I see the whole Greek mess as something like a kidnapping holding the Greek people as hostage. The government is weak relative to the troika. My guess is that the immediate result of the Grexit would be catastrophic, worse than the "bailout." After a (short?) period, the economy would be likely to begin to recover. Either way, there would be enormous pain and suffering.
Had the Spanish & Portuguese left parties stood solid with Greece, the outcome would be much better in Southern Europe. As it now stands, things will get rougher for the rest of Southern Europe. Finally, all those who screwed Greece are free to enjoy the fruits of their crime. Michael Perelman Economics Department California State University Mperelman at csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901 www.michaelperelman.wordpress.com
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