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Author Topic: Lloyd's of London preparing for euro collapse  (Read 2183 times)

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Offline bijou

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Lloyd's of London preparing for euro collapse
« on: May 28, 2012, 09:43:10 AM »
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Richard Ward said the London market had put in place a contingency plan to switch euro underwriting to multi-currency settlement if Greece abandoned the euro.

In an interview with The Sunday Telegraph he also revealed that Lloyd's could have to take writedowns on its £58.9bn investment portfolio if the eurozone collapses.

Europe accounts for 18pc of Lloyd's £23.5bn of gross written premiums, mostly in France, Germany, Spain and Italy. The market also has a fledgling operation in Poland.

Lloyd's move comes as a major Franco-German provider of credit insurance for eurozone trade, Euler Hermes, said it was considering reducing cover for trade with Greece because of the risk the country might leave the eurozone.   ...
http://www.telegraph.co.uk/finance/financialcrisis/9292511/Lloyds-of-London-preparing-for-euro-collapse.html
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Offline txradioguy

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Re: Lloyd's of London preparing for euro collapse
« Reply #1 on: May 28, 2012, 10:59:18 AM »
I really don't see how the Euro and the EU for that mater will be able to last much longer.
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Offline BlueStateSaint

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Re: Lloyd's of London preparing for euro collapse
« Reply #2 on: May 28, 2012, 11:06:00 AM »
I saw something Saturday, maybe, that said that Greece will exit the euro officially on Jan. 1, 2013.  I think it'll be a lot sooner.
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Offline bijou

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Re: Lloyd's of London preparing for euro collapse
« Reply #3 on: May 28, 2012, 11:31:46 AM »
It's starting to be talked about in more certain terms. Before it was much more of a fringe discussion so I think it's now a more realistic prospect.
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Offline rich_t

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Re: Lloyd's of London preparing for euro collapse
« Reply #4 on: May 28, 2012, 12:24:31 PM »
Back when Europe 1st went to the Euro, I questimated that it would last less than 20 years.
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Offline Wineslob

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Re: Lloyd's of London preparing for euro collapse
« Reply #5 on: May 29, 2012, 02:02:57 PM »
Quote from: rich_t on May 28, 2012, 12:24:31 PM
Back when Europe 1st went to the Euro, I questimated that it would last less than 20 years.


Same here. No number of years, but the inevitable collapse.
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Offline Porfiry

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Re: Lloyd's of London preparing for euro collapse
« Reply #6 on: May 29, 2012, 02:14:39 PM »
I've been nursing a theory that Germany was going to quietly conquer Europe, using money this time instead of guns.

I can say that, right?  Being mostly German.  Nothing wrong with it, ultimately, as the other countries are selling themselves freely by linking up economically like dunderheads.

Anyway now I wonder if this theory of mine will come to fruition or not.
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Offline JohnnyReb

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Re: Lloyd's of London preparing for euro collapse
« Reply #7 on: May 29, 2012, 02:16:59 PM »
So what form of money will Greece and the Greeks grease socialist palms with?
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Offline Gina

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Re: Lloyd's of London preparing for euro collapse
« Reply #8 on: May 29, 2012, 02:21:33 PM »
Ok I know nothing about this shit.  Explain to me a euro and why it will collapse and what happens if it does in DUmbed down terms  :-)  I am pretty never said I was sthmart  :naughty:
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Offline Eupher

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Re: Lloyd's of London preparing for euro collapse
« Reply #9 on: May 29, 2012, 02:46:51 PM »
Quote from: JohnnyReb on May 29, 2012, 02:16:59 PM
So what form of money will Greece and the Greeks grease socialist palms with?

they're calling it the "new" drachma.
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Offline thundley4

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Re: Lloyd's of London preparing for euro collapse
« Reply #10 on: May 29, 2012, 03:25:12 PM »
Quote from: Gina on May 29, 2012, 02:21:33 PM
Ok I know nothing about this shit.  Explain to me a euro and why it will collapse and what happens if it does in DUmbed down terms  :-)  I am pretty never said I was sthmart  :naughty:

Europe is still the biggest customer for US exports.  If they can't afford to buy our stuff, then it hurts our economy. That is oversimplifying it, but it's close.
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Offline NHSparky

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Re: Lloyd's of London preparing for euro collapse
« Reply #11 on: May 29, 2012, 03:33:27 PM »
Quote from: thundley4 on May 29, 2012, 03:25:12 PM
Europe is still the biggest customer for US exports.  If they can't afford to buy our stuff, then it hurts our economy. That is oversimplifying it, but it's close.

True, but now is a hell of a time to take a vacation to Europe, if you don't mind dodging a riot or three.

http://finance.yahoo.com/echarts?s=EURUSD%3DX+Interactive#symbol=;range=1y;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;

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Offline Eupher

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Re: Lloyd's of London preparing for euro collapse
« Reply #12 on: May 29, 2012, 04:25:25 PM »
Quote from: NHSparky on May 29, 2012, 03:33:27 PM
True, but now is a hell of a time to take a vacation to Europe, if you don't mind dodging a riot or three.

http://finance.yahoo.com/echarts?s=EURUSD%3DX+Interactive#symbol=;range=1y;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;



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