… 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 ..
.. 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 ..