Are we ready?

[Oldschool]

What would we have to do to protect ourselves, if Greece were to exit the Euro. A YES vote would surely help!
Do we have any private exposure and would it impact on our banks.
Would there be a flight of capitol from our banks.
Would we have to introduce an emergency budget to introduce more cuts.
What Else?

[mikey]

What would we have to do to protect ourselves, if Greece were to exit the Euro. A YES vote would surely help!
Do we have any private exposure and would it impact on our banks.
Would there be a flight of capitol from our banks.
Would we have to introduce an emergency budget to introduce more cuts.
What Else?

I think Greece WILL leave the Euro - and the effect on that will hit the whole of Europe, not just Eurozone countries.
Its a disaster - we have already seen big movements in the value of the Euro just because Greece cant form a government - god knows where it heads when they leave. Living in the UK the up side is sterling is stronger now, but business wise we work in Europe so suddenly we are more expensive.
I would imagine that the banks are already seeing money leaving - businesses for sure moving to $ or £.

Its a scary time.

[ronk]

Greece can't easily stay in the Euro forever. They'll probably do more damage in the Euro than out of it at this point. They have nothing to gain by having their fiscal policy tied to Germany's.

[simplythebest]

According to the fcuking eejit, Baldy Noonan, it won't affect anything except Feta cheese.

If there's a no vote, and there's any sort of withdrawal of capital from our Banks (due to events in Greece or a fear over a no vote), the Government won't have the money to discharge their commitments under the Bank gaurantee.

[mikey]

According to the fcuking eejit, Baldy Noonan, it won't affect anything except Feta cheese.

If there's a no vote, and there's any sort of withdrawal of capital from our Banks (due to events in Greece or a fear over a no vote), the Government won't have the money to discharge their commitments under the Bank gaurantee.

I had noticed there WAS a lot less Feta in Tescos the other day

Its started already.....

[fourthirtythree]

According to the fcuking eejit, Baldy Noonan, it won't affect anything except Feta cheese.

If there's a no vote, and there's any sort of withdrawal of capital from our Banks (due to events in Greece or a fear over a no vote), the Government won't have the money to discharge their commitments under the Bank gaurantee.

I had noticed there WAS a lot less Feta in Tescos the other day

Its started already.....

If Greece leaves the EU the Danish will be able to call their cheese feta again. In fact we could sell feta.

Swings and roundabouts.

[mikey]

According to the fcuking eejit, Baldy Noonan, it won't affect anything except Feta cheese.

If there's a no vote, and there's any sort of withdrawal of capital from our Banks (due to events in Greece or a fear over a no vote), the Government won't have the money to discharge their commitments under the Bank gaurantee.

I had noticed there WAS a lot less Feta in Tescos the other day

Its started already.....

If Greece leaves the EU the Danish will be able to call their cheese feta again. In fact we could sell feta.

Swings and roundabouts.

Ah, the old protected designation of origin thang - not sure if Greece being outside the EU would allow the Danes to market faux feta again..once they have that designation I dont think they can loose it.

[fourthirtythree]

Ah, the old protected designation of origin thang - not sure if Greece being outside the EU would allow the Danes to market faux feta again..once they have that designation I dont think they can loose it.

While I was being facetious and ruining a serious debate it is an EU denomination of origin IIRC - similar to the recognition of Champagne etc. Once out of the EU your mechanism for enforcing it would cease to exist. So if Portugal left the EU the Saffers could sell their Port in Europe with the name Port and not just in the rest of the world as they do now. The only place that would probably ban it would be Portugal.

[StrangeButBlue]

According to the fcuking eejit, Baldy Noonan, it won't affect anything except Feta cheese.

If there's a no vote, and there's any sort of withdrawal of capital from our Banks (due to events in Greece or a fear over a no vote), the Government won't have the money to discharge their commitments under the Bank gaurantee.

I had noticed there WAS a lot less Feta in Tescos the other day

Its started already.....

If Greece leaves the EU the Danish will be able to call their cheese feta again. In fact we could sell feta.

Swings and roundabouts.

It is likely Greece will leave the Euro and some would say they would be back to a barter system which may include feta cheese but this does not mean they will leave the EU and the naming rights of Greek Feta (and Macedonia) are more connected to the single market than single currency.
There was a UBS report last year which called out the legal technicality that a country has to leave the EU to leave the Euro but this is unlikely to be enforced in practice even if it is a messy divorce.
And No, we are not ready.

[Hornet]

I'm beyond caring at this stage, seeing as EU leaders still cannot agree on the best course of action after, God knows how many summits. Nero and Rome burning comes to mind.

[mikey]

Ah, the old protected designation of origin thang - not sure if Greece being outside the EU would allow the Danes to market faux feta again..once they have that designation I dont think they can loose it.

While I was being facetious and ruining a serious debate it is an EU denomination of origin IIRC - similar to the recognition of Champagne etc. Once out of the EU your mechanism for enforcing it would cease to exist. So if Portugal left the EU the Saffers could sell their Port in Europe with the name Port and not just in the rest of the world as they do now. The only place that would probably ban it would be Portugal.

I knew that but it's still an interesting point- and eu verses euro - as someone else said if they leave the one do they leave the other?

I think they will leave the single currency - rumours were that the uk co who prints bank notes being primed for designs for the drachma - even without that their inability to form a government is making the single currency very unstable and the knock on effect to the markets is pretty bad. All in all we are not ready but it's going to happen