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Where is Mr. Potter, or should I say Mrs.Merke,l when you need her?
"Updated at 12:05 p.m. ET: Political leaders in Athens were due to discuss an emergency government Wednesday to deal with a possible run on banks as it emerged Greeks withdrew almost $900 million in a single day, fearing their country could crash out of the euro currency by the end of the week.
An interim government would take the country through to new elections on June 17, triggered by the collapse on Tuesday of talks to form a coalition between winners of the inconclusive May 6 election.
Greeks are withdrawing euros from banks, apparently afraid of the prospect of rapid devaluation if the country leaves the European single currency and returns to the drachma.
President Karolos Papoulias warned of “great fear that could develop into a panic,” the minutes of Papoulias' negotiations with political leaders showed, according to Reuters."
Well I should say anybody who has anything left...........
“Over the last two years Greeks withdrew approximately 70 billion euros from their bank accounts, an amount equivalent to approximately 35 percent of Greek GDP,” Dr Michael Arghyrou, senior economics lecturer at Cardiff Business School in Wales told msnbc.com."
Greece needs to get onto their own currency, which can adjust.
Downwards. One way or another austerity is going to be a fact of life in Greece for years to come. Best to do it under the august of the EU. At least they'll have free movement within the EU.
Downwards. One way or another austerity is going to be a fact of life in Greece for years to come. Best to do it under the august of the EU. At least they'll have free movement within the EU.
Yep. Greece's best chance is the EU. Nobody else will want to lend them any money.
Downwards. One way or another austerity is going to be a fact of life in Greece for years to come. Best to do it under the august of the EU. At least they'll have free movement within the EU.
Yes downwards. That's the point. If Greece had their own currency the could devalue it. Devaluation wouldn’t reduce the debt burden. But it would reduce the macroeconomic costs of fiscal austerity.
If Greece had its own currency, it could try to offset this contraction with an expansionary monetary policy — including a devaluation to gain export competitiveness. As long as it’s in the euro, however, Greece can do nothing to limit the macroeconomic costs of fiscal contraction and it avoids years of pain and suffering.
Yes downwards. That's the point. If Greece had their own currency the could devalue it. Devaluation wouldn’t reduce the debt burden. But it would reduce the macroeconomic costs of fiscal austerity.
If Greece had its own currency, it could try to offset this contraction with an expansionary monetary policy — including a devaluation to gain export competitiveness. As long as it’s in the euro, however, Greece can do nothing to limit the macroeconomic costs of fiscal contraction and it avoids years of pain and suffering.
Yes downwards. That's the point. If Greece had their own currency the could devalue it. Devaluation wouldn’t reduce the debt burden. But it would reduce the macroeconomic costs of fiscal austerity.
If Greece had its own currency, it could try to offset this contraction with an expansionary monetary policy — including a devaluation to gain export competitiveness. As long as it’s in the euro, however, Greece can do nothing to limit the macroeconomic costs of fiscal contraction and it avoids years of pain and suffering.
Their living standards would also reduce accordingly. They would be unable to finance their deficits for the foreseeable future. Going on the drachma is no silver bullet.
Anyway looks like Merkel is buckling, the German people should consider themselves lucky they have a leader willing to fork over their money to Greece.
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