Greece on the Edge

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chris123 hove actually 30 Jun 15 4.20pm
Quote Y Ddraig Goch at 30 Jun 2015 4.07pm Quote nickgusset at 29 Jun 2015 12.38pm I read somewhere that the IMF have raked in £2.8 billion in interest from Greece. That's really going to help! Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off. Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates. The IMF's basic rate is 1.05%, but there are surcharges of between two and three percentage points for large and longstanding loans of the type Greece has received.
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chris123

hove actually 30 Jun 15 4.20pm

Quote Y Ddraig Goch at 30 Jun 2015 4.07pm

Quote nickgusset at 29 Jun 2015 12.38pm

I read somewhere that the IMF have raked in £2.8 billion in interest from Greece.
That's really going to help!

Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off.

Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates.

The IMF's basic rate is 1.05%, but there are surcharges of between two and three percentage points for large and longstanding loans of the type Greece has received.

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Stuk Top half 30 Jun 15 4.55pm
Quote chris123 at 30 Jun 2015 4.20pm Quote Y Ddraig Goch at 30 Jun 2015 4.07pm Quote nickgusset at 29 Jun 2015 12.38pm I read somewhere that the IMF have raked in £2.8 billion in interest from Greece. That's really going to help! Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off. Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates. The IMF's basic rate is 1.05%, but there are surcharges of between two and three percentage points for large and longstanding loans of the type Greece has received. Which is ridiculously cheap considering the state they're in. They're lucky the interest rate isn't double figures. Optimistic as ever
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Stuk

Top half 30 Jun 15 4.55pm

Quote chris123 at 30 Jun 2015 4.20pm

Quote Y Ddraig Goch at 30 Jun 2015 4.07pm

Quote nickgusset at 29 Jun 2015 12.38pm

I read somewhere that the IMF have raked in £2.8 billion in interest from Greece.
That's really going to help!

Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off.

Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates.

The IMF's basic rate is 1.05%, but there are surcharges of between two and three percentage points for large and longstanding loans of the type Greece has received.

Which is ridiculously cheap considering the state they're in. They're lucky the interest rate isn't double figures.

Optimistic as ever

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kingdowieonthewall Sussex, ex-Cronx. 30 Jun 15 5.27pm
does this mean we can buy cheap euro's at the weekend ? Kids,tired of being bothered by your pesky parents? Then leave home, get a job & pay your own bills, while you still know everything.
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kingdowieonthewall

Sussex, ex-Cronx. 30 Jun 15 5.27pm

Send a Private Message to kingdowieonthewall

does this mean we can buy cheap euro's at the weekend ?

Kids,tired of being bothered by your pesky parents?
Then leave home, get a job & pay your own bills, while you still know everything.

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TUX redhill 30 Jun 15 7.39pm
I feel sorry for the majority of the population. How's this scenario their fault?
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TUX

redhill 30 Jun 15 7.39pm

I feel sorry for the majority of the population.
How's this scenario their fault?

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nickgusset Shizzlehurst 30 Jun 15 8.04pm
Quote Y Ddraig Goch at 30 Jun 2015 4.07pm Quote nickgusset at 29 Jun 2015 12.38pm I read somewhere that the IMF have raked in £2.8 billion in interest from Greece. That's really going to help! Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off. Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates. You're talking about it like its pocket change. Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally. No wonder the banks are doing so well. How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it?
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nickgusset

Shizzlehurst 30 Jun 15 8.04pm

Quote Y Ddraig Goch at 30 Jun 2015 4.07pm

Quote nickgusset at 29 Jun 2015 12.38pm

I read somewhere that the IMF have raked in £2.8 billion in interest from Greece.
That's really going to help!

Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off.

Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates.

You're talking about it like its pocket change.

Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally.

No wonder the banks are doing so well.
How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it?

Alert a moderator to this post

Y Ddraig Goch In The Crowd 30 Jun 15 8.14pm
Quote nickgusset at 30 Jun 2015 8.04pm Quote Y Ddraig Goch at 30 Jun 2015 4.07pm Quote nickgusset at 29 Jun 2015 12.38pm I read somewhere that the IMF have raked in £2.8 billion in interest from Greece. That's really going to help! Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off. Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates. You're talking about it like its pocket change. Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally. No wonder the banks are doing so well. How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it? Not pocket change but when you look at the size of the debt, then as ridiculous as it may sound, it's not that much. Im no economist but lending those sums of money is not that simple, it's slightly more complicated than just rolling the printing presses. the dignified don't even enter in the game
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Y Ddraig Goch

In The Crowd 30 Jun 15 8.14pm

Quote nickgusset at 30 Jun 2015 8.04pm

Quote Y Ddraig Goch at 30 Jun 2015 4.07pm

Quote nickgusset at 29 Jun 2015 12.38pm

I read somewhere that the IMF have raked in £2.8 billion in interest from Greece.
That's really going to help!

Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off.

Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates.

You're talking about it like its pocket change.

Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally.

No wonder the banks are doing so well.
How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it?

Not pocket change but when you look at the size of the debt, then as ridiculous as it may sound, it's not that much.

Im no economist but lending those sums of money is not that simple, it's slightly more complicated than just rolling the printing presses.

the dignified don't even enter in the game

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Stirlingsays 30 Jun 15 8.20pm
Quote nickgusset at 30 Jun 2015 8.04pm Quote Y Ddraig Goch at 30 Jun 2015 4.07pm Quote nickgusset at 29 Jun 2015 12.38pm I read somewhere that the IMF have raked in £2.8 billion in interest from Greece. That's really going to help! Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off. Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates. You're talking about it like its pocket change. Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally. No wonder the banks are doing so well. How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it? Yes a central bank can print money but why don't they just continue to print and print away until every problem is financially solved? One word.....Inflation.......If that goes south the economy becomes a disaster zone. Printed money has to be carefully directed. 'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)
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Stirlingsays

30 Jun 15 8.20pm

Quote nickgusset at 30 Jun 2015 8.04pm

Quote Y Ddraig Goch at 30 Jun 2015 4.07pm

Quote nickgusset at 29 Jun 2015 12.38pm

I read somewhere that the IMF have raked in £2.8 billion in interest from Greece.
That's really going to help!

Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off.

Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates.

You're talking about it like its pocket change.

Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally.

No wonder the banks are doing so well.
How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it?

Yes a central bank can print money but why don't they just continue to print and print away until every problem is financially solved?

One word.....Inflation.......If that goes south the economy becomes a disaster zone.

Printed money has to be carefully directed.

'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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Stuk Top half 30 Jun 15 8.31pm
Quote nickgusset at 30 Jun 2015 8.04pm Quote Y Ddraig Goch at 30 Jun 2015 4.07pm Quote nickgusset at 29 Jun 2015 12.38pm I read somewhere that the IMF have raked in £2.8 billion in interest from Greece. That's really going to help! Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off. Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates. You're talking about it like its pocket change. Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally. No wonder the banks are doing so well. How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it? They don't produce money from thin air. You're talking about physical currency. If everyone in the world withdrew all their deposits and cashed in their assets there would not be the physical money to cover it. Not because it doesn't exist but because it's just not required. Optimistic as ever
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Stuk

Top half 30 Jun 15 8.31pm

Quote nickgusset at 30 Jun 2015 8.04pm

Quote Y Ddraig Goch at 30 Jun 2015 4.07pm

Quote nickgusset at 29 Jun 2015 12.38pm

I read somewhere that the IMF have raked in £2.8 billion in interest from Greece.
That's really going to help!

Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off.

Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates.

You're talking about it like its pocket change.

Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally.

No wonder the banks are doing so well.
How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it?

They don't produce money from thin air. You're talking about physical currency.

If everyone in the world withdrew all their deposits and cashed in their assets there would not be the physical money to cover it. Not because it doesn't exist but because it's just not required.

Optimistic as ever

Alert a moderator to this post

TUX redhill 30 Jun 15 8.45pm
Quote Stuk at 30 Jun 2015 8.31pm Quote nickgusset at 30 Jun 2015 8.04pm Quote Y Ddraig Goch at 30 Jun 2015 4.07pm Quote nickgusset at 29 Jun 2015 12.38pm I read somewhere that the IMF have raked in £2.8 billion in interest from Greece. That's really going to help! Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off. Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates. You're talking about it like its pocket change. Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally. No wonder the banks are doing so well. How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it? They don't produce money from thin air. If everyone in the world withdrew all their deposits and cashed in their assets there would not be the physical money to cover it. Not because it doesn't exist but because it's just not required. 1. They do. Who else makes it then! 2. They would never allow that to happen (Temporary Stock Market 'closures' are a prime example). 3. That's never stopped them in the past and it gets worst with every year. Bankers rule the world because we allow them to. It really is that simple. Edited by TUX (30 Jun 2015 8.46pm) Edited by TUX (30 Jun 2015 8.49pm) Edited by TUX (30 Jun 2015 9.01pm)
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TUX

redhill 30 Jun 15 8.45pm

Quote Stuk at 30 Jun 2015 8.31pm

Quote nickgusset at 30 Jun 2015 8.04pm

Quote Y Ddraig Goch at 30 Jun 2015 4.07pm

Quote nickgusset at 29 Jun 2015 12.38pm

I read somewhere that the IMF have raked in £2.8 billion in interest from Greece.
That's really going to help!

Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off.

Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates.

You're talking about it like its pocket change.

Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally.

No wonder the banks are doing so well.
How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it?

They don't produce money from thin air.

If everyone in the world withdrew all their deposits and cashed in their assets

there would not be the physical money to cover it.

Not because it doesn't exist but because it's just not required.

1. They do. Who else makes it then!
2. They would never allow that to happen (Temporary Stock Market 'closures' are a prime example).
3. That's never stopped them in the past and it gets worst with every year.

Bankers rule the world because we allow them to. It really is that simple.

Edited by TUX (30 Jun 2015 8.46pm)

Edited by TUX (30 Jun 2015 8.49pm)

Edited by TUX (30 Jun 2015 9.01pm)

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nickgusset Shizzlehurst 30 Jun 15 9.02pm
Quote TUX at 30 Jun 2015 8.45pm Quote Stuk at 30 Jun 2015 8.31pm Quote nickgusset at 30 Jun 2015 8.04pm Quote Y Ddraig Goch at 30 Jun 2015 4.07pm Quote nickgusset at 29 Jun 2015 12.38pm I read somewhere that the IMF have raked in £2.8 billion in interest from Greece. That's really going to help! Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off. Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates. You're talking about it like its pocket change. Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally. No wonder the banks are doing so well. How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it? They don't produce money from thin air. You're talking about physical currency. If everyone in the world withdrew all their deposits and cashed in their assets there would not be the physical money to cover it. Not because it doesn't exist but because it's just not required. 1. They do. 2. They would never allow that to happen (Stock Market 'closures' are a prime example). 3. That's never stopped them in the past and it gets worst with every year. Bankers rule the world because we allow them to. It really is that simple. Edited by TUX (30 Jun 2015 8.46pm) Edited by TUX (30 Jun 2015 8.49pm) Banks don't create the money per se, but they do create credit... Leftwing blog that many won't read but still slag off - see the heirarchy of discussion thread)klaxon... [Link]
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nickgusset

Shizzlehurst 30 Jun 15 9.02pm

Quote TUX at 30 Jun 2015 8.45pm

Quote Stuk at 30 Jun 2015 8.31pm

Quote nickgusset at 30 Jun 2015 8.04pm

Quote Y Ddraig Goch at 30 Jun 2015 4.07pm

Quote nickgusset at 29 Jun 2015 12.38pm

I read somewhere that the IMF have raked in £2.8 billion in interest from Greece.
That's really going to help!

Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off.

Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates.

You're talking about it like its pocket change.

Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally.

No wonder the banks are doing so well.
How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it?

They don't produce money from thin air. You're talking about physical currency.

If everyone in the world withdrew all their deposits and cashed in their assets

there would not be the physical money to cover it.

Not because it doesn't exist but because it's just not required.

1. They do.
2. They would never allow that to happen (Stock Market 'closures' are a prime example).
3. That's never stopped them in the past and it gets worst with every year.

Bankers rule the world because we allow them to. It really is that simple.

Edited by TUX (30 Jun 2015 8.46pm)

Edited by TUX (30 Jun 2015 8.49pm)

Banks don't create the money per se, but they do create credit...

Leftwing blog that many won't read but still slag off - see the heirarchy of discussion thread)klaxon...

[Link]

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TUX redhill 30 Jun 15 9.15pm
Quote nickgusset at 30 Jun 2015 9.02pm Quote TUX at 30 Jun 2015 8.45pm Quote Stuk at 30 Jun 2015 8.31pm Quote nickgusset at 30 Jun 2015 8.04pm Quote Y Ddraig Goch at 30 Jun 2015 4.07pm Quote nickgusset at 29 Jun 2015 12.38pm I read somewhere that the IMF have raked in £2.8 billion in interest from Greece. That's really going to help! Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off. Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates. You're talking about it like its pocket change. Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally. No wonder the banks are doing so well. How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it? They don't produce money from thin air. You're talking about physical currency. If everyone in the world withdrew all their deposits and cashed in their assets there would not be the physical money to cover it. Not because it doesn't exist but because it's just not required. 1. They do. 2. They would never allow that to happen (Stock Market 'closures' are a prime example). 3. That's never stopped them in the past and it gets worst with every year. Bankers rule the world because we allow them to. It really is that simple. Edited by TUX (30 Jun 2015 8.46pm) Edited by TUX (30 Jun 2015 8.49pm) Banks don't create the money per se, but they do create credit... Leftwing blog that many won't read but still slag off - see the heirarchy of discussion thread)klaxon... [Link] I get your drift but it amounts to the same thing.
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TUX

redhill 30 Jun 15 9.15pm

Quote nickgusset at 30 Jun 2015 9.02pm

Quote TUX at 30 Jun 2015 8.45pm

Quote Stuk at 30 Jun 2015 8.31pm

Quote nickgusset at 30 Jun 2015 8.04pm

Quote Y Ddraig Goch at 30 Jun 2015 4.07pm

Quote nickgusset at 29 Jun 2015 12.38pm

I read somewhere that the IMF have raked in £2.8 billion in interest from Greece.
That's really going to help!

Is that a lot? Serious question, they borrowed circa €230 billion and also had €40 billion written off.

Suddenly, given the risk involved, €2.8billion doesn't seem so much. Not exactly Wonga rates.

You're talking about it like its pocket change.

Where do the banks get their money from? They just produce it to order and charge interest on it. It's created out of thin air literally.

No wonder the banks are doing so well.
How about those in the EU magically produce money and pay off the banks. Sorry doesn't work that way round does it?

They don't produce money from thin air. You're talking about physical currency.

If everyone in the world withdrew all their deposits and cashed in their assets

there would not be the physical money to cover it.

Not because it doesn't exist but because it's just not required.

1. They do.
2. They would never allow that to happen (Stock Market 'closures' are a prime example).
3. That's never stopped them in the past and it gets worst with every year.

Bankers rule the world because we allow them to. It really is that simple.

Edited by TUX (30 Jun 2015 8.46pm)

Edited by TUX (30 Jun 2015 8.49pm)

Banks don't create the money per se, but they do create credit...

Leftwing blog that many won't read but still slag off - see the heirarchy of discussion thread)klaxon...

[Link]

I get your drift but it amounts to the same thing.

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Stirlingsays 30 Jun 15 9.35pm
Quote TUX at 30 Jun 2015 9.15pm I get your drift but it amounts to the same thing. Mmmmm... You don't happen to be Greek do you? 'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)
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Stirlingsays

30 Jun 15 9.35pm

Quote TUX at 30 Jun 2015 9.15pm

I get your drift but it amounts to the same thing.

Mmmmm...

You don't happen to be Greek do you?

'Who are you and how did you get in here? I'm a locksmith. And, I'm a locksmith.' (Leslie Nielsen)

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