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Zloty lifts Poland's Economy


Chicago Pollock 7 | 504
9 Dec 2010 #1
Don't give up the zloty:

With its drab, Soviet-era boulevards and standard-issue glass-and-steel office buildings, Warsaw does not look much like green, elegant Dublin. But there are some striking similarities between Poland today and Ireland in the 1990s.

nytimes.com/2010/12/07/business/global/07zloty.html
guesswho 4 | 1,289
9 Dec 2010 #2
you're right about that, as soon as Poland will join the Euro club, the situation there will get much worse.
milky 13 | 1,657
9 Dec 2010 #3
B0llshit article, written by a bunch of corporate dogs barking false optimism.
Varsovian 92 | 634
9 Dec 2010 #4
The article was pretty much spot on as far as I can see. Cautiously optimistic, I would say.
THE HITMAN - | 236
9 Dec 2010 #5
B0llshit article, written by a bunch of corporate dogs barking false optimism.

And thats a fact since PO got into power. Well said Milky.
delphiandomine 83 | 17,771
9 Dec 2010 #6
So, all the improvements and investments we see aren't real, then?
Ziemowit 12 | 3,611
9 Dec 2010 #7
Well said, Delphiandomine. When Hitman is barking, he should be choosing the direction in which he's barking more wisely. Instead he barks toujours vers PO.
Marek11111 9 | 816
9 Dec 2010 #8
Poland needs to keep złoty to be economically independent from monetary policies of euro
Richfilth 6 | 415
9 Dec 2010 #9
Whilst that's a fair point in terms of economic regulation,

a) Poland is not a big enough country to play the currency game against the big world banks. If JP Morgan want to make another announcement predicting a drop in the zloty strength (like they did two years ago) just so that they can make a killing on the recovery, the national reserves are not strong enough to counter that action. The country simply isn't strong enough (yet) to compete in that sort of market.

b) Poland signed the Maastricht treaty, and must join the Euro at some point; it's simply a matter of when. As other countries around it adopt the Euro, there will be increasing political pressure on Poland to join the bloc, with Germany and France's own banks stepping in to mess the zloty up until Poland has no choice.
THE HITMAN - | 236
9 Dec 2010 #10
So, all the improvements and investments we see aren't real, then?

I can make improvements with EU handouts too.
Investments ? .......... please !!

wisely.

I don,t think you know the definition of " wise ".
Marek11111 9 | 816
9 Dec 2010 #11
there be no euro currency in two years and there might not be EU wait till rest of piigs get their bailout and then England and Italy turn then Germans will pull out off EU reinstating mark and forth reich
delphiandomine 83 | 17,771
9 Dec 2010 #12
a) Poland is not a big enough country to play the currency game against the big world banks.

I'd argue that Poland isn't big enough to play the game against even individual investors, let alone the big banks.
convex 20 | 3,978
9 Dec 2010 #13
then Germans will pull out off EU reinstating mark and forth reich

Who told you the plan?!?!? It was supposed to stay secret until the big moment. You ruined the surprise.

a) Poland is not a big enough country to play the currency game against the big world banks. If JP Morgan want to make another announcement predicting a drop in the zloty strength (like they did two years ago) just so that they can make a killing on the recovery, the national reserves are not strong enough to counter that action. The country simply isn't strong enough (yet) to compete in that sort of market.

The zloty was devalued to stimulate exports and investment during the downturn, which it successfully did by expanding the money supply and dropping rates.

b) Poland signed the Maastricht treaty, and must join the Euro at some point; it's simply a matter of when. As other countries around it adopt the Euro, there will be increasing political pressure on Poland to join the bloc, with Germany and France's own banks stepping in to mess the zloty up until Poland has no choice.

Well...kind of. They are bound to join the euro, but there is no time frame. NBP isn't stupid, hopefully they'll hold onto to the Zloty as long as possible.
Richfilth 6 | 415
9 Dec 2010 #14
The zloty was devalued to stimulate exports and investment during the downturn, which it successfully did by expanding the money supply and dropping rates.

Yes, I know, and I agree, but my point is more that, when outsiders decide "it's time for the zloty to come down" there's very little the NBP can do about it. JP Morgan was however fined as a result of their misleading news, if I remember rightly.

I don't want a Euro either. I'm just pointing out that I don't think Poland will be given the choice, and that it's pretty much a guaranteed thing within ten years whether we want it or not.
convex 20 | 3,978
12 Dec 2010 #15
Here's some sunshine dust sprinkled over a steaming pile of fiat currency:

The EU plans to make private lenders cover the losses of any future eurozone debt crisis
bbc.co.uk/news/business-11978495

That is excellent news. I essence, I read this as saying the next country that takes a hit will just be allowed to go bankrupt leaving the private investors holding the debt standing in the cold. Good deal, will make the buyers (and issuers) of European debt more disciplined and stable.
milky 13 | 1,657
12 Dec 2010 #16
Ireland got screwed big time,however the bill will not be paid. The cash is not there and the young are leaving, big time.
Stu 12 | 522
12 Dec 2010 #17
From what I heard in the news, Ireland got bailed out by the rest of Europe. So why is that "getting screwed"? They didn't have their finances in order and the rest of Europe is bailing them out (as we did with Greece - and God knows which country will follow). Could you care to explain?
Wroclaw Boy
12 Dec 2010 #18
The cash is not there and the young are leaving, big time.

Which means property prices will rise - right?
Bratwurst Boy 5 | 9,877
12 Dec 2010 #19
Ireland got screwed big time

By whom Milky? Why do you leave that little detail out???

Background and causes

The Irish economy expanded rapidly during the Celtic Tiger years (1995-2007) due to being one of the most economically free countries in the world, having an unusually low corporate tax rate, and low ECB interest rates, among other factors. This led to an expansion of credit and included a property bubble which petered out in 2007.Irish banks, already over-exposed to the Irish property market, came under severe pressure in September 2008 due to the global financial crisis of 2007-2010.

/wiki/2008%E2%80%932010_Irish_financial_crisis#Background_and_causes

NOT Europes or the Euro's fault....but we are bailing you out now!
Ziemowit 12 | 3,611
13 Dec 2010 #20
I'd argue that Poland isn't big enough to play the game against even individual investors, let alone the big banks.

Even the UK is not big enough to play the game against individual investors, if you remember a certain George Soros ...

I don,t think you know the definition of " wise ".

I don't think you know where to put an apostrophe and where to put a comma.
southern 75 | 7,096
13 Dec 2010 #21
Euro is like a golden coffin.It is nice to see all this gold around you.
milky 13 | 1,657
13 Dec 2010 #22
the majority of the population were duped by IMF EU FF bankers developers.So the majority,hence the Irish people got screwed.

NOT Europes or the Euro's fault....but we are bailing you out now!

b0llshit,you are bailing out the banks and we got your bill. I hope the ULA get elected just to p1ss @ssh0les like you off.
Stu 12 | 522
13 Dec 2010 #23
The article BB showed says something different, if you ask me. First there was a property bubble. Nowhere do I see IMF or EU bankers mentioned. I can only conclude that you are wrong in your assessment.
Marek11111 9 | 816
13 Dec 2010 #24
The bailouts are design to pump more money into fail banks as the tax payer gets austerity put on them to pay for all.
My opinion is Poland will be in Ireland position in 10 to 15 years if euro survives the piigs, the only one hope is to keep Polish currencie

then you can be a master of your economy.
PennBoy 76 | 2,437
13 Dec 2010 #25
Don't give up the zloty

that's what i've been saying for the longest, if it ain't broke don't fix it. No need for the Euro and other countries troubles to bring Poland down. The British are obviously the only smart ones in western Europe keeping the pound.
milky 13 | 1,657
13 Dec 2010 #26
The bailouts are design to pump more money into fail banks as the tax payer gets austerity put on them to pay for all.

exactly..
youtube.com/results?search_query=the+world+economy+in+three+minutes
Lowlander - | 2
5 Feb 2011 #27
Merged:

Historic exchange rates Polish zloty/GBP



Can anyone tell me where I can find information on the historic exchange rates between the zloty and the pound sterling. I am particularly interested in 1985 and 1991.
alexw68
5 Feb 2011 #28
oanda.com/currency/historical-rates

Probably doesn't go that far back though. Was the Zloty even traded on the open markets in 1985??? Any IMF or world bank borrowings (eg during the Gierek era) were dollar-denominated AFAIK.
SeanBM 35 | 5,808
5 Feb 2011 #29
I could only find from 1993 to present.

nbp.pl/homen.aspx?c=/ascx/archen.ascx

(here) NBP

Fourth złoty

The new Polish złoty (PLN) is the unofficial name of the current currency of Poland, introduced on 1 January 1995 as a result of the redenomination of the old currency.

en.wikipedia.org/wiki/Polish_z%C5%82oty#Fourth_z.C5.82oty
Lowlander - | 2
5 Feb 2011 #30
Reply to alexw68 -Thanks for that - unfortunately the tables actually only go back to November 1995


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