Also our banks are far more liquid, have far better capital reserves and far less exposure to EU sovereign debt than our counterparts in the European banking sector. And along those lines the banking sector of the EU is far bigger relative to the EU's GDP than our banking sector is relative to American GDP.

I'm not saying we will not be affected. Of course we will. This thing cannot be localized or controlled in a global economy. But I am saying we will not be hit the same way for some pretty basic fundamental reasons related to less exposure.

Quote from: Dan on January 30, 2012, 10:21:32 AM
Also our banks are far more liquid, have far better capital reserves and far less exposure to EU sovereign debt than our counterparts in the European banking sector. And along those lines the banking sector of the EU is far bigger relative to the EU's GDP than our banking sector is relative to American GDP.

I'm not saying we will not be affected. Of course we will. This thing cannot be localized or controlled in a global economy. But I am saying we will not be hit the same way for some pretty basic fundamental reasons related to less exposure.

Wish I could believe this.  Nothing against you but based on everything I have read it does not seem as if we could survive a Euro collapse unscathed.  We are teetering on the point of no return in regards to our own currency crisis.

Quote from: Seawolf on February 05, 2012, 03:13:25 PM
Wish I could believe this.  Nothing against you but based on everything I have read it does not seem as if we could survive a Euro collapse unscathed.  We are teetering on the point of no return in regards to our own currency crisis.

Who is saying we would go unscathed? The difference between survival and being unscathed is pretty big. Obviously it will affect us. But I think it is very easy to overstate it's impact on us. We will not be affected nearly as badly as the French or Germans or even the Chinese.

Quote from: Dan on February 06, 2012, 07:27:37 AM
Who is saying we would go unscathed? The difference between survival and being unscathed is pretty big. Obviously it will affect us. But I think it is very easy to overstate it's impact on us. We will not be affected nearly as badly as the French or Germans or even the Chinese.

Let's hope you are right Dan because we are not prepared for something on the scale of a collapse of our currency.

Beginning to appear that even the EU has it doubts about the viability of the current Greek Bailout.

(Reuters) - Euro zone finance officials are examining ways of delaying parts or even all of a second bailout program for Greece while still avoiding a disorderly default, several EU sources said on Wednesday

Reuters Eurozone Article

EU Says Greek Bond Swap in Aid Plan Requires Time for Investor Decisions.

Euro-area finance ministers need to agree on all elements of the bailout plan and the conditions Greece must meet to receive the bailout, Amadeu Altafaj, spokesman for EU Economic and Monetary Affairs Commissioner Olli Rehn, told reporters today in Brussels. When asked whether the debt swap would be technically able to proceed ahead of a broader deal, he responded that "decisions are first and foremost political."

Even though a framework and many of the details have been agreed upon, the bond exchange has stalled because of broader clashes between the EU and Greek authorities. EU officials have said Greece needs to show more commitment to promised reforms in order to receive the 130 billion-euro ($170 billion) aid package that was broadly endorsed in October.

Bloomberg Cites Need For Time for Investor Decisions

Greece is a lost cause. They just don't have the political will to admit they lack the political will needed to fix things.