The euro versus democracy, Greek style

What a predictable tragedy the Euro has become. If you want a single currency to work you need a single government to back it, a single demos to decide who rules, and an economic policy which generates prosperity for the many. The Eurozone has none of these, making crisis a permanent feature

The Greek government’s wish to put the latest Euro area/IMF offer to voters for decision is a game changer. It has left a wounded and surprised Euro area fulminating against the way Greece behaves.

The European Central Bank with the support of the Euro area has cut off all supply of Euro support to Greek commercial banks. As a result we now have our third Euro, the Greek Euro.

  • Brett_McS

    A Greek Euro? They could call it the Eouzo.

  • David Murrell

    The writer makes good points, and I agree with his view that Greece should leave, re-install their domestic currency and devalue, and then start afresh after full bankruptcy. But the core of their ills lies NOT with the Economic Union per se, but their left-wing socialist lifestyle, where the hard-left public unions hold sway over the rest of the country. Greece is a country, after all, that instituted retirement at 55 years of age.

    The National Post reported a few days ago that their is a shortage of pharmaceutical drugs and overall hospital care, while at the same time the bureaucracy is bloated and overdone with paperwork. If these are the priorities of left-wing socialism, I say let them go bankrupt.

    We have the same problem over here — Detroit, Chicago, Illinois and Puerto Rico — jurisdictions where public service unions and left-wing entitlement impoverish the governments in question. If this is what rules, let them all go bankrupt.

    • Yup I agree David, Greece literally needs to upend itself in order to survive.

    • Jabberwokk

      But How do I stop there bad decisions from forcing me to pay the price?

      And more importantly What can I do now to insulate myself against this foolishness?

  • Banks loan money if they believe it can be paid back.

    Greek socialist, fiscal policies make paying back loans impossible.

    Something has to give.

  • ed

    mr.ponzi would be proud !

  • Hard Little Machine

    Why bother? They’re irresponsible whether they use the Euro, the Drachma or trade goats and olive oil.

  • Helios Megistos