The Euro

[Zeonix]

has taken one hell of a hit:

http://www.google.com/finance?hl=en...urrency_onebox_chart&resnum=1&ved=0CB0Q5QYwAA

What's the EU trying to do to combat this mess and how do you think this will affect the global economy's recovery?

 

[-Origin]

We'll probably sit on our asses and hopes this blows over.

Y'know, the usual.

 

[Zeonix]

They're probably going to keep letting it fall, so it'll increase exports.

Which was America's ****ing plan. Goddamn thieves.

 

[kam!]

I blame greece.

 

[harSens]

Short term: borrow Greece 110 billion euro and pray the don't go bankrupt.

Long term: set up some fund that can help out EU-members in financial trouble under strict conditions. There's also some talk about actually enforcing maximum budget deficits for the euro-countries, but that will probably be vetoed by the southern and eastern European countries.

 

[Zeonix]

There you have it, gents. The EU needs to start using the greenback.

Wait, what?

 

[Zeonix]

The issue, though, is the Greeks don't pay their taxes. Ever. And they borrow money that they could never pay back. Ever. Then there's the whole, "That ****s ****ed up. We should stop using the Euro" mind**** that devalues the currency. It isn't that they're printing too much or the money isn't backed by anything. This is economics 101, where you learn that economics is magic beans and is completely based on the imagination of the many.

Also, a devalued euro is actually better for trade, which is why America is doing alright. Exports go up significantly in this kind of economic environment. At the same time, though, a devalued Euro also messes with the recovery of the rest of the world.

 

[kam!]

EU should have been consequent with the rules they established and just kicked greece out of the currency union. They made all these criteria you have to meet to be in it, and all the stuff about what happens when you don't fulfill certian criteria while you're in the union, and just **** all over it for greece.
They cheated themselves into the currency union, and are now dragging everyone down because the EU wants to be a nice guy.

 

[Sicron]

Fact is, Greece is part of the EU, so you can't just let them kick the bucket, that would spell disaster for everyone. Besides, it's not only Greece that is in trouble, but Portugal and Spain (I believe it was these 2) are also slowly going bankrupt.

 

[Zeonix]

Because they're idiots. They want all of the awesomeness a government can provide without having to pay for it.

 

[kam!]

Fact is, Greece is part of the EU, so you can't just let them kick the bucket, that would spell disaster for everyone. Besides, it's not only Greece that is in trouble, but Portugal and Spain (I believe it was these 2) are also slowly going bankrupt.

Not kick out of the EU, but the currency union. Those 2 are seperate (see UK/Sweden, or EU states that do not meet the criteria to join the currency union yet).

 

[Synth]

I think China/Taiwan/Korea beat us all to the inflation of their currency leading to extensive exporting.

The world is mad cheap, yo.

 

[Sicron]

How I long for a time where money is obsolete..

 

[harSens]

Meh, same rules were violated by practically all euro-countries. It would be rather hypocritical to kick them out now. Perhaps it was not such a good idea to share a currency with a bunch of countries with no way to enforce financial management on each-other though. But we'll set up some fund and make the whole system a bit less transparent for the people, that'll do just fine.

 

[.Maze]

Its all ****ty >_>... i hate the € with the good old DM i would be ****ing rich >_>

 

[Sicron]

The only good thing the euro did, was make trade between EU countries somewhat simpler. Other than that, it made everything TWICE as expensive here in the Netherlands.

 

[Deathshot]

Why don't we just make one currency for all nations?

 

[Zeonix]

If making one currency for Europe ****ed things up, why would it work on a global scale?

 

[Sicron]

Because our entire world economy is based on the differences between currencies?

 

[Synth]

I agree.

1 currency, 1 language, 1 religion (if necessary)