Lake Erie Conservative

thoughtful discussion(s) about issue(s)

… So , What does Greece do Now ? [#economy][#euro]…

Posted by paulfromwloh on Saturday,December 10th,2016

.. well , to be honest , they did not belong in the euro in the first place . Their finances were never in good enough condition to meet what are called the ” Maastrict Criteria ” for entering the Eurozone ..

.. the drachma will soon return . That is very , very likely . But it will have very little credibility . Greece and her government will have to work and regain their people ‘ s trust ..

.. [h/t —]..
.. [link] to the blog post ..

.. also , many savers and pensioners are likely to lose a significant chunk of their savings . The government will use it as part of a ” forced recapitalization ” of the banking system . It will be condemned widely by many , but the incompetence of Tsipras and Syriza has made this step necessary . Otherwise the banking system will need to be nationalized , which is what Greece does not need ..

.. elections will soon follow . Syriza is finished . The government will fall , and they will have to face some very angry voters . Even though the opposition is not exactly a bunch of ” rocket scientists , ” the Conservatives will then be given a chance . Syriza ‘ s total failure , along with some smart politics [a coalition with pro – labour factions] will help the country stabilize ..


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