Greece to Leave Euro Zone on June 18: Wealth Manager

[BlueStateSaint]

Get your stuff together, people . . . !


Greece to Leave Euro Zone on June 18: Wealth Manager



Published: Monday, 28 May 2012 | 7:19 AM ET

By: Shai Ahmed
CNBC Associate Editor

Greece will leave the euro zone on June 18 if the populist government wins the country’s elections on the 17 as the rest of the euro zone rounds on "cheaters," Nick Dewhirst, director at wealth management firm Integral Asset Management, told CNBC.com Monday.

“The euro zone is a club but you get cheaters who get away with it until everyone finds out and at that point you need to remove them otherwise everyone will cheat. It’s better for Greece to leave,” Dewhirst said.

He added that Greek society was built on cheating and scheming, saying “everyone does it” but that voters elsewhere in the euro zone were now calling Greece to account.

“The basic question is that a German has to increase working from 65 to 67 and that is to pay for Greeks retiring at 50. The 17th of June is the perfect opportunity to say either 'we’ll behave' or 'we’ll carry on cheating,'" he said.

Christine Lagarde, the head of the International Monetary Fund (IMF) sparked criticism in Greece after saying that Greeks needed to start paying their taxes, with Socialist leader Evangelos Venizelos accusing her of "insulting the Greek people." Greece was forced to call for a new round of elections, which will take place on June 17 after the country failed to pick a decisive winner in elections earlier this month.



The rest is here:  http://www.cnbc.com/id/47587509

  It's going to be "interesting."

To wit:


European Firms Plan for Greek Unrest and Euro Exit



Published: Monday, 28 May 2012 | 7:26 AM ET

By: Reuters

British electrical retailer Dixons has spent the last few weeks stockpiling security shutters to protect its nearly 100 stores across Greece in case of riot.

The planning, says Dixons chief Sebastian James, may look alarmist but it's good to be prepared.

Company bosses around Europe agree.

As the financial crisis in Greece worsens, companies are getting ready for everything from social unrest to a complete meltdown of the financial system.

Those preparations include sweeping cash out of Greece every night, cutting debts, weeding out badly paying customers and readying for a switch to a new Greek drachma if the country is forced to abandon the euro.


The rest of that is here:  http://www.cnbc.com/id/47588146

Yes--we live in "interesting" times.

[Crazy Horse]

WOW

 

[EagleKeeper]

Ok...so who is next on deck?

Spain, Italy, Portugal, France?

[DefiantSix]

Ok...so who is next on deck?

Spain, Italy, Portugal, France?

Probably in pretty close to that order, though the earthquakes in Parma over the weekend might move Italy to the head of the line.

Ain't it a bitch when you run out of other people's money to waste?

[NHSparky]

Interesting?  Try an unmitigated disaster, not only for the Eurozone but for us as well.

We'll be in another recession by the end of the year.

[Evil_Conservative]

I have no background in economics at all.  How exactly would we be affected?  I've heard and read about this very thing happening, but can't quite understand it all yet.  Or I just refuse to understand it because the results are bad.

[DefiantSix]

Interesting?  Try an unmitigated disaster, not only for the Eurozone but for us as well.

We'll be in another recession by the end of the year.

Yup.  Barry and little Timmy Geitner propping up the euro by swapping that - soon to be - worthless paper for our just as soon to be worthless dollars on a 1:1 rate really seems like a winning move now, don't it.

[NHSparky]

Yup.  Barry and little Timmy Geitner propping up the euro by swapping that - soon to be - worthless paper for our just as soon to be worthless dollars on a 1:1 rate really seems like a winning move now, don't it.

I won't go so far as to say we should invest heavily in canned food and shotguns, but with this recession is going to come some God-awful inflation.  And I'm not normally one to get into hysterics, but something also tells me gold and other precious metals are gonna take another nice little jump too.

November can't get here fast enough.

[BlueStateSaint]

I won't go so far as to say we should invest heavily in canned food and shotguns, but with this recession is going to come some God-awful inflation.  And I'm not normally one to get into hysterics, but something also tells me gold and other precious metals are gonna take another nice little jump too.

November can't get here fast enough.

As to the bolded, I'd say that it's always a nice idea to be prepared.  Go for #1 Buck--shot size is only .03 of an inch less than #00 Buck, and you get almost double the number of pellets in the load.

[DefiantSix]

I won't go so far as to say we should invest heavily in canned food and shotguns, but with this recession is going to come some God-awful inflation.  And I'm not normally one to get into hysterics, but something also tells me gold and other precious metals are gonna take another nice little jump too.

November can't get here fast enough.

I dunno: somehow I see us saying Barry Soetoro's name in company with the likes of Robert Mugabe and "Waimar Republic" before November gets here.

[DumbAss Tanker]

CNBC has more wack-jobs and Leftists than MSNBC, it's just that even fewer people watch it.  I wouldn't put too much on this, from what I've been following the  Greeks seem to be far less inclined than they were a couple of weeks ago to give up the Euro and have to use wheel-barrows full of freshly-printed drachmas to buy their wine.  The prospects of trying to prolong and cheat on austerity seems to have become much more appealing to them than suddenly having to switch to drachma in the immediate future with no recourse to leaning on harder-working peoples to their north.

[Doubleplusungood]

And so it begins. I remember my liberal history professor in college bragging about how the EU was gonna kick our asses. I told him it wouldn't last 20 years. Looks like I am right pretty much as other countries will be following suit over the next few months to years.

[Kyle Ricky]

It is a shame that the Euro Zone isn't shaping as good as they would have hoped. I been hearing that Germany is planning on leaving it. If they do, then it pretty much done.

[NHSparky]

CNBC has more wack-jobs and Leftists than MSNBC, it's just that even fewer people watch it.  I wouldn't put too much on this, from what I've been following the  Greeks seem to be far less inclined than they were a couple of weeks ago to give up the Euro and have to use wheel-barrows full of freshly-printed drachmas to buy their wine.  The prospects of trying to prolong and cheat on austerity seems to have become much more appealing to them than suddenly having to switch to drachma in the immediate future with no recourse to leaning on harder-working peoples to their north.

And looks like Spain is going the same way as Greece, but the markets don't care--YET.

http://finance.yahoo.com/blogs/daily-ticker/stocks-rise-even-spain-starts-greek-script-132629180.html

[Eupher]

Add Ireland to that list of countries with "problems."

The ruling Labour Party (who else?) held its conference last month and the anti-austerity shitbirds rioted.

Too much Guinness and not enough common sense

[Doubleplusungood]

Add Ireland to that list of countries with "problems."

The ruling Labour Party (who else?) held its conference last month and the anti-austerity shitbirds rioted.

Too much Guinness and not enough common sense

These idiots have to realize that austerity is coming one way or another. They can choose sensible, controlled austerity in increments, or their system can collapse and harsh austerity will be forced by reality.

[thundley4]

These idiots have to realize that austerity is coming one way or another. They can choose sensible, controlled austerity in increments, or their system can collapse and harsh austerity will be forced by reality.

Unfortunately, Greeks seem to have a lot in common with DUmmies.  They all lay the blame on the banks and the government.

[BlueStateSaint]

The countries in the Eurozone that are in big trouble can be summed up in the acronym PIIGS--Portugal, Ireland, Italy, Greece, and Spain.  Getting there is France.

[obumazombie]

Greeks retiring at 50 and Germany picks up the tab. Where's the downside ? If this thing works, I'm off the tribal role campaign, and onto converting to Greek American.

[Kyle Ricky]

Greeks retiring at 50 and Germany picks up the tab. Where's the downside ? If this thing works, I'm off the tribal role campaign, and onto converting to Greek American.

The Germans have work till they are 67 to pay for the Greeks early retirement.

[obumazombie]

The Germans have work till they are 67 to pay for the Greeks early retirement.

Still, not seeing the downside.

[Kyle Ricky]

Still, not seeing the downside.

Hi5

[NHSparky]

These idiots have to realize that austerity is coming one way or another. They can choose sensible, controlled austerity in increments, or their system can collapse and harsh austerity will be forced by reality.

Something tells me they'd prefer the latter over the former.  In their minds, it's either 100 percent of what they want, or nothing.

[thundley4]

The Germans have work till they are 67 to pay for the Greeks early retirement.

How long do the Chinese have to wait so the DUmmies get their free shit from Obama?

[NHSparky]

How long do the Chinese have to wait so the DUmmies get their free shit from Obama?

Well, if we hit hyperinflation, those bonds they're holding will be pretty close to worthless.