Quote:
Originally Posted by Chris
They have stepped back from the brink because the political cost of failure has been judged too high - so they will pay an economic and social cost instead. Youth unemployment in Greece is now greater than 61% ... that's scarcely imaginable. The inherent weakness of the Euro has been locked in and the zone faces years of terminal decline because of it.
|
I don't think they face years of terminal decline. Why would that have to be the case? They'll have to integrate the Eurozone closer but we all knew that would happen. Greece was also screwed before they stepped back from the blink and beside Greece could still be jettisoned from the zone without too much damage to the rest of it. Banks have pretty much written off any exposure to Greece already.