Greece/Portugal/Italy/Spain/France have a problem, it is their fault and they should blame no one else.
Greece has become poorer since the Troika? Obviously it is. The question is what would happen without the Troika? Civil war? Mass starvation?
The reality is that none of these coutries have a population that is mature enough to belong to a currency zone(the UK knew their limitations and acted acordingly), devaluation is a tool that is necessary in countries where the populations are unreaalistic in their expectations, allowing wage/benifit cuts without openly adminting it.
They should leave the Euro Zone and default on most of their debt, the creditors should understand that it was foolish to lend that much and that they will never see the money again.
In Japan the same will happen the only diference is that it will be the japanese savers who will burn, either through default or inflation.
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Greece Is Not The Only Country Facing Severe Economic Challenges…
Greece/Portugal/Italy/Spain/France have a problem, it is their fault and they should blame no one else.
Greece has become poorer since the Troika? Obviously it is. The question is what would happen without the Troika? Civil war? Mass starvation?
The reality is that none of these coutries have a population that is mature enough to belong to a currency zone(the UK knew their limitations and acted acordingly), devaluation is a tool that is necessary in countries where the populations are unreaalistic in their expectations, allowing wage/benifit cuts without openly adminting it.
They should leave the Euro Zone and default on most of their debt, the creditors should understand that it was foolish to lend that much and that they will never see the money again.
In Japan the same will happen the only diference is that it will be the japanese savers who will burn, either through default or inflation.