Under EU law Greece can not” throw “from the euro area against the will of Athens. But Greece itself may decide to abandon the common European currency. (PAUL Kopczyński / REUTERS / REUTERS)
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The banking crisis igniter Grexitu
The euro is the currency throughout the Union and only the United Kingdom and Denmark are treaties and permanently exempted from its adoption (negotiated it, by joining the EU). While other countries outside Euroland (including Poland) use temporary exemption from the obligation to resign from the national currency, because – this is the official reason – “does not yet satisfy the criteria of” belonging to the euro zone.
Grexit in the EU law probably mean a shift of Athens to the same group, because “no longer meets the criteria”. Although the current provisions in the EU law probably not be so stretch, but – with political will – preparing for example. Intergovernmental protocol on top of the Union, which would allow such an interpretation, it would be very quick.
Under EU law, Greece it is impossible to “throw” from the euro area against the will of Athens. But now run the scenario – if not halted at the last minute – will lead to a situation when Greece itself decides to abandon the common European currency. To Grexitu most and the fastest will be pushed banking crisis.
Greek banks without drip from the ECB
How will it look like? Deprived of help eurozone Greece will most likely not pay the installment today for the International Monetary Fund (approx. 1.5 billion euros), followed by 10 and 17 July will have huge problems with the service the debt in short-term securities (including approx. 3 billion) and 20 July will not afford to repay its debt to the European Central Bank (approx. 3.5 billion euros).
This means that the ECB in the most pessimistic scenario, tomorrow, and in the least pessimistic scenario until July 21 should recognize Greek Banks too daunting solvent, packed with government bonds because of an insolvent Greece. And that means an automatic cut off their short-term loans from the ECB.
For now, the ECB Governing Council froze on Sunday the top and almost exhausted the limit of these loans (89 billion euros). It was enough to shut down banks in Greece for a week, because I would not have money for customers wishing to withdraw contributions.
Greek banks without drip from the ECB will require recapitalization, and Athens will not have the money. Even more urgent the need to be payments to budżetówki, retirees or for public sector services. The immediate solution that many experts now recognize as the most likely replacement will be printing currency – eg. Mortgage bonds or coupons, in which wages would receive, among others, teachers. One of the reasons alternative currency issue, but political, technical impossibility would be a rapid transition to the euro for the drachma.
Greek coins FT-how bitcoins
The current finance minister Janis Warufakis – even as a scientist prior to entering the government – theorized about currency substitution as a “FT-coins” (FT stands for “future taxes”, “future taxes”). Its value for the holder would guarantee the release of a certain amount of future taxes (eg. In two years). Warufakis posted on Trading “FT-coins” managed like bitcoins. But ordinary coupons (“as the government on his feet, for the coupon you will get 10 euros”) are a whole lot more probable than the old ideas Warufakisa.
Greece could even by a few or even several weeks with dual currency function – officially euros, but every day with currency substitute. Some experts even claim that Greece could so pull into the autumn. But eventually – according to the law of Copernicus – better money (including the euro) will always be superseded by money worse. For example, it is difficult to imagine the recapitalization of banks coupons, while deposits would have to pay in euros. For this you need to przenominowania assets and liabilities to a single currency – the drachma.
The Greeks may ask for a coin
The Minister Warufakis threatens today that it will block before the EU tribunal in Luxembourg trying to push Greece out of the euro zone. Let us remember that even on Sunday afternoon preached that the introduction of restrictions on capital flows is contrary to the concept of monetary union (that’s right, but the precedent was Cyprus in 2013.), And in the evening the same day he recommended such restrictions Alexis Tsipras government. I introduced them.
And the most important – a scenario crawling, but rapid Grexitu faced by Athens, means that probably it will ask the Greeks themselves to legalize the drachma in the EU. In order to save the banks, to gain the right to own monetary policy and have the money to pay, among others, pensions.
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Coupons ???? What coupons, Why, it simply CARDS FOR LIMITED FOOD SHOPPING such activities Tsipras will have to make due without fail total lack of goods (after grexicie) for as such physical survival of the Greek people …. remember such cards were issued by Jaruzela for the purchase of such 100 gram “sausage” month in the PRL-U in the late 80s …. POLES: you want within six (6) months have pisowską Greece and Budapest ??? Orban in Warsaw, vote for urinal and kukukiza (this is the thin szarpidrut living in RESIDENCE bloated and two SUVs, 0.5 million-images in GW out of the closet, which DYMA WAS as it may, chuckling WAS in a leather chair with a large (Cultural glass of the kukukiza too small) Chivas). POLES SUICIDE !!!! ??? I do not want to have anything to do with such paaa..triotami what they are doing to themselves ANGER !!! DOUBLE shallowness …
OK. The government will pay salaries and pensions coupons with a value of 1 Euro contract – in this I believe. In that gifted coupon Athens Greek find a shop that sell him whatever money by converting 1 Euro 1 Euro voucher – it’s not.
What will the Greek when he finds out that the Euro on the slip is uneven Euros for a banknote? First give a fuck grocer – a speculator. However, since the number of host spanking bowl of speculators – shopkeepers, for reasons entirely natural fall sharply, you will look for somebody next, on which to vent their anger right. And it will not only Alekutas Cipras and his przydupas Motherfukis.
Tsipras, as a faithful disciple spiskoświrowej propaganda (of which the net until bursting) will want to think, note: “rely on gold coin”. Tra, la, la …. Playing music, country dancing singing. We dance music does not bother
Is it true that at the beginning of Greece’s troubles were caused by speculation that some of the “investment houses”, such as Goldman & amp; Sachs?Gazeto, I will have to sorrow as you remove this post, at the end of the G & amp; S is a powerful institution and expose her fear …
Greece will be duĹźo ?? more fun Nilze Disneyland
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Greece is like credit unions. There are no such people’s money, which they would not absorb …