Thursday, July 26, 2012

Mario Draghi On Euro Break Up

Mario Draghi, the head of the ECB, has spoken about the possibility of a euro break-up
"When people talk about the fragility of the euro, very often non-euro members underestimate the political capital that has been invested."
Ironically, for once, he was speaking more or less truthfully. In the sense that because so many politicians have a vested interest in maintaining the Euro in its present form, they will fight tooth and nail to keep it.

Sadly, for countries such as Greece, this means that their economies, democracies and social order will be sacrificed to appease the politicains' vanity and egos.

Draghi then reverted to type, and promised that the ECB will "do whatever it takes to preserve the euro".

This of course is patently untrue.

Greece will exit, and the politicians will scramble to preserve the Euro in another form.

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