Omega Owners Forum

Chat Area => General Discussion Area => Topic started by: Sir Tigger KC on 14 November 2011, 00:07:18

Title: Break up the Eurozone and win £250,000!!!
Post by: Sir Tigger KC on 14 November 2011, 00:07:18

Simon Wolfson the Chief Executive of Next is offering a £250,000 prize to the individual or group who comes up with a solution allowing a country (or countries) to exit the eurozone without causing massive chaos....  ::)

http://money.cnn.com/2011/11/11/news/international/euro_breakup_prize/index.htm?iid=Popular

So get your thinking caps on lads!!! I reckon the combined thoughts of a bunch of OOFers can out smart any Nobel prize winning economists...  :y :y :y

It'd make a great beer kitty at the next meet!!!!  :D :)

Title: Re: Break up the Eurozone and win £250,000!!!
Post by: cem_devecioglu on 14 November 2011, 18:57:48

I'll pay double that if someone solves the credit crysis of italy, spain, greece, portugal and others.. :D
 
here is the picture: :(
 
* Greece total debit around 400 billion US$
 
* EFSF who can help Greece, have in total 440 billion euro in reserves
 
(EFSF  http://en.wikipedia.org/wiki/European_Financial_Stability_Facility (http://en.wikipedia.org/wiki/European_Financial_Stability_Facility))
 
now from this money
*110 billion euro for Greece, 45 billion for Ireland and Portugal, 200 billion for increasing banks financial strength
 
but in that case EFSF has only 85 billion euro for italy which is in debit 1843 billion euro and spain 639 billion euro.. :o
 
* Greece used credits mostly  from Germany and France banks.. if half of this credit is erased ( 200 billion euro) and you add italy and spain to this picture those banks can easily collapse..
 
* and besides Greece banks holds 1/3 of Bulgarian financial assets , 15% of Romanian financial assets and 18% of Serbian financial assets ???
 
under those conditions, whatever measure applied to Greece, it wont solve anything about EU..
 
Germans trying to take drastical measures about those investments (by appliying some extra taxes) and no doubt some countries including UK will reject, I dont think there will be any short practical solution..
 
in theory (not sure applicable or not) there must be one govt, one central bank and one management and one currency (there is but other factors missing) to avoid those problems (although most regions have different problems)
 
if every country politicians go in their nose direction, there wont be any EU in reality ;D