Referendum is about leaving Euro. Greece will leave Euro and Euro collapses. Threat to BCE. Academics that defended the 50% hair cut now ask about the future fo Greece.
Overall bad news to Europe.
Part of the script for a Core Europe...
Message 27328848
CATEGORY 1
CORE EUROPE. EURO+ countries and Japan.
You will live through an era of gracious decline, Japan, Germany, Sweden, Holland, France, Denmark, Norway.
living off capital royalties and tiny little industrial segment very specialized sectors.
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CATEGORY 3
Sharp fall with a thud. Spain, Italy, Belgium, Eastern Europe absorbed the cost structures of a welfare state from West Europeans (Poland, Slovakia, Hungary, Baltic states)
Joining the basket cases. Iceland, Ireland, Greece, Portugal.
Those countries were on the way to Portugal, Ireland Greece stage when 2007 crisis hit.
Core Europe gave them a spurious feeling that accepting them into the EU was a passport for a wealthy country.
Although they had no natural, resources, oil and gas, agriculture or even cheaper manpower after gone in Euro Zone.
For two reasons they could not reform and kept spending:
Their government could not admit they were going back to where they come from. That would be political suicide.
Those big construction companies needed a constant stream of new projects to keep making money. |
