Euro collapse what's next?

Summer3 thumbnail
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Posted: 15 years ago
#1
Euro is collapsing and looks like it may have to be either devalued or disbanded. Unless the member countries can adopt painful measures. Common currency may not work due to the nature of each economy. Countries like Greece has very highly disorganized financial structure.

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P1nk thumbnail
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Posted: 15 years ago
#2
Should i the pound user be worried? 😕
debayon thumbnail
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Posted: 15 years ago
#3
What else, Rupee may just be excepted globally. RBi is making a case to do so, as the US dollars and pounds value's are going down and Indian rupees, being one of the 2 currencies whose values did not experience a downfall, may be useful in the future.
hindu4lyf thumbnail
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Posted: 15 years ago
#4
Debayon you might just be right.
Those were the days we used to get 80rs for 1..now we're lucky to get even 60rs!

I'm glad that the value of the Indian rupee is increasing though. :)
Summer3 thumbnail
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Posted: 15 years ago
#5

Originally posted by: hindu4lyf

Debayon you might just be right.
Those were the days we used to get 80rs for 1..now we're lucky to get even 60rs!

I'm glad that the value of the Indian rupee is increasing though. :)

It is predicted that in time the Rupee could be equivalent to one US$, maybe in a long while.
USA is known for overspending.
The Chines RMB too is coming pretty strong.
Edited by Summer3 - 15 years ago
Summer3 thumbnail
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Posted: 15 years ago
#6

Italy joins euro austerity drive

Page last updated at 20:26 GMT, Tuesday, 25 May 2010 21:26 UK

Silvio Berlusconi Silvio Berlusconi's cuts have already sparked protests from unions

The Italian government has approved austerity measures worth 24 billion euros (20bn; $29bn) for the years 2011-2012.

The announcement makes Italy the latest eurozone country to announce cuts in an effort to reduce the gap between spending and earnings.

The UK and Danish governments also this week announced plans to curb spending.

Italy will take measures to reduce public sector pay and will put a freeze on new recruitment.

Public sector pensions and local government spending are also expected to be hit.

Added to these, a clampdown on tax avoidance is also planned.

The cuts are equal to some 1.6% of gross domestic product (GDP).

Similar reductions in spending measures have already been announced by Greece, Spain and Portugal.

Heavy price

Some Italian workers have already been out protesting.

In Rome, workers at the Italian Institute for the Professional Development of Vocational Training of Workers (Isfol) held protests against the cuts at their headquarters.

One worker, Simone Casadei, said the public sector had already paid a heavy price.

"The sector of public research has already paid its toll and suffered cuts in the past," said Ms Casadei. "So we are asking for our sector to be left out of the new budget cuts."

She added that the money should be raised by getting tough on tax evasion.

"We also demand that the money needed to face this problems... is obtained through a tough action against tax evasion.

"The state cannot always take the money from the same sources, that is workers and pensioners."

The government hopes to bring its deficit down to below 3% of GDP by 2012 - from 5.3% now - in order to help maintain the confidence of international investors and prevent the spread of a Greek-style debt crisis.

Concerns over the level of Greece's debts have led to an effective boycott of Greek debt on the world markets, and have spilled over into deepening worries about the other weakest members of the 16-nation eurozone: Spain, Greece and Italy.

Summer3 thumbnail
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Posted: 15 years ago
#7

Originally posted by: P1nk

Should i the pound user be worried? 😕

The sterling in some ways is insultated but then British Banks could be pretty exposed to Greece, Spain , Portugal. But it is still more manageable.
return_to_hades thumbnail
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Posted: 15 years ago
#8
The Euro fairy tale had to end sometime.

On the bright side, Eurotrip just got more affordable.
Summer3 thumbnail
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Posted: 15 years ago
#9

Euro did cause inflation in Spain, Portugal and Greece , perhaps Italy too. cost of labour became higher and thus in some ways it was a revaluation upwards of the currencies for some of the countries; thus making them less competitive in the World and European markets.

At one time Europeans were off on a spending spree to USA.
-Believe- thumbnail
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Posted: 15 years ago
#10
Now a days Europe has a debt crisis worse then America. What it is going to do but pay back the dept with interest making slower growth. I think EU is failed...Britain declared itself one of those. In reality it is the richest nation on the earth. It's government may be in red but the citizens of Britain,collectively, has the highest amount of wealth worldwide.This way they don't have to help and at the same time they can receive help when other nations are being helped. What an irony. They can fool the world easily.... I think India should donate 5 - 10 billion to Greece for relief package. If India can give 10billion to IMF and can buy 300 tons of gold from IMF then easily can give 5 - 10 billion to save Greece Economy.😊

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