Is the pound set to make a comeback against the Euro?

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gimlet
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Postby gimlet » Thu Dec 22, 2011 8:46 pm

Good article here about GERB's shambolic position on the Euro reinforcement pact.

http://www.euinside.eu/en/comments/bulg ... the-crisis

I don't think Bulgaria will be welcomed into the Eurozone any time soon. :wink:

Italian newspapers apparently report that Boyko's main contribution to the Council of Ministers' discussions was to put his hand up and ask if he could go to bed.

I'm not sure if that was before or after he appeared to sink his fangs into the neck of Croatia's prime minister. http://www.dailymail.co.uk/news/article ... -euro.html (scroll down)

One thing I have learnt in life is that women and animals don't like being grasped around the head :lol:

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Postby Simonita » Thu Dec 22, 2011 8:57 pm

Might worry a few in Whitehall

"Bulgaria will confirm its principled position that it will not participate in the financing of programmes that assist financially undisciplined countries."

:lol:

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Postby houseman » Fri Dec 23, 2011 10:26 am

Simonita wrote:Might worry a few in Whitehall

"Bulgaria will confirm its principled position that it will not participate in the financing of programmes that assist financially undisciplined countries."

:lol:

Tut Tut! Where would the world be if sensible prudent countries didn't have to prop up the indisciplined ones?
:wink:

Next stop 1.25!

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Postby qwerty » Fri Dec 23, 2011 10:34 am

The 27 are now to be 28, Croatia joins in a year......

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Postby gimlet » Fri Dec 23, 2011 12:03 pm

Governor of BNB is incensed enough to write a letter to the Financial Times.

This could be an own goal, though, as he seems to be suggesting that Bulgaria is liable to contribute to "bail out" packages.

The fact is that if you aspire to join the Eurozone you have to participate in these and other transfers and indeed you will want to. It's called "solidarity", part of the price of entering the Club.

a letter from Ivan Iskrov, Governor of the Bulgarian National Bank

Sir, In your report "Eurozone ready to contribute €150bn to IMF" (December 19), while discussing the non-eurozone countries' share in the €200bn contribution to the International Monetary Fund, as targeted at the latest European Council summit, you make the following claim: "Other EU governments, such as Hungary, Bulgaria and Romania, have been exempted because they are receiving IMF support, or have not yet made good on past commitments to the fund."

As long as Bulgaria is concerned, this statement is wrong. Bulgaria is not receiving any IMF support; nor is Bulgaria under any IMF support programme. Neither does it have any outstanding unfulfilled commitments to the IMF.

I believe your readers deserve to continue their reliance on the FT as a trustworthy and comprehensive source of information, rather than come across such factual errors on hot issues like this one. Especially in today’s challenging times, your knowledgeable audience will find it quite revealing to learn how a small open economy of a member state, operating a euro-based currency board, has weathered the crisis so well, remaining fiscally disciplined, with a well-capitalised and liquid banking sector that never needed any state bail-out or support, and with rising exports as a result of competitive gains following the successful internal adjustments and restructuring of the economy.

The IMF would have been relieved if there had been more countries like Bulgaria in the European Union.

Ivan Iskrov, Governor, Bulgarian National Bank
http://novinite.com/view_news.php?id=135105

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Postby houseman » Fri Dec 23, 2011 12:06 pm

The FT obviously leans to the adage "Never let the facts get in the way of a good story"!
:lol:

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Postby qwerty » Thu Jan 05, 2012 1:35 pm

Well, well boys and girls.....Some good news for a change, no really!!......Reading today, a number of crystal ball gazing currency experts are predicting over the course of 2012 the Pound will rise against both the Euro and Dollar, end of year predictions are are 1.30 to the EUR and 1.70 to USD even if BoE does a little QE.

This morning the Pound crossed 1.21, we watch with interest......

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Postby bigbulg » Thu Jan 05, 2012 2:31 pm

I did read a report that the Govt/BOE are making plans against a dramatic rise in the value of the £ should the Euro collapse. The steady rise is due to a lot of money going into the £ from Europe because its seen as the closest "safe haven". Probably only until the DMark is resurrected.

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Postby BG9374 » Thu Jan 05, 2012 9:21 pm

That should see the leva 2.30+ to a quid, brilliant :D

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Postby Villyman » Thu Jan 05, 2012 9:34 pm

Getting 2.34 from Nationwide at the moment so no complaints here. It has been going up now for over 2 months. Long may it last. :D


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