Australian (ASX) Stock Market Forum

Second GFC Begins: Greece

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Does anyone know what time, locally, the decision on the bailout package will be announced? Currently have holdings in the market so very much hoping for good news. Cheers.
 
FreshTrader said:
Does anyone know what time, locally, the decision on the bailout package will be announced? Currently have holdings in the market so very much hoping for good news. Cheers.
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I believe zee germans have voted and passed the EFSF thingy. (heard this an hour ago on the tele)
 
RandR said:
I believe zee germans have voted and passed the EFSF thingy. (heard this an hour ago on the tele)
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Thanks mate, appreciate the update ;)

I seriously thought Australia's market reaction to this would be much better, but then again it is a Friday...
 
FreshTrader said:
Thanks mate, appreciate the update ;)

I seriously thought Australia's market reaction to this would be much better, but then again it is a Friday...
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Why? Nothing has really changed. The Germans are looking out for their own banks, just like they were yesterday and the day before and the week before. If they weren't Greece would have long ago defaulted. This is just rearranging the deck chairs on the Titanic and making it slightly more orderly. Bottom line is someone still needs to pay the interest.
 
FreshTrader said:
I seriously thought Australia's market reaction to this would be much better, but then again it is a Friday...
Click to expand...

McLovin said:
Why? Nothing has really changed. The Germans are looking out for their own banks, just like they were yesterday and the day before and the week before. If they weren't Greece would have long ago defaulted. This is just rearranging the deck chairs on the Titanic and making it slightly more orderly. Bottom line is someone still needs to pay the interest.
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+1. Exactly.
 
McLovin said:
Why? Nothing has really changed. The Germans are looking out for their own banks, just like they were yesterday and the day before and the week before. If they weren't Greece would have long ago defaulted. This is just rearranging the deck chairs on the Titanic and making it slightly more orderly. Bottom line is someone still needs to pay the interest.
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This is really disturbing.

http://www.youtube.com/watch?v=rxMOW94V6xQ&feature=related
 
McLovin said:
Why? Nothing has really changed. The Germans are looking out for their own banks, just like they were yesterday and the day before and the week before. If they weren't Greece would have long ago defaulted. This is just rearranging the deck chairs on the Titanic and making it slightly more orderly. Bottom line is someone still needs to pay the interest.
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Nice analogy. In the end, does it matter if the sinking is "orderly" or "disorderly"? Either way, they're sunk!

:cool:
 
Thank you to all, the recent posts have really opened my eyes in relation to this issue. I guess I'm just a little too optimistic.. :rolleyes:
 
Special Report: Greece's far-right party goes on the offensive


(Reuters) - Arm raised in a Nazi-style salute, the leader of Greece's fastest-rising political party surveyed hundreds of young men in black T-shirts as they exploded into cheers. Their battle cry reverberated through the night: Blood! Honour! Golden Dawn!

"We may sometimes raise our hand this way, but these hands are clean, not dirty. They haven't stolen," shouted Nikolaos Mihaloliakos as he stood, floodlit, in front of about 2,000 diehard party followers filling an open-air amphitheatre at Goudi park, a former military camp near Athens.
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http://www.reuters.com/article/2012/11/12/us-greece-crisis-dawn-idUSBRE8AB09F20121112
 
The Greek is pretty in default mode

They are in default so many times in history don't know why such a big fuss

They probably spend more time in default than not :D
 
Greek will default sooner or later, they got nothing but big public spending purse

Like I said some months ago...

Greek and Spain can go they will save Italy as Italy is a threat to German and France if
they out of euro ...Italy can sustain its own budget and consumption so its it doesn't care if
people lend them money or not and if its dollar is really cheap it has export advantages
against the German and France so they do their upmost to keep Italy on the same currency

Italy has bargaining power, so they can bargain their way out else they leave Euro and German and France
will pay the price...
 
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