I don’t think Greece defaulting and pulling out of the Eurozone would make much of a difference. It’s economy is so small in comparison to most other European countries and its finances are much worse.
eff the EU.
Well, yes, although if they can't see it coming by now they're not paying attention. More potentially worrying is the degree to which banks all over the world are exposed via derivatives. Nobody really knows.
The real issue is what happens to Italy, Spain, and Portugal after Greece leaves.
The pressure for them to follow would definitely trigger a death spiral for the Euro.
Oh well. The Eurozone was a failed Utopian pipe dream that needs to die.
this could pump up US stock prices as European money seeks safe haven investments.
a weaker euro implies a stronger dollar which would ordinarily be bad for US exports. But the US does not need as much exports now that it has found onshore supplies of oil. So those two externalities might offset each other.
One good thing that a collapsing euro would do is shut up US liberals who keep arguing for more european style socialization.
I’m surprised the EU lasted this long.
Global
Economic
Meltdown
We all see the warning signs, but most people don't want to admit the truth.
This is heady stuff. There’s alot to talk about as the article hints at many unintended consequences.
The question of ‘why reject a 6 month?’ extension is just as curious as the question ‘why ask for only a 6 month?’ extension. If I were trying to reform under the past agreement with any sincerity, I would be asking for years, not months.
What happens to Nations that suddenly can’t sustain themselves? Particularly when they are surrounded by Nations that are working it out just fine?
Are they at the point were they have to ‘sell some sovereignty’? Is that what Germany wants?. Like appoint an EU inspector general to oversee the Greek monetary policy?
Greece borders the western ad eastern worlds. Where the west are the Christian remnants struggling to hold on and to the east the nascent Islamunazi and Islamunists. Representing Islamo-comunism and Islamo-fascism.
Germany won’t willingly let Greece out of the EU, but they will hold out for some say or some influence on Greek affairs..
So what does that lead to?
The only way out of this is for Germany to give every Greek a new S-Class Mercedes Benz.
It’s a catastrophe now or a bigger one later. Choose your poison.
Oh, noes! Not the whole PLANET! That's where I keep all my stuff!
Look, the system of using debt as money is going to die. Hopefully, the "global economy" will die with it.
Paper money systems end all the time. No end of a paper money system has ever brought "catastrophe" with it, much less the end of the f***ing PLANET.
Get a grip. The demise of the banks and the international financial system will be a blessing to American constitutionalists and patriots.<[P>And if we have to dangle a few politicians, well, c'est la guerre.
The Greeks will get bailed out. It will work only for the reason that is HAS to work. No other options. At least options with less risk.