# Greece



## Steve in Hun (May 19, 2015)

Hi All.
With what's going on in Greece and the vote in or out of the euro, what does it mean to the rest of Europe. I can't work out what impact Greece leaving will have, I think stay or leave millions of euros of debt will be written off but what impact will it have on exchange rates or prices in the shops (don't think there will be much impact on prices I don't think Greece manufacture anything of note).
Personally I'm hoping for a weaker euro meaning I can buy stuff from Germany cheaper especially cars.
What will happen in Greece, will they reintroduce the drachma and how will it be valued. How will they pay for any imports with essentially no money.
I foresee cheap holidays in the future as they become ever more dependant on tourist money.
What do you guys think.
Steve


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## Soul boy 68 (Sep 8, 2013)

What will be, will be, as the saying goes, I have never agreed with the Euro and this is one of the reasons why, it would end in tears. Now watch Spain, Italy and Portugal.


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## nbray67 (Mar 22, 2012)

There's talk of the government taking a 30% cut of those with sufficient savings, over 8k €, to shore up the banks.

What overall impact it will have if they/when they drop out of the euro I've no idea. We are currently on our hols here and apart from car hire and booking a trip, we've paid cash for everything so far.


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## Steve in Hun (May 19, 2015)

nbray67 said:


> There's talk of the government taking a 30% cut of those with sufficient savings, over 8k €, to shore up the banks.
> 
> What overall impact it will have if they/when they drop out of the euro I've no idea. We are currently on our hols here and apart from car hire and booking a trip, we've paid cash for everything so far.


Do you mean the government want to take 30% of savings over 8k if so wow, can imagine riots if that happens.


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## nbray67 (Mar 22, 2012)

Steve in Hun said:


> Do you mean the government want to take 30% of savings over 8k if so wow, can imagine riots if that happens.


That was what was said over here in the last day or so.

Some of the retired people will get really stung if so. The wise ones transferred money overseas or simply took it all out I believe.

They'll be lots of unhappy people out here if that happens.


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## kh904 (Dec 18, 2006)

Steve in Hun said:


> Do you mean the government want to take 30% of savings over 8k if so wow, can imagine riots if that happens.


Yep, it's called 'Bail ins', where the depositors take the hit, where as 'bail outs' was where the government/taxpayer took the hit!

Greece should just default, staying in the Euro doesn't change anything structurally with the finances.
Look at Iceland, every wonder we don't hear about them since they defaulted (and went after the bankers responsible)?


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## ZAFBLOKE (Mar 6, 2015)

This was never a vote whether to keep or leave the Euro it was a referendum on whether to accept more bailout money and thus more Austerity.

They will stay as a member of the EU and that is not in question as indeed their is nothing stopping them going back to the Drachma and still being members just like us

As for the original poster saying they have no exports that is not the case and we depend on them greatly besides tourism

http://www.worldsrichestcountries.com/top_greece_exports.html


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## 182_Blue (Oct 25, 2005)

ZAFBLOKE said:


> http://www.worldsrichestcountries.com/top_greece_exports.html


Looking at that we don't depend on them that much ?, we depend as much as say we do Botswana ?, oil is there biggest export where they export 13.6 billion (to the world), but they import 21.5 billions worth of oil ?


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## ZAFBLOKE (Mar 6, 2015)

Shaun said:


> Looking at that we don't depend on them that much ?, we depend as much as say we do Botswana ?, oil is there biggest export where they export 13.6 billion (to the world), but they import 21.5 billions worth of oil ?


But it is two way and not just what they export but what we export to them too

http://www.bbc.co.uk/news/business-33165580


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## uruk hai (Apr 5, 2009)

kh904 said:


> Yep, it's called 'Bail ins', where the depositors take the hit, where as 'bail outs' was where the government/taxpayer took the hit!
> 
> Greece should just default, staying in the Euro doesn't change anything structurally with the finances.
> Look at Iceland, every wonder we don't hear about them since they defaulted (and went after the bankers responsible)?


Slightly different situation, Iceland isnt and wasn't in the Euro currency, they're not even in the Eurozone and have a tiny population (even when compared to Greece). We effectively bailed out the Icelandic banks by compensating Brisish people who had lost deposits when they allowed thier banks to fail. Although it was a lot of money it's not as much as Greece has already borrowed and used to prop up their economy. I understand the comparison you're making but I think the situation is different when you look at Greeces' financial history and their entry to the Euro currency. They basically told fibs in order to qualify for entry into the currency and what we're seeing now is the fall out !

Who knows where all this will end, it does look like they are moving closer to the exit and if any of the rumours are true then vast sums of money was moved out of the country leading up to the last repayment deadline?


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## 182_Blue (Oct 25, 2005)

ZAFBLOKE said:


> But it is two way and not just what they export but what we export to them too
> 
> http://www.bbc.co.uk/news/business-33165580


Again from your link (what we export to greece) "That represents 1.2% of UK exports to the EU, or 0.55% of UK total global exports. "

Whilst it's not very good it will hardly have any effect on the UK, especially considering the biggest export is pharmaceuticals that they will still require.


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