This time, the future of the euro really is at stake


#1

Any comments on this? Have to say of all the doom mongering articles this really has me frightened more than anything. The virus will come and go in time but will the EU survive it?

If the EU implodes my job at a large American multinational is as good as gone. As an IT worker so will probably many many other such companies. I’m closing in on 50 years old, I don’t fancy starting all over again or going on the scratcher for the first time in my life. The only big multinationals I see staying here the likes of McDonalds and I don’t fancy flipping burgers or wiping down tables in the “lobby” all day. Did that when I was a teen for drinking money, never again.
Easter break going to be a time of contemplation and preparation. it seems the world is at an inflection point.

I saw a comment by an old timer on another board I read, he said that it seems once in a lifetime events are happening every 10 years now in his opinion, rang true, maybe I’m just becoming an old timer myself and it was always so. I don’t know.


#2

Eurobonds are very unlikely to happen. German courts have ruled them unconstitutional and German coalition is not nearly strong enough to get them over the line against the will of the German public.

So this was a case of Ireland backing the wrong horse.

The unilateral way that the individual EU countries responded to current events tells you everything you need to know about the breakdown in the cohesiveness of the EU and if eurobonds were off the table during the Greek crisis they are much less likely this time around.


#3

Italy is a basket case. It really should be split into two, and let the south of the country go off into the Mafia for good.

Still, this really is a bizarre stance by the Dutch. Its sink or swim together guys - China is breathing down your necks geopolitically.


#4

Working for a US multinational, the demise of the Euro could be signal for them to pull the plug, something Trump wants them to do anyway. But they would lose their EU market if they did go.

This move would just make the decision easier for them, but realistically, I think such a move would be very unlikely, they’ll need to use An punt núa instead.

For me as at almost 60, I could consider it early retirement if it comes to it.


#5

So would I!, the mortgage will be paid by then and the kids will be Uni (I hope), I’d happily take early retirement to my apple trees and home brew cider by then :slight_smile:


#6

Changed my mind. The Dutch were right to dig in their heels.

The compromise was reached after Italy and the Netherlands both backed down from polar opposite positions, after the intervention of both German chancellor Angela Merkel and French president Emmanuel Macron to persuade the sides to reach an accord.

Along with Germany, Finland and Austria, the Netherlands staunchly opposed joint debt issuance in the form of eurobonds or coronabonds, viewing it as unreasonable to be asked to guarantee the debts of other countries.

But agreement reached.


#7

“Countries, the only requirement they have is to spend this money in health related expenditures in cure and prevention,” Mr Centeno said. “This money can go to direct and indirect costs health related with the Covid crisis. So it is not that narrow a definition.

So basically, it’s a free for all. Hard luck Netherlands. At least you can say you tried.


#8

So what does this mean for Ireland?

Can we pay more money to those temporarily unemployed now as we are getting the money for free off EU?


#9

I don’t believe the money is free!
At some point the ECB will turn up with a demand for full repayment plus interest.
Banksters don’t believe in giving any money out, they’ll want to see a return on it.


#10

Germans losing patience with the ECB and threatening to take away their ball.