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May 15, 2012

Comments

Bruce

if they leave can they take Robert Peston with them?

Denis Cooper

"... leaving the eurozone and effectively the European Union ..."

Greece was in the EU before it joined the euro, and it could stay in the EU after it had left the euro.

Denis Cooper

Above all others the German political elite are responsible for this debacle.

Having read this recent article in Spiegel:

http://www.spiegel.de/international/europe/euro-struggles-can-be-traced-to-origins-of-common-currency-a-831842.html

if I were a judge awarding damages then I'd apportion three quarters of the blame to Kohl and those who supported him, because they knew damn well that Italy should not have been allowed to join the euro, but decided that it should, which opened the door for Greece to blag its way in a few years later.

"Newly revealed German government documents reveal that many in Helmut Kohl's Chancellery had deep doubts about a European common currency when it was introduced in 1998. First and foremost, experts pointed to Italy as being the euro's weak link. The early shortcomings have yet to be corrected."

"The documents prove what was only assumed until now: Italy should never have been accepted into the common currency zone. The decision to invite Rome to join was based almost exclusively on political considerations at the expense of economic criteria. It also created a precedent for a much bigger mistake two years later, namely Greece's acceptance into the euro zone."

If it does end up costing the Germans a quarter of their GDP, then in the words of the Bible:

"For they have sown the wind, and they shall reap the whirlwind".

Sonya Porter

---oh please, please, please let Greece leave the eurozone, the eurozone fall apart and then whole of the European Dicatatorship...

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