Monday, February 20, 2012

Greeks lose the faith





I think the markets now are convinced that Greece will default.  It's been obvious to me for a while that she would, and the draconian austerity forced on her by Germany virtually guarantees it, as I said in my last post.

Read this article.  Has the ordinary  Έλλην επι  τῃ  όδῳ  (man on the street) now realised that default might actually be less painful than a deep depression?  And when Portugal faces the same conundrum?   And Spain?  And Italy?  Does Germany realise just how deep -- and how long -- the European depression could be if the euro blows up?


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