On 2/9/15 7:26 PM, Charlie wrote: > This is a repeat of the same thing Louis did five days ago - quote > Michael Roberts of old after he updates his views. > > Michael Roberts as of Jan. 21, 2015 this year, not two years ago: > > "What will happen? Can Syriza maintain what some have called the > impossible triangle: namely 1) stay in power, 2) reverse austerity and > 3) stay in the euro? Or will one or more have to go? > > --From > http://thenextrecession.wordpress.com/2015/01/21/syriza-the-economists-and-the-impossible-triangle/ >
This is what Roberts said today: If the Greeks are thrown out of the euro and they will have to opt for a new currency. They would only be able to use the euro as Greek currency if they are prepared to accept a massive credit squeeze and deeper economic slump. If they opt to introduce a new currency, it will probably be worth only 50% of the euro. Greek banks, corporations and government will have to default by at least that amount. That means losses of about €200bn that governments, banks and corporations in the rest of Europe will have absorb, or about 2% of Eurozone GDP. Estimates put the loss to Germany alone of a Greek default at about €75bn. https://thenextrecession.wordpress.com/2015/02/09/greece-and-the-euro-face-off/ That does not sound like advocating Grexit to me. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
