I think the euro has it's faults, but it is not the cause of the problem. The cause was the ridiculous spending by governments in recent years leading to these ridiculous national debts. The Euro as a single currency just makes dealing with problems like it harder, it's not the cause.

Reply 4806

Hackett

Original post by Tateco

hi

I have seen that you got far within the Deloitte gap year scheme, did you get in the end?

Reply 4807

94george94

Original post by Tateco

You cannot deny that economic downturns have spread much more quickly as a result of having one fixed currency. They're like viruses in Europe, which has made Greece's problems much, much worse.

Reply 4808

jamiepango

Original post by Tateco

Well done you two! :biggrin:

(regrets not applying to Bristol instead of Nottingham)

Thanks Tateco! Your offers will roll in, you of all people should not panic :biggrin:

Reply 4809

Tateco

Original post by 94george94

You cannot deny that economic downturns have spread much more quickly as a result of having one fixed currency. They're like viruses in Europe, which has made Greece's problems much, much worse.

This definitely makes sense. I suppose the Euro emphasises the positive and negative events in the countries involved, but I still think it is undeniable the main cause of the crisis is the ridiculous unsustainable spending.

Reply 4810

Tateco

Original post by jamiepango

Thanks Tateco! Your offers will roll in, you of all people should not panic :biggrin:

Thanks

Bristol your first choice?

Reply 4811

Acerbic

Original post by Tateco

Why is there no correlation between the countries in crisis and national debt or budget deficits? Spain and Ireland were in good fiscal shape pre-crisis. There is a correlation on the current account, however - which explains why countries in the Eurozone which are in crisis aren't adjusting via a depreciated currency, while countries like Iceland have seen massive currency depreciation but relatively little internal devaluation.

The government debt line is a myth, leading to disastrous remedies.

Reply 4812

94george94

Original post by Tateco

It's a difficult situation, getting rid of the Euro would be of benefit to many countries (especially if promises to free trade are kept) but it's not an easy task. If we had enforced certain economies reaching certain targets before they joined then this problem may not have been as bad as it is now.

As for what we should do specifically about Greece, who knows? We can't put limits on spending, because that would be an infringement on capitalist ideals... :colone:

Reply 4813

Tateco

Original post by Acerbic

Ireland has a Debt of around 95% of GDP :s-smilie:

How can you say that is a myth.

Reply 4814

jamiepango

Original post by Tateco

Thanks

Bristol your first choice?

I applied to 5 top universities that I would love to go to (risky, I know) and so I haven't really thought about it. Having said that, LSE and UCL are likely rejections, Warwick is also a shot in the dark and I'm waiting on Bath which is my favourite one that I visited. So you could say it's my 5th choice that I would love to go to :tongue:

Reply 4815

Acerbic

Original post by Tateco

Ireland has a Debt of around 95% of GDP :s-smilie:

How can you say that is a myth.

You're looking at symptoms, not causes, of depression. Of course the collapse of the Irish economy has decimated tax revenues, inflated welfare payouts, and necessitated bank bailouts, which has increased government debt massively. But that's post-crash.

This is illustrative of my point:

Reply 4816

Tateco

Original post by Acerbic

But it is still their spending that has left them in this current predicament is it not? Surely no matter what the cause of the spending was it still happened and is still the main issue to be dealt with in the short term?