Jings - I'm waiting to get back in, hoping for 370-369. Not sure where this going at the moment though. See what happens when the DOW comes online. Have you any thoughts to where we are going short term? Haven't seen much of Mailman of late?
RBS relief as U.S. investor buys Jurys Inn hotel group in £680 million deal: Royal Bank of Scotland will finally recoup some of the debt it sank into Jurys Inn after the hotel group was snapped up in a £680 million deal
Yes, it just seems too unlikely that Germany and France, in particular, will be prepared to write off any of the Greek debt as it would open a flood gate for almost every other Country that has a debt mountain. Equally, I can't think that they can tell Greece to "pay up and get out" as that would allow Greece to start fresh and leave potential landslide of Countries doing the same thing with all the ramifications that might suggest. There has to be some kind of renegotiation to help Greece get back on its feet, possibly with a reduction of interest charges and a short moratorium of a few years, but I cannot see them writing of any of the base debt. As you say, we'll see in a few days, or more likely, weeks.
Markets may well have priced in Greece leaving the EU the danger would be in a precedent being set that could lead to other countries following suit . Spain , France , Italy all countries where the political left is growing in strength and anti austerity feeling is becoming more prevalent . It would appear that a compromise might be the sensible approach for all parties . The current level of debt is around 320 billion far higher than the original level .As an economic rescue plan the whole exercise has been a dismal failure with few winners outside of Germany , the banks, the Greek political elite and the super rich who have been acquiring the countries assets at knock down prices for years now . NeepHead ,this is Greece , home of Democracy , of some of the greatest mathematical , artistic and philosophic minds the world has ever known it's not a pawn shop , lol. Have the poor sods not suffered enough ?
The issue that will cause uncertainty for the markets is how the EU resolves to accomodate Greece. Neep, you are right; Greece has virtually no stick to wield. It will take a set of proposals to EU negotiations that ask for substantial debt write- offs and a much longer term for the reamining debt to be paid. Their argument is that very little of the original 240 billion Euros actually went to Greece to improve things, and that it mostly went to banks and other financiers and that the whole set- up is unsustainable. The EU could resolve to do its utmost to keep Greece in the EU and do so by accepting Greek demands for a restructure, or it could simply tell Greece to pay up or get out. The more that the latter seems likely, the more that markets will be disturbed. The EU's position will become evident over the next couple of days. I am quite surprised however that today hasn't been volatile because the outcome of the election has seemed certain for a good week or so.
All my shares are doing quite well this morning, even those I have had some concerns about. The only one not rising is BLT but there are reasons for that. You may be right but I can't think that Greece can hold the rest of Europe to ransome, they have too many means to apply sanctions if Greece were to default. What Greece needs to do is to sell some assets, the same action as I have previously suggested about UK LAs. What is the point in having useless artefacts hiding away in cellars when people need services? I don't get it. Sell some treasures when you need the money and buy them back when you are flush. better to have an apple to eat than to look at a painting of a bowl of fruit.. The UK could help by selling the Elgin Marbles and use the proceeds to reduce whatever debt Greece owes us. That would kill a few birds in one strike!
Market's down a tad overall but nothing too hellish at the moment might be a different story once the dust settles and the negotiations begin . RBS holding up well at the moment . GL with your trading..
haha - banker... as if, can't stand the stiff colars, horrible coffee and long hours. It's small fry compared to other winnings/losses that I've had the pleasure or displeasure of incurring - I should have said. :)
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