No contagion if Europe just lets Greece go
Look at the facts. Greek leftists with no plan other than no cutbacks to anything but continued EU support are now in control. A run on the banks has begun, and will only accelerate to U.S. Depression era levels in the next week unless some major compromise is reached.
The issue is not support of the banks. The issue is the value of the drachma when Greece withdraws or is kicked out of the EU.
Greece is a country that produces almost nothing but tourism, it is a country whose richest citizens hide all of their assets and do not support the country. Has anyone ever heard of a hospital wing, a charity group, or anything of that nature named after an Onassis or anyone like him - doesn't exist. It's not in the culture, and they cooked the books on joining the EU and ever since they have belonged.
Telling the truth about Greece would, could, be a way to differentiate Greece from Ireland, Portugal, Spain, and Italy, countries with significant issues but where a public spirited nature to some extent definitely exists. In Greece, it is ouzo tonight, patronage tomorrow, for anyone but the most ambitious and the most poor. Let the darn country go and set up both rhetorical and financial firewalls to get past this event.
Greece is a charming country in some ways, but overly built up on the tourism agenda now, grossly so in some areas, and overrun by tour ships and drunken Brits. Let it go. Get past it. It is barely 2% of the entire Euro economy. Prepare, plan, and drop it.
Their people will suffer short term, but they already are. Give them the ability to devalue the drachma and the country will be so crowded by so many value seeking tourists that in a few years they will be a prosperous country again. Well, that's a possibility?
The issue is not support of the banks. The issue is the value of the drachma when Greece withdraws or is kicked out of the EU.
Greece is a country that produces almost nothing but tourism, it is a country whose richest citizens hide all of their assets and do not support the country. Has anyone ever heard of a hospital wing, a charity group, or anything of that nature named after an Onassis or anyone like him - doesn't exist. It's not in the culture, and they cooked the books on joining the EU and ever since they have belonged.
Telling the truth about Greece would, could, be a way to differentiate Greece from Ireland, Portugal, Spain, and Italy, countries with significant issues but where a public spirited nature to some extent definitely exists. In Greece, it is ouzo tonight, patronage tomorrow, for anyone but the most ambitious and the most poor. Let the darn country go and set up both rhetorical and financial firewalls to get past this event.
Greece is a charming country in some ways, but overly built up on the tourism agenda now, grossly so in some areas, and overrun by tour ships and drunken Brits. Let it go. Get past it. It is barely 2% of the entire Euro economy. Prepare, plan, and drop it.
Their people will suffer short term, but they already are. Give them the ability to devalue the drachma and the country will be so crowded by so many value seeking tourists that in a few years they will be a prosperous country again. Well, that's a possibility?
posted by John Borden at 5:09 PM
0 Comments:
Post a Comment
<< Home