Diary
Greek farce
16 May, 2012
Greece is now lurching from tragedy to catastrophe with reports that the country faces everything from total banking collapse, to anarchy, starvation and civil war. Admittedly, some of these reports may be a little misleading but the overall picture is one of meltdown resulting from the country's protracted economic crisis. It is clear from recent elections that the severe austerity imposed by EU technocrats is a non starter for the people of Greece. But political paralysis is now threatening to compound the Greek tragedy with new elections following on from recent ones. What is clear is that Greece requires an orderly exit from the financial straitjacket that is the Euro. She must be allowed to revert to the Drachma, devalue her currency and engage in an export led recovery that will enable the country's economy to grow and jobs to be created. Yes, the immediate knock on effect on other crisis economies, particularly Spain, will be nasty. But in the long term, there is little else that is viable. Do not bet on the Euro elite seeing sense, however, until it is too late.
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