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Collapse of the euro is 'inevitable': says FRENCH banking chief

Discussion in 'Political Discussion' started by Real World, Feb 13, 2010.

  1. Real World

    Real World Moderator Staff Member

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    I've always felt that the Euro was overvalued, and generally bad for most of the countries in the EU. The Euro has absolutely destroyed the middle, to lower income earners in Italy. What I could once buy with the Lira, now costs 2-3 times as much in Euro's, despite a 1-2 (1 Euro for 2,000 Lira) exchange rate at it's inception. I've experienced it first hand, and every year since it came into use.

    Collapse of the euro is 'inevitable': Bailing out the Greek economy futile, says FRENCH banking chief
    By Sam Fleming and Tim Shipman
    Last updated at 1:07 PM on 13th February 2010

    The European single currency is facing an 'inevitable break-up' a leading French bank claimed yesterday.

    Strategists at Paris-based Société Générale said that any bailout of the stricken Greek economy would only provide 'sticking plasters' to cover the deep- seated flaws in the eurozone bloc.

    The stark warning came as the euro slipped further on the currency markets and dire growth figures raised the prospect of a 'double-dip' recession in the embattled zone. Claims that the euro could be headed for total collapse are particularly striking when they come from one of the oldest and largest banks in France - a core founder-member.

    Read more: Greece debt bailout: EU leaders split over euro crisis | Mail Online



    Greece debt bailout: EU leaders split over euro crisis | Mail Online
     
    Last edited: Feb 13, 2010
  2. Real World

    Real World Moderator Staff Member

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    This does not bode well for anyone.


    Read more: Greece debt bailout: EU leaders split over euro crisis | Mail Online
     
  3. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    If the Euro-economy double-dips, so will ours. In fact, many respectable economists have predicted this since late 2009. People, especially Americans have this ingrained belief that economic hardship only lasts a couple of years. So after the stock market bottomed out, they figured it had no where to go but up. even though nothing really changed. It's all been pure speculation (once again) and we're primed see another dip in 2010.

    I may be wrong...and if I am, it won't be the first time. I'm just stating my beliefs based upon what I see in the data I work with.

     
  4. Run DMC

    Run DMC In the Starting Line-Up

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    #24 Jersey

    I look forward to a 1:1 ratio for dollars to euros. I would love to visit Europe at such a time and enjoy some buying power.
     
  5. Real World

    Real World Moderator Staff Member

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    Europe is both beautiful, and expensive. Even at a 1:1 ratio.
     
  6. efin98

    efin98 Experienced Starter w/First Big Contract

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    Heard from a frequent Ireland visitor that it's the taxes that get you, not the prices...
     
    Last edited: Feb 14, 2010
  7. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    The Euro does seem to be moving back to more normal levels. This is good for those of us who like to travel to Europe. It's been prohibitively expense since the early 2000s. It still is, but if the trend continues the Euro should be back to a reasonable rate of exchange before long.
     
  8. HarkDawg

    HarkDawg Banned

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    I would like to believe it.... but the guy is a French fry






    French source - take it w/ a grain of salt..... can't trust the sob's
     

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