| Online: | |
| Visits: | |
| Stories: |
Europe Has No Choice – It Has to Save Greece
Even if Greece leaves the euro, Europe has to ensure the country’s economy thrives. Otherwise it puts the entire EMU project at risk
by Ambrose Evans-Pritchard
Telegraph.co.uk
Greece has been through the trauma of default and currency collapse before. It went horribly wrong.
The sequence of events in the inter-war years have a haunting relevance today. In 1932, Greece turned to the League of Nations and British bankers in a last-ditch effort to defend the drachma under the Gold Standard as reserves drained away.
The creditors dithered for three months but ultimately said “no”. Greece devalued and imposed a 70pc haircut on loans. Debt service costs fell by two-thirds at a stroke.
It seemed like a liberation at first. The economy was growing briskly again – at more than 5pc – within a year.
Continue Reading at Telegraph.co.uk…
Source: http://financialsurvivalnetwork.com/2015/06/europe-has-no-choice-it-has-to-save-greece/?utm_source=rss&utm_medium=rss&utm_campaign=europe-has-no-choice-it-has-to-save-greece
