Monday, May 23, 2011
The Greek Tragedy - No Surrender
The Telegraph reports that the Greek Prime Minister, George Papandreou, has ruled out debt restructuring in favour of more domestic austerity in order to "resolve" the Greek financial crisis.
Needless to say the ECB fully support this approach.
All very well, in theory maybe. However, the reality is that if the austerity package is passed by the government the people of Greece will be asked to endure more financial pain not to save their economy but to save the Euro experiment.
This is something that they are not prepared to endure, and is not a cause that any citizen of Europe should be asked to suffer for.
Like it or not Greece will be forced to default/restructure the debt, or simply leave the Euro.