Do you think so?Akai wrote:Andorra in 2012
I have sent several e-mails to the andorra mint, but they never confirmed that...
Do you think so?Akai wrote:Andorra in 2012
Also in EU a similar mechanism with transfers of funds exists, this isn't the problem. The difference is that at European level the system isn't managed by a single government but by an agreement of 27 governments, and this make all more difficult.groentje wrote:Within one country, contrasts may by as big as within the Eurozone entirely. Still, they manage with one currency. Because of solidarity, and because there's a government that can take control. That is what lacks in the Eurozone, we're all in one EMU, but we have shit to say in the other countries, and vice versa.
if not this year will be the next or nearJes wrote:Do you think so?Akai wrote:Andorra in 2012
I have sent several e-mails to the andorra mint, but they never confirmed that...
This is actually a nice metaphor. It's just a little more complicated. It's not just a question of 2 people, but a group of friends. One poor friend has borrowed some money from a few of these friends. The poor friend has made a few mistakes and did not spend the money in a correct way. Some friends that lent money to him are not that rich either. So if the first friend will be broke and cannot pay the money back, some others probably will be broke to because of that. The rich friends will not be broke, but they lose the money they planned on getting back eventually. Now the first friend gets in trouble: he loses his job. Then it becomes clear that he cannot pay back the money he owes hisCraft wrote:I borrowed euros from you to buy myself a new apartment. Now I cannot pay you back, since I recently got unemployed. But hey, it doesn't matter: since we both use euros, there is no point in paying you back, in essence nothing would happen if I paid!De-Ker wrote:Within one union we are paying our own debts within the same currency area...which in essence means, nothing happens, since every euro is worth the same.
(I'll send you my IBAN and BIC, we'll just need to agree on the amount that you'll pay me )
... and now, a few months later, it seems they have come to terms: Last week the Andorran government made the monetary agreement with the European Union. It still needs to be ratified, but I don't think that will be a major issue. Here are two articles about the agreement, the first one in Spanish/Castilian, the second one is in Catalan.melitikus wrote:it looks that Andorra will start to issue its own euro coins as from 2013
The lenders should have realized that they run a risk of their friend defaulting on his debt. When the lenders lose their money they are taught to be much more careful before doing this. Of course, there should be repercussions for the borrower who just defaulted on his debt (i.e. give up his assets to his friends), that should teach him to be more responsible the next time around.googlejaps wrote:This is actually a nice metaphor. It's just a little more complicated. It's not just a question of 2 people, but a group of friends. One poor friend has borrowed some money from a few of these friends. The poor friend has made a few mistakes and did not spend the money in a correct way. Some friends that lent money to him are not that rich either. So if the first friend will be broke and cannot pay the money back, some others probably will be broke to because of that. The rich friends will not be broke, but they lose the money they planned on getting back eventually. Now the first friend gets in trouble: he loses his job. Then it becomes clear that he cannot pay back the money he owes his friends
In solution 1, the borrower loses everything, and the lenders end up with his assets (house, car, company, etc....), but that should make him think twice of simply taking on a debt. The lenders may end up with a loss, but that should teach them to be more careful with lending money. There is a Dutch saying for that: He who burns his butt, must sit on the blisters (he who makes a mistake must carry the consequences of it).googlejaps wrote:At this moment the friends have two possible solutions:In solution 1, everyone loses and not only money but also the friendship. In solution 2, if everyone does what they are supposed to do, after a few years everyone is better of than they are now.
- Don't do anything, lose your money you lend to this first friend and stop being friends with him. Then you can wait and have a look which of your other friends will go broke too, because of the loan the first friend didn't pay back.
- Help your friend even more, despite of all the money he owes them already. He could benefit from having some kind of additional education so he can have a better job than the one he lost. The friends should lend him more money to pay for this education and his bills. Also, because the friends desperately want their money back, and have learned from the past, they want to make an agreement with him to monitor his expenses. Only if the broke friend agrees to go to school again, and have his friends decide whether he can make certain purchases, he will get the loan from his friends he needs to pay his bills and pay his school.
Cool!mikoyan wrote:Issue date for the euro coins of Andorra: July 2013
Source :
http://ec.europa.eu/economy_finance/eur ... ent_en.pdf