Reader Submission: Euro takes a beating in Asia!

I don't know where this panic Info is coming from, but from $1.1087 Friday to $1.1062 right now I think is a normal drop for Monday morning. It's picking up again at the moment.
Also compared to the Bath, the decrease of € 0,027 is not something to start scaffolding from.
Again screaming panic for nothing.
Showing the bastards how bad a Grexit would be for the economy.

At the weekend I got 37.55 Baht for one euro at TT exchange in Pattaya and now, Monday 16.00 local time 37.23. About 0.8% off. Not really earth shattering.
And my suspicion is that Europe will eventually – under 'very strict conditions' (ahem) – come up with the money. In the current (geo)political situation, friend Barack thinks it is undesirable for Greece to become a plaything of the waves. We have to wait for a phone call from him and then Europe will fall to its knees.

It was to be expected that the euro would come under some pressure if the Greeks could not agree to the conditions that the European leaders had put on the table.
The Baht has also received some of this, but that is not too bad so far.
I expect this to be different at the end of this year.
I expect that the euro and dollar will be in the US pair after the rate hikes, which means we will get about 34 baht for a euro, we'll see.
Yes and then Greece.
Tsipras found the imposed conditions difficult to swallow and wanted to submit the deal to the Greeks themselves through a referendum.
Much against the will of the European leaders who subtly stated that the support program would end on Tuesday, which would mean that Greece would be officially in default at that time.
A matter of increasing the pressure.
At first sight you think this is the end for Greece.
But in Europe, things are rarely what they seem.
This is all bluff poker at the very highest level and I really wouldn't be surprised if a white rabbit can still come out of the hat.
A first option, for example, is that Europe takes over the debts of the IMF and weakens the conditions somewhat.
The second option is that somehow Syriza is pushed aside and the opposition comes back into the picture. That would require elections.
And a final option is that the Greek population simply votes “yes” in the referendum.
Such a 'yes' vote does not seem inconceivable to me, given that this week the population is getting a taste of what a Grexit would mean in the short term.
A negative vote would wipe out any remaining savings and force the banks into bankruptcy.
So it can still go either way with the Greek soap.
realist

As expected for today, markets opened lower, then recovered. http://www.nu.nl/algemeen/4077678/aex-opent-4-procent-lager-escalatie-griekse-crisis.html

It's all going to work out. The euro will take some hits, but neither the EC in Brussels nor the ECB in Frankfurt will allow things to escalate. There will be a referendum in Greece next Sunday, July 5. The people are allowed to speak out, now that the far-left government of Alexis Tsipras is cowardly placing the responsibility for the failure of the negotiations on the ordinary man and woman in the street, who suffered blow after blow. In addition, quickly intimidate the people with negative voting advice.

If the Greeks say YES to Europe and the Euro, and they will, there will be elections, then a pro-EWuropa government and then reforms in accordance with the will of the IMF. If the Greeks say NO, they may join the list of Balkan states, become an Eastern European country, with the influence and support of Russia. Note: that's not going to happen.

Will the whole tragedy hurt Europe and the Euro? They become pinpricks. Maybe there's some hard squeezing here and there, but bruises? No, not going to happen either. Mario Draghi, head of the ECB, announced on July 21, 2012 that he would do 'whatever it takes' to save the Euro. He meant that the ECB can buy government bonds without limits from euro countries that are under attack on the financial markets. And you better believe that this will happen if it proves necessary, although many economists know that simply pronouncing a measure like this usually restores calm to the financial markets. Read: https://en.wikipedia.org/wiki/Outright_Monetary_Transactions

Whatever Comboy stories about the Euro one comes up with: it simply stands.

The Nation already reported today that the Euro is simply holding up, note: the Baht is falling back: http://www.nationmultimedia.com/business/Confidence-in-euro-maintained-despite-chaos-30263344.html

Alzo: let's not make it crazier than it is. The gentlemen in Brussels leave everything as it was, then raise a large glass and then take a pee! And so it is!

As I expected, the euro just bounced back, closing even higher than Friday. See http://www.superrichthai.com, where you now get 37.35 per €. Was 37,30 Friday night.

The ecb wants us to think that we cannot go on without Greece. We can even do very well without the ecb and/or EU.

In the overall financial system, the write-down of Greek debt has long since been made. No one believes that this money will come back. Basically, all EU countries are equally guilty of these problems, only the weakest(s) have to suffer. I see the euro as a football game where we don't agree on any rules, during the game party A says we've won, party B the game isn't even over yet. The euro is also set up without rules, until the crisis, now there is more to hold on to.

Yet the euro has only dropped minimally in the past 24 hours, this also has a lot to do with the adjustment of the Chinese interest rate, which has caused the baht to lose value again. As a result, the Baht-Euro exchange rate has hardly changed, while the USD-EUR exchange rate has changed.

The only thing that is important now is recovery (rest and no uncertainties) in the system, after that everything will recover further. Things are already moving in the right direction in many EU countries.

It is always “the Greeks”.
Nobody seems to realize that the money they receive to restart their economy actually flows back to the (Northern) European banks.
90% of it! Only 10% benefits “the Greeks”….

“the Greeks” must repay capital + interest at 100%.
People should be more critical of the banks – including Dutch and Belgian ones.
At the time it was far too easy to lend money, there was a lot to earn from those emergency loans.
Then the banks realize that they have taken too much risk and are now forcing the common people in Greece to pay for their mistake. Because who are heavily represented in the IMF, the Central European Bank, ...?
Right, those same banks.

Which does not alter the fact that politics in Greece has messed up for years, but why should 'John-with-the-cap' have to pay for it again?

What Greece is struggling with due to mismanagement by previous governments is a mountain of debts to foreign countries. After self-enrichment by politicians of friends no longer succeeded (2010: following the global banking crisis started in 2008, the budget figures deliberately passed on to the EC turned out to have been embellished), Greek budget models, payment and benefit systems and structures were rearranged, lumped together and bundled. The Greeks were given the opportunity to pay off their debts with new loans. Please note: this entire installment scheme has been going on since 2010. From 2010 it also appears that the ordinary Greek population suffers enormously, but also: that the Greek middle class now has more than 30 billion Euros (30 with 9 zeros) from the ATMs under their mattress. Not to mention the Greek high(er) class and their connections in Russia and Turkey.

Nieuwsuur, last night, reported that the EU provided 255 billion euros to GR, of which NL has a share of 19 million. Of that return: 17 ml, still outstanding: 2 ml euro.
ECB lent 150 million, of which the Dutch part amounted to 7,5 million euros
The NL private sector came across the bridge with 17,5 ml, back 15,5, credit 2 ml.

These types of payments have also been made with other EU countries.

The effects on the Dutch economy are moderate. For example, exports with GR by NL only amount to 460 million euros, so less than half a milliars.

The ECB already announced in 2012 that it would take measures if countries threaten to run into difficulties due to a Grexit, see my earlier response.

The EC/EU is concerned that GR will succeed in economic reconstruction after a Grexit. Suppose that in 2020 GR manages to set up a flourishing economy with the drachma, independent of the EU with its own course, then this could set a precedent for other Southern European countries, for example. Portugal, for example, but also Ireland have been under a lot of pressure in recent years, so if a different plan is possible, why not? Italy, Spain, even France are also potential working areas of the IMF. These countries now see what method the IMF uses. But also how harsh Northern European countries can be, and how unsympathetic, for example the Netherlands. It affects the pensions of the ordinary Greek man and woman, just as the euro also affects those of TH pensioners.

By the way: last Friday the euro stood at 37,22 at BKB, yesterday at 36,72, and now at 37,26.