Euro falls again

  tigertop2 09:48 17 May 2010
Locked

I note today that the Euro currency is going through another crisis of confidence

I would reckon by now that the German government may well be secretly printing a 'New Deutschmark' currency to allow them to pull out of the Euro if the deterioration lasts much longer. France might also be looking at this option as clearly the international pressure on the Euro is likely to deepen further.

  johndrew 10:31 17 May 2010

The only currency that appears to be generating confidence at the moment is the US$. After the statement today by the Chancellor the UK£ may also take a bit of a dive - that may make it look better against the € but nowhere else I fear.

Perhaps we should have got into the "sell your unwanted gold" scam and replaced that which was sold for a pittance.

  spuds 16:50 17 May 2010

I don't know how the markets went over the weekend, but at our local post office, the staff were inking in the rates on Saturday morning, and doing the same again today.

  hssutton 17:19 17 May 2010

Liam Byrne, left a note in a desk stating, 'I'm afraid to tell you there's no money left.

Supposedly meant as joke, but I doubt it will help the £

click here

  GANDALF <|:-)> 19:11 17 May 2010

There is a huge difference between 'deficit' and 'debt' as you will all find out in the coming months.
The £6bn savings plan that Osborne is bleating on about will pay just a few week's interest on our debt and will not really affect the overall deficit. He will need to be a lot more savage.

G

  tigertop2 20:17 17 May 2010

I think we are getting off the road on this one. My point was the possibility of Germany being forced to move to an alternate currency as the Euro looks likely to fall apart--and what they might be doing secretly in anticipation of that--like printing a fall back 'New Deutschmark'.
Germany has most to lose if the European central bank keeps pouring Euros into countries which have little prospect of mending their ways.

  morddwyd 08:22 18 May 2010

The trouble is that from being the suspected cause of most European problems, Germany is now seen as the solution to them.

With the best will in the world they cannot keep dipping their hands into their coffers every time someone is looking for a bail out, both within or without the EU.

Sooner or later they will have to restrict their help, and the left wing will have a field day with German intransigence, domination, deviousness etc.

  dms_05 08:54 18 May 2010

Quote from the Telegraph "According to El Pais, Mr Sarkozy threatened to pull France out of the euro and break the Franco-German axis at the heart of the EU project unless Germany capitulated. To utter such threats is to bring them about. You cannot treat Germany in that fashion."

The problem is old entrenched ideals. France wanted to lead Europe but they needed the Germans to pay for it. At last the Germans have said 'No' and the French see their European Empire disappearing.

So the Euro slides and the PIGS fall deeper and deeper into debt and deficit.

  GANDALF <|:-)> 09:14 18 May 2010

I read with some interest, that our National Debt may be £2 trillion ...double of what we were told...makes the Greek shiftless and corrupt Government seem like a bunch of saints. I can see trouble ahead. How anyone could have been so cranially retarded to vote for that lying bunch of Labour morons, escapes me completely.

G

  morddwyd 19:42 18 May 2010

"lying bunch of Labour morons"

I may be a bit over-sensitive, but it does occur to me that that is getting a bit close to "partisan politics"!

  GANDALF <|:-)> 20:48 18 May 2010

It would appear that the last Government were less than truthful about the extent of OUR debt and they were stupid enough to think that people would not be bothered. I would contest that my description was perfectly accurate. Does it make you glow inwardly knowing that you owe £77000? There really is no such thing as 'UK debt', it is actually our debt.

G

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