Grexit

Not so long ago when a Conservative Backbencher suggested Greece and more importantly the Greek people would be better off outside the Eurozone they were laughed at and derided as being the usual right-wing suspects – not in touch with reality.  Odd isn’t it now the reality of the failure of the single currency is beginning to loom into closer view how what was once an occasionally mentioned ‘rant’ from a right-wing Eurosceptic is now rapidly becoming the accepted norm. The fact is that without a massive change of heart from the richer nations within the Eurozone the orderly exit of Greece from the Eurozone is becoming more likely by the day.

 

Grexit+Greece + Exit  from the Eurozone

Follow David on Twitter @DavidNuttallMP

13 thoughts on “Grexit

  1. Why I wonder do 70% of Greeks want to remain in the euro then ?

    http://www.economist.com/node/21543522

    How do you and colleagues on the back benches know what is best for the people of another country ?
    It is going to be very hard for people in Greece. Some people here only seem to be interested in making points to bolster their political prejudices.

    • Hi,
      I suspect like many the greeks have enjopyed having the benefits of spending money they do not have but are now not too keen on repaying the loans they have taken out. I would not presume to tell the Greeks or indeed the citizens of any other Country what to do but that does not prevent me from having a view about what I would do if I was there.
      David

  2. Of course you would have a view – based I hope on what is best for your constituents and the UK population more generally (rather than imaging that you are Greek) ?

    So what advantages do you see we will get from a Grexit ? A stronger economy, more exports, jobs and investment ?

    Just wondering how you reached your view so perhaps you will enlighten us.

    Thanks

    • Hi,

      Well for one thing if Greece left the Eurozone and the Greek currency was allowed to depreciate to its true value holidays to Greece for Bury residents would become much more affordable!

      The UK needs strong European neighbours who we can trade with and I believe that is more likely if the Eurozone was dismantled and countries returned to having their own currencies.

      David

      • “Well for one thing if Greece left the Eurozone and the Greek currency was allowed to depreciate to its true value holidays to Greece for Bury residents would become much more affordable!”

        Mr. Nuttall, that is such a lamentably pathetic comment as to invite derision.

        The Guardian published this article – http://www.guardian.co.uk/business/2012/may/18/uk-greece-exits-euro – today outlining the extreme seriousness of a potential Greek expulsion from the Euro, and pointing out just how deadly serious it would be for the UK, and your response is risible in the extreme.

        This isn’t a game, and your attitude is at best an irrelevancy and at worst harmful towards your country and the people who you purport to represent.

        Shameful.

  3. One of the most concise evaluations of the current predicament was penned by Nigel Lawson in the Mail on Sunday 19th May. This is going to be a most costly failed political mission in terms of quality of life for millions and monetarily, not just in Greece. What financially stable person in their right mind would put all their wealth into a joint bank account with a skint, workshy neighbour who has debts up to to his eyeballs and you didn’t particularly like or respect? This is the essence of the relationship between eurozone single currency members. All countries should prepare to go back to their former currencies as the wealthier ones clearly aren’t prepared to foot the bill for the poorer ones indefinitely. Better to plan and implement it than the market drive it to a costly conclusion where billions will be made by currency speculators like George Soros and the likes. Greece should now be a World Bank/IMF intensive care project – it’s beyond the ability or desire of the normal financial market to finance their economic correction. Ordinary governmental business with Greece should now be looking to avoiding an emerging humanitarian crisis there otherwise there will be a huge exodus of folk we will end up supporting here on UK benefits.

  4. John Thwaite is right to query your flippant approach. And I have to tell you the substance of your remark did not go down well with a friend who has bought a house in Greece – two votes you won’t get next time. And the Council results suggests you will need all you can get.

  5. George Osborne just said on R4Today that is is ‘massively in UK interests for Euro to survive’. I presume he knows you feel the opposite – even though you have not been able to explain why ?

    • Hi,
      I want our European neighbours to be successful and for their economies to grow. I think the present eurozone crisis is evidence that the single currency is holding back the economies of those countries who have adopted the Euro as their currency. Along with many others the case against the single currency has been made many times. I agree with the Prime Minister and the Chancellor that it is the interests of the UK not to join the Euro. If we held a national referendum on whether the UK should join the Euro I doubt there would be much suppport for a Yes vote!
      David

  6. If as you say David that the reason for the ‘holding back the eurozone economies’ is that they are in the euro, what is your governments excuse for the dreadful state of our economy which i might add was growing when this pathetic PM and his henchmen got hold of it.

  7. I hope you don’t mind me saying that whether we should join the euro is not the issue being discussed here. Rather I think that your constituents deserve a reasoned explanation of your view that the breaking up of the eurozone would be welcome – starting I presume with the ‘grexit’ as you describe it.

    Especially as the Prime Minister and Chancellor have been forceful in stating that it would be best if the euro survived. Other commentators have used the words ‘calamity’ and ‘catastrophe’ to describe events that most people in Europe seek to avoid – and that you seek to encourage. So please explain.

    How would a break up of the eurozone help our economy, and in particular that here in Bury. Would we be better off, would there be more jobs, would our savings and pensions and banks be secure.

    I do hope you regard this request for your views as reasonable, on the verge of perhaps the most momentous and potentially dangerous changes in Europe since the last war, and look forward to a reasoned reply. So far I have to say your responses have not given me much encouragement that your views are based on much more than a general political preference.

    Two related queries that you might address in any response – would you be voting for Syriza if you had a voter in Sundays Greek election ? and have you discussed your view on the eurozone with the local industrialists you have visited and if so do they agree with your approach ?

    Thank you.

  8. Hi,

    Thank-you for your comment. I have posted another entry on the continuing Eurozone crisis. In answer to your questions I doubt very much I would be voting for a left of centre party if I had a vote in the Greek election. As for businessmen in Bury I have not met any who want us to join the Euro and most want to see ( just as I do) our European neighbours flourishing so they will be in a position to buy our goods and services.

    Best wishes
    David

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