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Mass exodus from the Eruo countries by the skilled and trained says a lot, when a country starts to have a brain drain then it is on the way down as it is the PIIGS ( portugal, ireland, italy, greece and spain) are all in a world of hurt as the unemployment goes up.
Mass exodus from the Eruo countries by the skilled and trained says a lot, when a country starts to have a brain drain then it is on the way down as it is the PIIGS ( portugal, ireland, italy, greece and spain) are all in a world of hurt as the unemployment goes up.
Indeed, drain brain is a huge global problem. I don't know how one could stop that, though. Those countries concerned should do more to retain those people, most of whom they spent a lot of money on before. But at least in the case of developing countries that might be almost impossible. Many Africans abroad send part of their salaries back home, further continuing the dependence cycle.
Greece should leave the Eurozone since taking on more debt is not a solution that is realistic. The Greeks just cannot survive these austerity measures, there will be no political or public will to pull this off for the next year let alone the next DECADE! They will exhaust the bailout or the next five and will require constant infusions from Germany and the rest of the EU. It's an unsolvable problem, the only way out is EXIT.
Returning to the drachma while initially shocking will be best in the long term and is in Greece's best interests.
If Greece wants to be sovereign again, it has to get it's financial house in order or leave the Eurozone. They had over 2 years to get their financial house in order, they didn't. If Greece doesn't leave the Eurozone at this point, it will be ruled by Germany, period.
Dads have been telling their kids "as long as you live under my roof and I'm paying the bills you'll follow my rules" for eons....
Dads have been telling their kids "as long as you live under my roof and I'm paying the bills you'll follow my rules" for eons....
The difference is it is OUR roof, the house belongs to all EU-citizens alike... It is not Germany's house.
And, what many ignore, Germany is just doing better than other countries, it is far from ideal, also has lots of debt etc.
All in all I guess the Netherlands is a better example for Portugal or Greece. Similar size, better feeling, more pragmatic, ...
A panel of market participants ruled later in the day that the restructuring constitutes a credit event and would trigger insurance-like contracts that pay off if creditors suffer losses. On Friday, ratings firms Fitch and Moody's declared Greece in default.
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Shhhhh....
