>euro doomed
It is among the peripheral euro economies. Either that, or their citizens will have to ultimately come up with significantly reduced wages and/or sell off their country's remaining natural resources and/or significantly increase productivity and/or maintain or reduce their cost of living. Otherwise, stuck with a common currency the balance of trade with other nations will eventually hollow out their economies.
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“There’s no way Greece can actually ever fully meet the conditions laid down by the EU and IMF – particularly if they keep piling on new demands. The scale of the cuts goes far beyond any fiscal consolidation – successful or failed – that any country has gone through in living memory.”
“The question is instead one of how long the eurozone’s charade of unrealistic conditions in return for more bailout cash can continue. Specifically, will Germany and other Triple-A countries accept half-baked solutions to the big unanswered questions that still haunt the efforts to save Greece?”
Worth a read:
http://www.openeurope.org.uk/Article?id=8497<added2>
Local UKIP Euro-MP Godfrey Bloom, the Party’s Economics spokesman, today called for sanity to prevail over the state of the Greek finances.
"Finally reality is beginning to dawn in Brussels and across Europe. One of the most senior European Commissioners, its Vice-President no less, has announced that, 'It is simply not true' that if Greece were to leave the Euro there would be disaster across the European financial system.
This is what we in UKIP have been saying for months, years even. The best way to help Greece, and by extension ourselves, is if we give them a helping hand down and out from the Eurozone, rather than spending billions of pounds of taxpayer's money building a golden prison.
Our Government has been playing along to the doomster dialogue in order to justify its throwing money at the lost cause.
It would do better listening to the Commissioner and wiser heads and refuse point blank to give any more to the bailouts, whether through increased IMF contributions or otherwise. No more British money should be spent making a bad situation worse"
http://www.godfreybloommep.co.uk/news.htm