Ka BOOM.
Remember today ladies and gents. It’ll be one that history remembers.
The zerohedge analysis is wrong. Never fight against someone who is crazy or who has nothing to lose. The government is commie so we can assume crazy applies. And Greece in general has nothing to lose. I doubt they’ll be so polite as to negotiate an orderly exit from the EU. I suspect they’ll simply print Euros on the one hand (who is going to stop them? ) and repudiate their debt on the other. Mutually assured destruction.
I think there are four things which the news media and public have not come to grasp about this mess.
1. The amount of debt and economic issues are probably more serious on the average citizen than everyone imagined. If you are a diabetic....you have to use your own savings and pay cash to get insulin. Name any disease, it's serum or pills, and if it's made outside of Greece (90-percent chance), then you will burn up your savings to survive. Since 2009, Greeks have been waiting on the turn-around. It hasn't happened. It might be two decades before some economic change occurs.
2. The truth is, Greece never was ready for the Euro. It may never be ready for it.
3. Once they end their relationship to the Euro and go back to the Drachma....Greeks will find the economy just about the same and most Greeks will be surviving off the dollar or Euro as their real hard currency....rather than the fake Drachma which everyone will be trading with.
4. If you think this January election is the end of the political chaos....I'd take a deep breathe and prepare for another election before the end of the year. This January election doesn't really fix anything....it just resets the clock and makes people think there's still a better chance ahead, where there isn't.
That's an interesting point.
Where are Euros actually printed? A central location or does each member country crank their own out?
If the latter, that sounds like a license for disaster.