Eurozone is preparing to jettison the PIIGS: FT

[CookieMonster]

How could I have 'twisted' his words when I quoted full paragraphs from the article?

"twisted" in p.ie parlance does not mean what you and I may believe it to mean. It actually means that you have reported something that somebody doesn't like and thus wished to discredit... somehow.

[evercloserunion]

"This is not about helping countries in trouble. This is about helping them to get out".

OK - please point out the big leap from the content of those two sentences that I highlighted and the thread title?

http://www.politics.ie/economy/12579...ml#post2524024

[sondagefaux]

"This is not about helping countries in trouble. This is about helping them to get out".

OK - please point out the big leap from the content of those two sentences that I highlighted and the thread title?

What evidence is there, apart from Munchau's opinion (and even he accepts that nothing is likely to happen), that the eurozone is preparing to jettison any members?

[CookieMonster]

I was just trying to guess at what seabhcan was saying. But he has clarified now.

You reproduce Munchau's words but I think there is a very large leap from the content of the article to the title of the thread. I don't know if you'd call that "twisting" but I do think it is dishonest.

How do you work that one out? Muchau is saying, on reading the full proposal he say that the EMU wasn't about helping countries out, it was about helping them to get out. How is that not preparation for getting rid of them?

[kerrynorth]

http://www.politics.ie/economy/12579...ml#post2524024

No real answer then?

[bormotello]

Even a strong currency could not leave the euro without declaring restrictions on personal freedom.

Ireland can't leave because any announcement would instantly result in massive capital flight. Germany can't leave because it would instantly result in capital flight to germany. That would mean that Germany would have to convert all the currency on its territory, and if people feared that the Euro would fall after Germany left, then people would travel to Germany to exchange their euros.

Germany could only leave by simultaneously announcing the complete closure of their borders, and the ending of free capital movements. Germany's exporters wouldn't be happy with that to say the least.

Germans can impose restriction that only money earned in Germany with paid tax them could be exchanged. Everybody else can buy German goods instead.
Win-win situation for Germany

[seabhcan]

Indeed. the FT has a habit of hiring idiots as associate editors. Funny how the abuse stars when somebody says something the Eurolovvies don't like, even against somebody like Munchau who has, throughout his career, been a strong supporter of the EU.

I don't care whether he's a EU supporter or a BNP member. The man has joined the ranks of the irrational by suggesting it is possible to leave the euro. I'm still waiting for any of the 'leave-the-euro' crowd to explain how it could be done.

[evercloserunion]

How do you work that one out? Muchau is saying, on reading the full proposal he say that the EMU wasn't about helping countries out, it was about helping them to get out. How is that not preparation for getting rid of them?

If the EMF was established and in force, a case might be made that the Eurozone was preparing to jettison troubled countries. But it's not, and there's not even any certainty that the EMF is its current proposed form will ever see the light of day (as Munchau acknowledges).

Besides, Schauble's EMF proposal is about preparing for potential future scenarios. Even Munchau admits that Greece will be bailed out, that is something that is happening now because we don't currently have the EMF and won't for a while, in any case.

[kerrynorth]

What evidence is there, apart from Munchau's opinion (and even he accepts that nothing is likely to happen), that the eurozone is preparing to jettison any members?

Christ almighty. It looks as if the burden of proof for posting anything on p.ie appears to even go beyond the criminal 'beyond all reasonable doubt' to 'no doubt or question mark whatsoever'!

All I am reporting is what Munchau has written in the FT - no more no less. The 'FT' in the thread title should have been a hint.

[evercloserunion]

No real answer then?

I've explained it in that post and now I've explained it again to Cookie. I'm not going to sit here and spoonfeed you increasingly broken down explanations. Time will tell. If the Eurozone is preparing to expel the PIIGS then we can expect those nations to be expelled from the Eurozone in the near future.