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Politics : Formerly About Advanced Micro Devices
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To: Tenchusatsu who wrote (565165)5/8/2010 1:07:48 AM
From: tejek  Read Replies (1) of 1584253
 
CJ, > In a sense. It threatens the stability of the Euro, and by extension, the EU. And that would be bad.

If the real problem were just confined to Greece, the EU could simply drop Greece out of the Euro system and let them decline on their own.

Greece and Italy are the worst by far. Italy is a much bigger economy and has been in trouble economically for decades but always manages to survive. Greece is the sole drama. Spain and Portugal have problems but its mainly because of the recession.....not their accounting practices.

I think the real problem is that the whole Euro system is flawed.

Its flawed only because certain countries lied about about their economics before they joined. Think Greece for one. It won't happened again.

Without any authority to force painful measures such as the austerity plan upon slacker nations, there is no incentive to follow the rules.

They have the authority but they are choosing not to use it for a whole host of reasons.

And it's not just falling apart in Greece. Other Euro nations are on the brink as well. No way our markets would suffer so much if it were just Greece.

The markets are up 60% in the last year. Its not just about Greece.....its about profit taking and China as well. As for Greece, the worry is the contagion will spread to other countries......but that's more a vague fear of a Lehman repetition. The real fear is that its hard to see how Greece can get out of the mess they are in. The current setup is very deflationary given that Greece is tied into the Euro.....and that means they can't export or tourist their way out.....although the Euro is down so much in the end that may be what saves Greece.
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