Greek political upheaval will lead to trouble in the Eurozone, a sign for precious metals to perk up

The Greeks have just elected an anti austerity party and will try to re-negotiate bail out terms with Germany. The odds are good that they will fail and the Greek Euro link crumble, leading to problems in the other weak Eurozone economies.

There promises to be a shedload of speculation around this.

 

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A return to the Drachmae YAY

 

Davey, is there any way of chucking an 'e' up there into the title?

 

Oh, you mean Greece is about to leave the European Union? (Leaving just the euro area is legally not possible.) I don't think any of the scenarios is actually realistic, no matter how much you guys long for it.

Christian

 

If Greece defaults on its debts and leaves the EU and Euro, I can see Russia bailing them out,
so that they can live in the land of economic reality again.

 

The Euro has already taken a dive Monday morning in Australia.

 

Seriously, Russia? With their upcoming economical crisis due to variety of sanctions? And inability to properly take care of Crimea?

 

I think you will find Crimea has already been taken care of.

The Greek public never got a say about coming into the Euro, it just happened.
They did not have a financial crisis before the Euro.
The people have spoken, they are sick of austerity.
Greece was paid war repararations by Italy and Bulgaria after WWII but not by Germany, it is estimated by the Greeks that they are owed €162 billion.

 

It's a system called parliamentary democracy. Some may not like it, but fortunately that does not apply to most Europeans. As for Syriza, even Tsipras has said several times that he is not interested in Greece getting out of the EU or the euro. There will probably be new negotiations. As for the precious metal bugs, keep in mind that Syriza was expected to win the election. Not with this obvious majority, but nobody believed in a radically different outcome. So I suppose that much of this has already been factored in ...

Christian

 

Here is what I found, according to the news:

TechCrunch: "Google Joins Apple, Others Cutting Off Crimea, Blocks AdWords, AdSense, Google Play"

Yahoo News: "AIDS crisis brewing in Crimea and east Ukraine says UN"

Bloomerg Businessweek: "Why Crimea Now Has the Second-Highest Inflation Rate in the World"

RFERL: "Tourist Season A Washout In Annexed Crimea"

EuroNews: "Visa and MasterCard quit Crimea over US sanctions"

And its not even 1/10 of their trouble. Just FYI, unrelated to Greece, EU or precious metals.

 

I don`t think they will be too bothered about Google & Apple if they owe the same tax as they do in other countries.

Amazon ,Starbucks ,Facebook, Google, Apple & eBay owe billions of £`s in tax evasion in the UK alone.

Russia is not 16-17 trillion $ in debt nor in hock to China.

Putin only has to turn the gas taps off and half of Western Europe will freeze.
Don`t let the western propaganda fool you.

 

By the way, I know that economically or politically difficult times are fodder for some, as expressed in the topic title. And in this (BI) forum, political issues influence the discussions to a greater extent than in the others. But Peter has a separate site (partisanlines.com) for such debates ...

Christian

 

3 years ago, this would have thrown global markets into a tailspin.

Today, it's like news on the Lehman creditor bankruptcy talks....who cares ?