I can only say unfortunate, very unfortunate. Greece would be much better off returning to the drachma and handling their economy in a way that made sense to their people, instead of someone else's CPA.
The fact must be faced that the EU is an empire. And not that good an empire either. The Romans built roads and aqueducts. Central Europe will just tell you not to.
The fact must be faced that the EU is an empire. And not that good an empire either. The Romans built roads and aqueducts. Central Europe will just tell you not to.
2 comments:
while leaving the eu & returning to the drachma would seem to be the ideal solution, how exactly the newly-revived currency of a recognized 'debtor nation' would function internationally is another matter. unfortunately, i feel the true choice here is between extreme, immediate pain, with the potential of relief down the road (leaving), vs grinding, continuous pain, with no end in sight (staying). & that such choices, as always, are easier to make from a distance :) ...
what's currently being done to greece is what was being done to central & south america, via the imf, for decades: rape & pillage under the guise of 'saving/rescuing/fixing the economy'. i also deeply mistrust the way this's being framed as a 'germany vs greece' thing. to the extent that i can see no evidence in the west of any major western financial institution demonstrating any degree of genuine subservience to any sovereign government (rather, quite the opposite), i'm going to assume that any demonstrations of economic conquest such as these are primarily at the bequest of these same institutions, & that it all simply boils down to whomever's turn it happens to be next...
Well, for now they seem to be opting for the grinding, continuous pain. It's easy to be a backseat driver on this one, I guess. If it's you who needs to keep the lights on things look different.
It's true that this isn't just a German decision. Angela Merkel's government was divided on this one, yet it wasn't a divided response, which would seem to mean these particular bureaucrats weren't really calling the shots. For all they've done I'd like to see the IMF turn out to be a paper tiger, but maybe that's wishful thinking on my part.
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