Cable Forum - View Single Post

**Chris** · 18-06-2012, 10:10

The Euro is going to rupture. It's just a matter of where and when the dam will actually burst. Europe is in a depression; the world does not have enough money to keep bailing out banks and governments indefinitely. This is *going* to happen.

Had Syriza won the election in Greece last night, their refusal to abide by the terms of the country's bailout would have fairly quickly resulted in a massive default on sovereign debt and no option but for Greece to invent and print its own money in order to pay state employees - hence the return of the Drachma. With the fact of derogation from the single currency thus established it would then have been easier for other states to take the same decision when things got too tough.

New Democracy has won the election which means status quo for the time being at least (though ND does not have a working majority and a coalition is by no means assured). Thus, the leaky dam has been plugged in Athens for now. However, Spain and Italy are still right up the polluted watercourse without any obvious means of propulsion. That story is by no means played out yet. The day of reckoning may take a little longer to arrive, but it's coming.

18-06-2012, 10:10	#883
Chris Trollsplatter Join Date: Jun 2003 Location: North of Watford Services: Humane elimination of all common Internet pests Posts: 38,262	Re: Eurozone will collapse... The Euro is going to rupture. It's just a matter of where and when the dam will actually burst. Europe is in a depression; the world does not have enough money to keep bailing out banks and governments indefinitely. This is going to happen. Had Syriza won the election in Greece last night, their refusal to abide by the terms of the country's bailout would have fairly quickly resulted in a massive default on sovereign debt and no option but for Greece to invent and print its own money in order to pay state employees - hence the return of the Drachma. With the fact of derogation from the single currency thus established it would then have been easier for other states to take the same decision when things got too tough. New Democracy has won the election which means status quo for the time being at least (though ND does not have a working majority and a coalition is by no means assured). Thus, the leaky dam has been plugged in Athens for now. However, Spain and Italy are still right up the polluted watercourse without any obvious means of propulsion. That story is by no means played out yet. The day of reckoning may take a little longer to arrive, but it's coming.