There seemed to be some agreement yesterday that exit from the EU by Greece and
perhaps others like Spain and Italy was inevitable. But is it really? Greece,
Spain and a few other countries have huge debts -- but debts that are
denominated in Euros. It is highly unlikely that creditors would accept
repayment in far less stable currencies like the drachma or the peseta, and
default by some of the larger EU debtors could wreak havoc with the
international banking system. Exit from the EU is, IMHO, most unlikely unless
someone steps in and provides the kind of bailout supports needed. Perhaps the
IMF or, as Barry suggested, Russia? For a countries like Greece or Spain,
would being beholden to Russia be better than being under Germany's thumb?
Ed
_______________________________________________
Futurework mailing list
[email protected]
https://lists.uwaterloo.ca/mailman/listinfo/futurework
