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The Greek banks can't pay? Who will deal with it? The Greek Central Bank (GCB)? (Yes, believe it or not, there really is one!)
So that puts the responsibility into the hands of the European Central Bank. So what on Earth are they waiting for?
Perhaps the French Central Bank (yes, there's one of those as well in the Euro madhouse) can buy out the Greek banks, or maybe Germany wants a vote for that?
So there are national central banks without authority,
and an European Central Bank that relies on a load of squabbling politicians for permission.
The Euro is a currency and banking system built by fools. And Tony Bliar et al. wanted to join it, believe or not.
greece set to sue?
In my view, the Greeks have an overwhelming case for suing the ECB.
But how much damage can the Euro loons do in the meanwhile?
They are trying to confuse Greek government debt with the duty of the ECB to maintain bank liquidity. To the best of my knowledge, even the bank accounts are insured by government to a level (of about 100,000 if my memory is correct). It is the job of the Central Bank to provide that liquidity, even if it means they capture the Greek banks as some banks were captured in the UK. That's their job!
whose money is it in the banks?
The money in the banks belongs to the depositors, not to the ECB and not to the Greek government.
The chaos developed by the Euro idiots is beyond belief, and that despite warnings
With the Greeks still having a central bank, they also should be able to print money without limit to meet depositors demand, else what on earth is the point of having a Greek Central Bank?
Be aware, Euro currency notes are allegedly issued by the so-called sovereign countries! There is a character (letter) prefix to each note's serial number denoting the note's issuing country. Greek notes start with the letter 'Y'. Either the Greek Central Bank has those duties (printing money and controlling bank defaults) or the ECB has those duties.
Cutting off cash from depositors looks very like an illegal political act to me. Or is there is any law at all in the EUSSR any more?
In 1997, Tony Bliar was left with a national debt of around 50% of GDP. By the time the shambles 'New' Labour had left was assessed, there was a national debt of around 80%.
Due to the much increased confidence of the markets, the cost of servicing that debt is now about 3% of GDP, or about £2,000 per annum per working family.
Inflation takes time to feed through, probably at least 2 years. Inflation of 20% erodes the debt by a similar amount. That is, the pound in your pocket becomes worth only 80p!
The current national debt is a little north of £1.5 trillion.
This monetary debauchment is a tax on everyone, that is part of the chaos left behind by 'New' Labour.
The innumerate nonsense being promoted by the fossil media scribblers and various innumerate socialists has very little contact with reality.
The deficit and the national debt are now coming well under control. That will continue unless the Red Eds get their sticky paws once more on the national money box.
And all that change has been achieved with the minimum damage to the poor, something Maggie Thatcher did not achieve despite having an oil bonanza.
David Cameron is probably the best Prime Minister we have had since Churchill.
After Churchill, the teeming thoughtless and gullible were persuaded to vote for another lunatic in Clement Attlee. I look forward to seeing whether the thoughtless and gullible have learned anything in the meanwhile.
And if government acts sanely, the country will end up with more houses or a rail line, thus increasing national real wealth. The latter, the ludicrous Balls wants to cancel!
Of course, Balls would rather waste the 'money' to fund more union shirkers or the doleys that are his constituency. In other words, he wants it to buy votes and get more people dependent on government.
Nurses also receive automatic bonuses.
Increases are more or less automatic (as is the case for most government union jobs)
The £21,388 is supplemented by about £3000, over 10%, there is still more for London,
Comparable rates of pay exist in the private sector. that is by working for the agencies which, in fact, usually pay much more per shift.
Notice the overtime rates.
Some nurses are reported as receiving £100,000 by working a lot of overtime
Of course, medics/doctors can receive far more than these rates.
There are approximately 400,000 nurses and a bit over 600 MPs.
From a laundry list of all the old Socialist desires from the money tree:
This from the party that broke the bank on borrowing! The frigorated cheek is beyond satire.
The UK economy is about £1.75 trillion, and is now once more growing.
The NHS bill at present is around £110 billion per annum.
Under Conservative supervision, the NHS has been saving around 1% per year.
A central problem with socialists is that they are innumerate. Unfortunately, the schools cannot recruit adequate mathematics teachers because most of the teachers are Socialists, union time servers.
Any mathematician worth a light can earn at least double by switching to private industry, and no-one sane will work in the general chaos in schools generated by the teachers'unions.
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© abelard, 2015, 13 april