Greece conks out...

[David Johnson]

This will build your confidence that everything is under control.

The Mail tomorrow leads (if it's in the Mail it must be true, mustn't it!) with a story which includes the following figures:

Mark Hoban, the Treasury Minister told MPs on Monday that British banks could lose $4billion - about ?2.5billion if Greece defaulted.

The Bank of England says the potential losses could be ?8 billion.

Former Labour City minister Lord Myners accused Treasury minister Mark Hoban of giving 'numbers that significantly understate the truth' .

Danny Gabay, of Fathom Financial Consulting, calculated the figure of over ?300 billion using data from the Department of Business, saying: 'It's not the direct loan that?s the problem, it's the derivatives of those loans which can go on to be multiples of the actual original size of the loan. 'London made a vast amount of money in the ten years before this crisis selling those loans. Those chickens may now be coming home to roost.'

Well as long as there is agreement about the level of financial exposure then. No surprises about which estimate the Mail highlights most!

Cheers
D

[max_tranmere]

Lots of stuff on Sky News right now about how Greece seems to be falling apart more and more as every hour passes.

[Gator]

The Euro was a bad idea that did nothing but force up prices. Spain used to be a cheaper country before the Euro made everything more expensive.

[steve56]

Demis Roussos records not selling lol

[BRFOT]

The entire world banking system is built on fractional reserves, effectively its a Ponzi scheme of banks and countries inventing and lending each other money which does not exist.

What they are actually lending and the only real collateral they have, is the promise that the bonded labour of their populations can be milked dry over decades hence in order to pay the interest on these astronomical debts, a countrys credit worthiness is really its ability to farm cash from its people.

It will only take one country to wake up to that fact and refuse to honour debts they themselves did not create to bring the whole thing down.

[max_tranmere]

The figure for Greece's debt, that I saw quoted today, was something like a third of a trillion. That is troubling.

[Robches]

I agree with David. Phew!