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Q: Manuel Pellegrini
a. A great signing for the Club and maybe the change of direction we all need
32%
  
b. It will only be a great signing if the Board back him with decent funds
57%
  
c. This is West Ham so it will only end in farce
8%
  
d. I'm not sure about this one, I'll wait until SKY is back to hear what Gary Neville thinks, then I'll voice my opinion
2%
  



Bullet 4:34 Sat Feb 20
EU Referendum 23rd June 2016 declares Cameron
BBC
Britain will vote on whether to remain in the EU on Thursday 23 June, Prime Minister David Cameron has said.
The prime minister made his historic announcement in Downing Street after briefing the cabinet.
He said he would be campaigning to remain in a reformed EU - and described the vote as one of the biggest decisions "in our lifetimes".
Ministers immediately divide

Replies - Newest Posts First (Show In Chronological Order)

Prometheus50 5:23 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
H&P

No one said it wasn't

Someone though did say the IMF arranged it...

Hammer and Pickle 5:11 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Yes. That’s what might be discribed as an internationally negotiated sovereign debt bailout.

You’re clearly on fire today.

Prometheus50 5:07 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
because H&P it does help to understand how the Greek bailout works

The Eurogroup, which is the 27 other member states, all agree to a bailout package which they arrange by borrowing funds at x percent in the open market to disburse to Greece at y percent subject to certain terms and conditions being fulfilled

The IMF role is supportive and largely insisted upon by the Germans for reasons stated below

But no the IMF did not arrange the bailout of Greece

Hammer and Pickle 5:05 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Nope. That’ll be your echochamber

Prometheus50 5:03 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Oh you mean your claim that the IMF arranged the bailout of Greece, which they didn't as this was arranged by the Eurogroup of which the IMF agreed to support ?

Willtell 4:52 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Ha ha ha. Prickle read my post answering you where I said I was winding up remainers. It was headed Prometheus50 so he assumed it was a post from you.

Pointless Plonker eh Prickle?

Hammer and Pickle 4:49 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
You latch onto a technicality but let the main thrust of my answer to your indicated post sail right through.

Therefore you accept the point.

Jolly good. Atta boy.

Prometheus50 4:43 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
H&P

Not for the first time, but wtf are you talking about ?

Hammer and Pickle 4:39 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
So I’m glad you accept you were bullshitting @ Prometheus50 4:12 Fri May 25. How refreshing of you to admit it.

Willtell 4:39 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Blimey BRANDED sounds like he's got something he knows about when talking about big bankers...

Willtell 4:38 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Prometheus50 2:59 Fri May 25
I posted that to wind up the 'OMG we can't leave remainers'. May is a disaster area because she is not a natural leader. She's the Office Manager promoted to MD and making a complete hash of it....

Britain is in desperate need of a strong leader. Brexit then becomes simple in my view. After March 2019 EU nations stop fishing in our waters and no more contributions unless we get a decent deal to make it worth a transition deal. That should be the message imho.

BRANDED 4:33 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Prom.

Deutche bank was 86% of German GDP in 2007 with a capital cussion of 2%. Its owner is Morgon Grenfell and Co, an American Investment bank.

All these private banks that essentially printed almost infinite money are the intrinsic problem.

Prometheus50 4:31 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
H&P

The Germans within the Eurogroup insisted that the IMF remain part of any bail out of Greece (obviously firstly because it keeps the IMF on the hook whilst the German and French banks sort their liquidity ratios out now that the consequence of the erroneous lending has been dumped on the Greek economy and secondly because the IMF will bring pressure to bear on the Greeks to fulfil the austerity

But no, the bailout was not arranged by the IMF

Prometheus50 4:27 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Branded

If the EU banks fail, the EU fails We are thus in agreement on the likely outcome of the slow train crash taking place

Hammer and Pickle 4:26 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
As far as I recall the funds to bail out the the banking system’s exposure the Greek bad debt were arranged by the IMF. Meanwhile the austerity measures demanded by the EU were never intended as any kind of punishment but more as a guarantee the liquidity rescue package didn't disappear straight down the sovereign debt black hole.

All perfectly sensible for anyone with a sense of basic economics I’d say really.

BRANDED 4:22 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Prom.

Let the banks fail mate.

I like Mark Blyth's take on it but nothing at a macro level will ever be simple.

Prometheus50 4:12 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Branded

Of course the Germans are happy for loans to buy German goods. The problem is when the loans could not be repaid in 2009, the EU used the Greek economy to bail out the German and French banks who made the loans, a cost the Greeks are still bearing to this day (this is not to absolve the Greek authorities in conjunction with a notable US bank did to create a false impression of the Greek deficit although 'stones in glass houses' should be applied here as the EU were happy for the single currency to proceed despite the convergence criteria laid out in the Maastricht Treaty not being met.

But if you are saying that, despite the Greek tragedy, German lenders are still pumping priming German exports to Spain and Italy, given the well publicised debt to GDP, unemployment levels and target 2 balances, who takes the hit when these loans are defaulted on ?

BRANDED 3:58 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Moose.

Not at all mate.

However, if you feel he's managed in some way to school me. Let me know now exactly in what he schooled me about what.

BRANDED 3:53 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
The rauts are happy for their loans to be used to buy German goods. Not excessive public sector wages and pensions though.

Be careful with unemployment figures. These are often skewed due to the tax regimes and way people are often employed in some of these countries.

We both agree that the Euro is unsustainable and the only way currently for it to be sustained is by moving the cash back from the Krauts to the states that need it.

That all said its the banks and finance sector that are the real risk. They move trillions every day and are now too big to bail. This is Europe's problem. Their financial institutions. Private business are fucked and too big to bail. Pretending its a political issue or the EU or the Spanish or Greeks is just silly.

Dr Moose 3:45 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Branded,

Do you feel that you are getting schooled by Prom? cause it certainly reads like it.

Prometheus50 3:37 Fri May 25
Re: EU Referendum 23rd June 2016 declares Cameron
Branded

No Greece was the most obvious risk that would blow up soonest and we know why

But Italy went into the single currency with a record of unstable government and high debt to GDP for starters

The single currency 'one size fits all' approach forcing very different economies to converge to the dominant Teutonic model without any obligation on the Germans to provide fiscal transfers to the weaker nations subsidising their exports is not only a massive EU problem, but a German one too

Now that the ECB has been rendered impotent for the next decade, leaving precarious EU growth fading despite high debt to GDP and unemployment, with target 2 balances appallingly skewed, all contributes to the slow train crash taking place before us

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