Possibly the beginning of the end
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of the EU in its current form? Merkel 'suggests Greek referendum on euro membership'[^]. If one goes so will others especially if the economic situation does not resolve. Not a minute too soon if you ask me. Which you didn't but I'm still going to say it. :)
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." Red Adair. nils illegitimus carborundum me, me, me
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of the EU in its current form? Merkel 'suggests Greek referendum on euro membership'[^]. If one goes so will others especially if the economic situation does not resolve. Not a minute too soon if you ask me. Which you didn't but I'm still going to say it. :)
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." Red Adair. nils illegitimus carborundum me, me, me
It is going to be interesting. It is probable that the Germans will ease up on their austerity demands and go for measured austerity that includes growth in order to keep the euro zone intact. (In fact the ECB has done this to a degree with its LTRO which a lot of germans were opposed to). Makes sense, the IMF were saying the same thing, Hollande wants to go this way, in fact everyone but germany. The other route I am surprised the Greeks didnt go was the the immediate devaluation of say 30%. They already had their debts cut by what, 60%? the germans want them to cut back their entire spending, if they just overnight reduced all their prices and wages by 30% they would achieve this. In the meantime capitol flight from greece is bringing their banking system to a halt, this is going to need some more LTRO form the ECB to counter. Thats going to piss the germans off even more.
============================== Nothing to say.