible)
Pays as much as possible with plastic money.
You can always pay with euro's in another country, even if Greece will get the drachmer back.
if that will happen the Drachmer will be worthless, but your euro's will still be hard, and you can buy a lot of Drachmers with the euro's you saved.

Peter

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REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 12:52:42

Ailsa

Posts: 2277
Joined: Apr. 17 2007
From: South East England

RE: Greek economy (in reply to Escribano)

quote:

ORIGINAL: Escribano

a refuse collector in Birmingham made £50,000 with bonuses

I'm in the wrong trade!

Good luck stratos - really makes it mean something when you hear from someone living there and facing it.

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REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 13:41:13

M.S.A.

Posts: 493
Joined: Mar. 10 2009

[Deleted]

Post has been moved to the Recycle Bin at Feb. 28 2011 23:25:27

REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 16:38:46

veet

Posts: 231
Joined: Nov. 29 2004
From: L.A.

RE: Greek economy (in reply to tk)

quote:

Buy Gold. Everyone else is going to jump into gold and the demand is going to be higher than the supply and guess what's going to happen to Gold prices....I think it will be around 1,600 to $1,700 by year end...

That kind of panic move would be a huge mistake. Gold is way overvalued now, and the odds are you would lose even more from the percentage, plus paying buying and selling fees both ways. The Euro has slipping a little, but it's still waaay higher than it was 8 years ago.

REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 17:05:38

Pgh_flamenco

Posts: 1506
Joined: Dec. 5 2007
From: Pittsburgh, Pennsylvania

RE: Greek economy (in reply to veet)

quote:

That kind of panic move would be a huge mistake. Gold is way overvalued now, and the odds are you would lose even more from the percentage, plus paying buying and selling fees both ways. The Euro has slipping a little, but it's still waaay higher than it was 8 years ago.

I have to agree--gold is too risky. The usual dilemma during a crisis like this is where to put your money and the answer is rarely clear cut until it's too late. Try to set aside enough money to pay your bills for the next year or two and spend as little as possible. If it’s not a big hardship downsize if you can--move in with relatives. If you know how to trade currency you could short the Greek currency you have against the Euro but there is some risk. The Euro might lose its value if heads of state talk openly about abandoning it. My parents returned from Athens last night and told me about the crisis in Greece. Good luck.

REPORT THIS POST AS INAPPROPRIATE | Date Apr. 27 2010 20:05:34

Ron.M

Posts: 7051
Joined: Jul. 7 2003
From: Scotland

RE: Greek economy (in reply to Pgh_flamenco)

I've got an even better idea than gold...

Get everybody on the Forum to lend you €1000 at 0.5% and then lend it back to them at 10%.
Oh hang on....someone has already thought of that!

Anyway...the problem for Greece (as far as I can see) is that the public are refusing to accept any pay cuts, job cuts, tax rises or public spending cuts and are out carrying signs and chanting in the street.
They just want the problem to go away and things just to be back to normal.

The problem with Britain is that folk are walking about saying "Recession?.. what recession?"....because the politicians want to keep the monster hidden behind the curtain until after the Election and are just telling us that we'll pay back the Trillion pounds by saving on paper clips and envelopes...

It also struck me that "bail outs" with Public money are becoming so common these days that the world is slowly turning Socialist by default.

cheers,

Ron

REPORT THIS POST AS INAPPROPRIATE | Date Apr. 28 2010 1:08:24

a_arnold

Posts: 558
Joined: Jul. 30 2006

RE: Greek economy (in reply to Arash)

quote:

and the banks are betting against Greece

The whole system is a rigged casino where the high rollers are backed by taxpayer dollars.

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REPORT THIS POST AS INAPPROPRIATE | Date May 12 2010 4:27:37

gj Michelob

Posts: 1531
Joined: Nov. 7 2008
From: New York City/San Francisco

RE: Greek economy (in reply to stratos13)

quote:

What should we do?

Become a US colony.

Back from Europe, made it through a small window of opportunity, Venice airports cancelled flights Sunday -I then left Monday- yesterday and today.

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REPORT THIS POST AS INAPPROPRIATE | Date May 12 2010 6:20:28

Doitsujin

Posts: 5078
Joined: Apr. 10 2005

RE: Greek economy (in reply to stratos13)

When the problem is solved. What comes next? Well,... americans...could we borrow some of your superheros to solve that?

Right now we could have a use for superman to blow away the dust that comes from this vulcany! I see my vacation in danger!! Oh my gosh!

REPORT THIS POST AS INAPPROPRIATE | Date May 12 2010 7:09:50

stratos13

Posts: 222
Joined: Apr. 11 2005
From: Αθήνα

RE: Greek economy (in reply to stratos13)

Months ago we had the problems told here.
Now the situation is once again problematic, I don't know if you have heard about what happens here, but it is allmost certain that the greek government will resign.

After the crisis the greek government had to take very hard measures - tax 23% and wages cutting by 7% at least.
Now, on 7 November we have elections for the local government - mayors etc - don't know how to phrase it.
The current prime minister has stated that if the election proves bad for his party (the political parties have favorites), he is going to resign the government, and that this election is in reality a YES or NO to his politics so far. Pure blackmail if you may.

The rumours say that he will give up the government and have elections no matter what will happen on 7 November. So everything is at stake once again...

REPORT THIS POST AS INAPPROPRIATE | Date Nov. 5 2010 13:05:01

Ailsa

Posts: 2277
Joined: Apr. 17 2007
From: South East England

RE: Greek economy (in reply to stratos13)

Hi Stratos, sorry finance is still a mess over in Greece. It's interesting to hear from someone there what it's like, because our news is filtered. Here in UK, we will probably hear that the elections are happening, but maybe not about what difference that will make to the people.

Let us know how it goes after the elections.

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REPORT THIS POST AS INAPPROPRIATE | Date Nov. 5 2010 13:42:27

Ron.M

Posts: 7051
Joined: Jul. 7 2003
From: Scotland

RE: Greek economy (in reply to stratos13)

Hi stratos,

Now that the cutbacks are starting to bite here in the UK, we are beginning to see the same sort of response, with every government department screaming that their budget should be "ringfenced" and pleading that they cannot operate with any spending cuts.

The strikes are starting too, as state paid workers are revolting against changes in their wages and pensions.

In fact the journalists at the BBC have walked out on a 48hr strike, so there is no major BBC news output on TV or Radio.
Firefighters have also gone on a 48hr strike from today.

People in every country just want the problem to go away, or at least for it to be solved by others, without it adversly affecting them.

Normal human behaviour IMO.

This applies especially to the Politicians who will guard their salaries and pension rights to the death "because they are special people" and need to charge the state to pay for for second homes and furniture and plasma TVs and holidays to to South Seas for "research purposes", whilst encouraging ordinary women and men to be part of "The Big Society".... which basically means doing the jobs of Librarians, Social Workers etc in their spare time after work that were normally done by workers for a salary and thus saving the state money.

cheers,

Ron

REPORT THIS POST AS INAPPROPRIATE | Date Nov. 5 2010 14:36:08

kovachian

Posts: 506
Joined: Jan. 30 2008
From: Americanistan

RE: Greek economy (in reply to Ron.M)

quote:

Firefighters have also gone on a 48hr strike from today.

Wha??? Firefighters of all people, on strike? I hope I'm not mistaken on this but in the US, I don't believe that firefighters and police can legally strike and for obvious reasons. Some of the most pro-union of Americans would concur that public lifesavers who refuse to save a life all over a contract dispute, is pretty scummy and low-class.

If my apartment is going up in flames, I'd like to think that fire fighters will actually show up and do their job when they're called. If they left me to my own devices then I'll just dump a truckload of ashes and rubble on their front step. After I stop paying taxes.

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REPORT THIS POST AS INAPPROPRIATE | Date Nov. 5 2010 16:37:34