Sunday, November 06, 2011

Greece will NEVER Pay Back

What has been going on for almost two years with Greece is quite absurd.  You don't need to be an economist or a head of state (actually these "qualifications" seem to obscure understanding) to realize they will NEVER pay back what they owe.  Not in five years, not in ten, not ever.  So what is this game the European leaders are playing?  It is actually quite irresponsible.  What they are doing, it seems, is to make sure the bubble doesn't burst while they are in power.  But let me tell you, the bubble will burst and the more time it takes us to accept reality the bigger the blow-up will finally be.  Here is my advice (and, yes, I'm no economist or head of state): let Greece declare bankruptcy and leave the euro zone.

And yes, if Greece drags Italy, Spain and Portugal with it, let it be so.  Long term it will even benefit all these countries.  Today, I understand, Spain is more expensive than Germany!  Let Spain go back to the peseta and make it again the (cheap) tourist paradise it once was.

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