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Cost of Living

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  • #19342
    Topdriller
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        I thought Cameron’s speech was both measured and spot on i.e. the EU does have to change, does have to become more flexible, more competitive, less bureaucratic and then perhaps it will be something the British want to remain a part of.

        As for Sterling, exports to Europe now represent over 50% of all UK exports – it’s perhaps no coincidence therefore that the British Government is none too concerned that the pound is again on the slide since it makes UK exports more competitive across the Euro Zone. This is particularly true when the one thing they can’t seem to get right is sustainable growth in the UK economy.

        Jon

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        #19343
        latsida
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            all that does not help me with the cost of living Jon, I only have my state pension which is losing value by the day ;)

            indecision and deadlines over the last three years have not  helped  the greek economy, and living in limbo for four years waiting for a referendum will do the same in the UK

            http://www.guardian.co.uk/money/2013/jan/23/weak-pound-sterling-what-it-means

            http://www.guardian.co.uk/business/2013/jan/25/uk-triple-dip-recession-gdp

            do not know if this link will open as it is the FT, a subscription paper, but here goes

            http://blogs.ft.com/the-a-list/2013/01/25/davies-davos-diary-hedging-bets-on-a-brexit/#axzz2J0BhiVP5

            #19344
            MartinP
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                #19345
                Gem
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                    Am I the only person who read this and thought OMG? Oh for a crystal ball!

                    #19346
                    latsida
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                        rate at this moment 114.87 :-X :-X

                        #19347
                        Topdriller
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                            It looks like it’s not just the Brits on Crete who are concerned about the rising strength of the European single currency.

                            http://www.bbc.co.uk/news/business-21408533

                            I’m at a loss as to how the markets determine currency strength.  Europe is basically in recession and nothing much has changed re the countries who need or are close to needing a bailout.  Unemployment is at record highs, the EU budget has been cut – although not by much – but in real terms it does mean a cut over the coming years.

                            The article above suggests that a number of countries e.g. Japan are purposely trying to weaken their currencies to stimulate exports and growth. The French Finance Minister want to follow suit but the Germans and the ECB are against a weaker euro.

                            Sadly, if the Germans are against it then guess what – we might not see sterling rise any time soon against the Euro.

                            Jon

                            #19348
                            latsida
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                                #19349
                                daveellen
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                                    And the rate shoots back up again to 1.16 as all the dealers who shorted the euro come back in :)
                                    Dealers don’t care how prices move – as long as they move AND it makes good headlines for the financial press. Sounds like everyone is a winner then – or maybe not >:(

                                    #19350
                                    Topdriller
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                                        Panic and herd mentality drive all markets, as witnessed yesterday by the big fall in the DOW and the FTSE and the recovery today.

                                        The Sterling / Euro conundrum will ultimately depend on which economy is seen as the sicker and therefore less likely to recover in the short term. 

                                        If unemployment is anything to go by, re the health of the economy, then Sterling should be ahead at the moment.

                                        By the way, I write this in the shadow of Vesuvius, at least the Italians seem to have a reliable Internet service!

                                        Jon

                                        #19351
                                        Topdriller
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                                            http://www.bbc.co.uk/news/business-22061879

                                            Shares in Greek banks have plummeted by 30% as a proposed merger between two Greek banks (National Bank and Eurobank) has been halted.

                                            At the same time, and after the debacle in Cyprus, there is an as yet unreported run on Greek banks i.e. savers who have not already removed their funds are now removing them because the EU Finance Ministers showed last month (Cyprus) that they are willing to sacrifice anything and everyone to keep the Euro project on track.

                                            One wonders when this madness is going to end!

                                            Jon

                                            #19352
                                            Hugsie
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                                                I wonder why it is "as yet unreported".

                                                As to when the madness will end I suspect it might (only might) at least reduce a little after the German elections.

                                                Really though it will only end when the project eventually unravels as it surely must do.

                                                That will take one country to say "enough is enough" and realise that leaving the Euro need not be the disaster everyone is predicting.

                                                I would very much have liked the UK to offer Cyprus support and a link to Sterling for a new Cyprus Pound but I guess that would not have been politically expedient and, given history, would probably have been subject to all sorts of imperialistic interpretations.

                                                #19353
                                                Gem
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                                                    Great!!!!!

                                                    http://greece.greekreporter.com/2013/04/10/greece-will-reassess-property-values/

                                                    "objective values of properties set to soar in Crete"! :(

                                                    #19354
                                                    Topdriller
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                                                        Unreported because the last thing the Greek government wants is to publicise the fact more and more people are withdrawing their savings in ever increasing numbers.

                                                        As for the increase in property tax values, the adage blood and stone comes to mind.

                                                        Jon

                                                        #19355
                                                        latsida
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                                                            er

                                                            "He ( Bank of Greece Governor) said that more than €1.5bn entered Greece in March despite the crisis in Cyprus that triggered fears of deposit outflows in other indebted southern European economies."

                                                            quote taken from this article

                                                            http://www.enetenglish.gr/?i=news.en.economy&id=603

                                                            as to the merging of the objective and market value that has been widely reported for some time  ;)

                                                            #19356
                                                            Topdriller
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                                                                Strange though it may seem, I’m more inclined to believe that Spiegel’s version is not only true but ongoing rather than believe the words of a government paid civil servant.

                                                                "Germany’s Spiegel Online reported on 16 June last year – on the eve of the second general election in as many months – that €80 billion had been withdrawn from Greek banks since the start of the crisis – €5 billion in May alone – according to official figures."

                                                                Why would the wealthy Greeks be returning their monies here, particularly after the Cyprus fiasco, and why would the man in the street trust the coalition Government?  The one year only ‘property tax’ springs to mind!

                                                                And just how would a bankrupt government repay any depositer monies lost, particularly when the EU finance ministers made it very clear two weeks back that those same bank depositors should bare some of the pain? 

                                                                Jon

                                                                #19357
                                                                latsida
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                                                                    yes Jon we all know that money has been withdrawn from the banks here over the last couple of years that is well documented ,however your previous post concerned an "as yet unreported" mass exodus of funds in the last month.

                                                                    Although I was just a "tourist" last week in Cyprus I have to say that there seemed to be an inordinate amount of wealth there, probably the Russians.

                                                                    Fantastic cars ( first time I have seen a Bentley parked in a side street ) like this one http://www.guardian.co.uk/business/2013/apr/10/bentley-jaguar-land-rover-sales-boom and the taxis were all stretch Limousines.

                                                                    the shops where I was staying basically catered for the Russians.

                                                                    As an aside I see that a Rich Russian Oligarch has bought the Onassis Island of Skorpios for over 100 million

                                                                    #19358
                                                                    Topdriller
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                                                                        "But, still, not surprisingly, news that deposits in Cyprus’s banks would be seized triggered an immediate run on the banks

                                                                        And … here’s the important part …

                                                                        Other depositors at weak banks all over Europe, in places like Spain, Italy, and Greece, will rightly wonder whether this is the beginning of a new era of bank bailouts, an era in which bank depositors are going lose some of their money.

                                                                        What do you think those other depositors in Spain, Italy, Greece, etc., are going to feel like doing when they realize that, if their banks ever need a bailout, they might have their deposits seized?

                                                                        That’s right.

                                                                        They’re going to feel like yanking their money out of their banks.

                                                                        And if some of them yank their money out of their banks, well — then the financial condition of those banks will go from weak to insolvent.

                                                                        And the banks will go rushing to their governments and the Eurozone for help.

                                                                        And if, god forbid, the Eurozone decides to seize the deposits of more bank depositors …

                                                                        Well, then, a good portion of Europe is going to suddenly experience a good old-fashioned bank run.
                                                                        That, to put it mildly, could be a disaster.

                                                                        It could bring the European financial crisis, which has lurched from one flare-up to another for most of the past five years, to a rather sudden head.

                                                                        How much would it cost for the powers-that-be to bail out all of Europe’s weak banks at once?

                                                                        A lot.

                                                                        More than the Eurozone has in its emergency lending facilities, certainly. And more than the International Monetary Fund has on hand.

                                                                        So the U.S. would probably have to get involved.

                                                                        And, regardless of whether the U.S. needed to get involved, the European economy would likely suffer the equivalent of a heart attack.

                                                                        That wouldn’t be good for the U.S. economy.

                                                                        Or the Chinese economy.

                                                                        Or any other economy that sells things to Europe.

                                                                        So, you can see, this little decision to seize a little money from bank depositors in the little island of Cyprus could be a much bigger deal than you think.

                                                                        It could conceivably precipitate a run on weak European banks.

                                                                        And a run on weak European banks could hammer the European economy and then the economy of Europe’s trading partners. And it could cause global markets to crash.

                                                                        So keep an eye on what’s going on over there in Cyprus.

                                                                        It’s potentially much more important than it seems."

                                                                        http://www.businessinsider.com/cyprus-bailout-risks-europe-bank-runs-2013-3#ixzz2QWIuGiqj

                                                                        Jon

                                                                        #19359
                                                                        latsida
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                                                                            that article was written a month ago ;)

                                                                            #19360
                                                                            Topdriller
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                                                                                Which means what? Do you really think the ordinary Greeks aren’t removing money from their bank accounts?

                                                                                My good lady went into the bank a few days back and withdrew some funds we had sent over. One of the bank personnel knows my wife very well and took her aside and asked why she was withdrawing the funds. She has provided us with "pink slips" for the past six years and has been a god send when dealing with the bank. My wife told her the truth i.e. we’re uncomfortable keeping funds in the bank.

                                                                                She nodded sadly and said everyone was doing the same thing.

                                                                                Jon

                                                                                #19361
                                                                                latsida
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