Quitaly is Europe's next worry

[Acidbaron]

You really need to make a strong distinction between leaving the EU versus leaving or restructuring the Eurozone.

Ask any economist, including those completely in favor of the Eurozone, and they will alway say it is unsustainable in its current form, this includes Draghi, the head of the ECB.

The EU and the single market is going nowhere, no matter what anyone thinks, especially the Brits. But the Eurozone, the newest pillar of the EU, is a massive risk at the moment: ignoring that is suicidal at every level, economic, political, social!

they are linked, you cannot have one without the other at the moment so i see no reason to create a difference between them, the restructuring is something that is being planned as of the brexit sped up, since the euroscepticism is something that requires an answer that isn't yet another referendum.

Squeeze, you are probably not aware of this but i have said it's not sustainable in it's current form that's why i have also already pointed towards what direction they are moving, that being euro-bonds an answer to an economy in a region that has multiple speeds, it will be something that levels the playing field somewhat since right now german bonds, spanish bonds and what not are making the problem worse an eurobond would go back to this ideology of solidarity and seeing the brits are on their way out one of the big "no-groups" cause 'mah sovereigntah!' it might actually happen.

If you are reading news sources that state these issues are being ignored, you are either not reading the entire article or they are telling you half-truths since it is pretty much on the radar.

[Puupi]

Wait, I'm not done.
Takebackistan

That made me think about the future Islamic State of Mexico aka Wetbackistan!

[Acidbaron]

Bunch of bulloc poop by EU suckers. Italy is prevented to do what USA, CANADA, AUSTRALIA, JAPAN, LIST GOES ON, when performing poorly. Devaluate your currency. Your money is a fucking joke, your banking system is a joke. Italy is in a situation were they need to get out of the Union and devaluate themselves before its too late. No growth for multiple years now, they got to act before they are another greece raped by private banks.

I have no read nothing of actual substance in this post that even hints what i say is wrong, all you did was launch out a few one liners. I'm sorry but i'm not as easily convinced by this drivel

Feel free to rage further, also as another poster has said Italy economy has seen growth. I bet you can't even tell me what kind of government is in power in italy without looking it up, so i hope you don't mind that i'll for the rest ignore you as i'm not in the habit of entertaining people that don't even fully understand what's happening and limit themselves to statements as "EU = BAD"

If you write anything remotely interesting that explains actually why you believe that and why the current proposed plans in the making won't solve the issues, plans you most likely aren't even aware of, anti-bank crisis measure you also aren't even aware of that is helping limit Italy's problems that were mind you installed and created on the EU political level, i'll gladly read it.

[Deleted]

Exitaly sounds better.

[Kronik85]

Don't worry. Soon they'll be portmantover.

Marry me <3.

[Acidbaron]

Italy has had continued growth for a couple of years now though. The only EU country NOT growing is Greece and that is because it wants to play hardball and hurts itself doing it.

That's true to a point and it's a bit more complicated but yes if Greek like the rest of the surrounding nations worked with and not against themselves they would have been in a better position, since at the end of the day the cut backs only got worse with every passing day they fooled around.

However Greece entered the EU zone on fabricated numbers and has a large issue with corruption on all levels, tax evasion that seems to be almost second nature and a large to absurd number of public servants has hurt their economy and made it dependent on EU money to sustain itself, while EU remains the scapegoat these problems won't solve itself and yes, the cut backs hurt the people there but it's not the EU they should be mad about but their political leaders from the last generations.

They can be anti-austerity as much they want, the hole they are sitting in was dug by them and with help of the EU they are slowly crawling out but there's no magic solution to solve a problem build up over decades in a single year or even decade.

[Barnabas]

More fear of populism because leaders refuse to make globalism work. Leaving the EU won't make it work either. It's just more stupidity.

[Deleted]

Is that.....Conchita Wurst??!

WTF!
Wasn't she/he/whatever Austrian?
I don't understand the connection.

[Darkeon]

I'm scared of "#ByeTugal"

[Kalis]

WTF!
Wasn't she/he/whatever Austrian?
I don't understand the connection.

The shadows look a bit like stubble.

[Rotted]

Brexit
Frexit
Quitaly

Who ever comes up with these names, needs to be fucking shot

[Puupi]

WTF!
Wasn't she/he/whatever Austrian?
I don't understand the connection.

The shadow on her chin makes it look like she has a beard.

See the resemblance?

[Dendrek]

I'm scared of "#ByeTugal"

#portugone

[Puupi]

#portugone

What about East Germany leaving?

#ExStasi

[XDurionX]

Everyone can see how Brexit was a huge mistake, there won't be any other countries leaving in the near future.

[Zcion999]

These portmanteaus need to die.

Oh! Now that YOU had your fancy name for your Brexit nobody can have a fancy name too!? Typical...

[Darkeon]

There's a dude, in an office somewhere, simply reading this thread and writing all these silly "Exit"-Names for possible future use.

[Puupi]

If Germany were to leave, it'd have to be the "Quitskrieg" or something. It just has to be.

If Germany starts Quitskrieg, then France and Poland create a pact and join their forces against Germany with their operation #Kurwadieu.

[Deleted]

they are linked, you cannot have one without the other at the moment so i see no reason to create a difference between them, the restructuring is something that is being planned as of the brexit sped up, since the euroscepticism is something that requires an answer that isn't yet another referendum.

Only 19 of the 28 countries of the EU use the Euro.

Squeeze, you are probably not aware of this but i have said it's not sustainable in it's current form that's why i have also already pointed towards what direction they are moving, that being euro-bonds an answer to an economy in a region that has multiple speeds, it will be something that levels the playing field somewhat since right now german bonds, spanish bonds and what not are making the problem worse an eurobond would go back to this ideology of solidarity and seeing the brits are on their way out one of the big "no-groups" cause 'mah sovereigntah!' it might actually happen.

The German Constitution, Article 125 of the EU's Lisbon Treaty and almost all German politicians (including Angela Merkel) are completely against "stability bonds" or even joint and several insurance schemes, hence the failure of the EU banking union with only 2/4 steps completed - common deposit insurance and banking backstop are anathema to Germany.

The main point is that despite the knowledge that all this is unsustainable people seem to believe they either have all the time in the world to fix it, or the Eurozone will improve by each "minor" economic crisis.

They don't seem to take into account externalities or just local populations getting fed up and voting in new political parties who will make radical decisions.

[Acidbaron]

Care to elaborate? I'm honestly interested. We did that somewhat recently before taking over the €, it seemed to work just fine. I don't remember it that well anymore, but it went something like -> declare independence and leave the federation -> create our own currency -> quickly print some provisional money -> after a year or so introduce proper banknotes.

And that was more or less it?

You need to think bigger, what currency actually all effects. Wages are paid out in it, they need to be re-done in the old currency for all sectors assuming like other countries Greece has minimum wage per sector all that needs to be re-negotiated, there's the debate about how much is a minimum wage and so forth, you would think people would just accept the wage converted back to dragma from euro but there's already discontent about how much they currently receive and a step away from the euro will come with promises of a better result, so there's that hot topic. This was less of an issue going to the EU coin since, this was suppose to bring a positive result to a nations economy, which it actually did. So that's a political side of it.

Internationally the value of your products but more importantly the value of imported products again by devaluing your coin and having a weak economy you could end up paying a silly amount for important products such as medicine, this again would need to be weighted against the wages and what not but also against hospitals and everything else that is tied to that. Very likely it could be if let's say Greece couldn't pay it's bills or actually scratch no need to use extremes, let's say that if Greece is not seen as a reliable partner which let not forget the whole debacle with the EU union about reforms and not meeting deadlines, that dragma would not be accepted as a currency on the international trade level. So while the drachma would start out weaker what could mean an economic positive result the greek government that changed away from the EU, in an effort to not pay the debt so to speak has got to find away to lure in investors willing to invest, while it's also a nation that is now know for it's national strikes and social unrest and on top of that a problem with immigration at their doorstep. That's mostly the economical side to it.

On top of that all big market chains and products nationally need to have their new value in the old currency, you would think it to be that simple but your markets are based around the euro and markets and all things tied to it function on software, lists and what not based on the euro, so changing all that around is also a very long process that you can't really speed up without creating a big mess. So that's the practical and more logistical side of it.

Switching to the EU was easier since a lot of things were happening in a lot of countries at once, this spread the burden, the errors and what not. Moving away from the EU coin and back to the old coin a whole lot more complicated. Since we are in a global economy also, economists are unsure about the UK other then that a recession will follow and their economy is doing rather well and nowhere near facing the hard problems that actually sit on a structural level in Greece.

Now another point, let's be very optimistic here and say all that takes a year of sorting out. In the mean time they would need the constant gold will of the EU zone to keep the financial support coming while at the same time the EU is being given almost literally the finger with no promise of the other member states ever seeing their money back.

Now knowing that, it doesn't seem so realistic to me personally.