Thursday, November 08, 2012

Rehn Writes Greece Off

Olli Rehn, the European Economic and Monetary Affairs Commissioner, has written Greece off by stating that Greece's debt (expected to reach at least 189% of GDP in 2013) is unsustainable whilst at the same time ruling out the possibility of an official sector debt restructuring.

Rehn negelected to state that the level of unemployment in Greece is also unsustainable. Youth unemployment now stands at a staggering 58% in August vs 45% in August 2011.

The only option remaining for Greece is to leave the Euro.

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