The banksters will be bailed out this time, by the EU and the IMF. It's only a 12 billion euro payment. But what happens down the road when the payments necessary to protect the banksters get even larger and will include even more countries?
The PIIGS crisis is just in its early stages. There is much more to come. It will ultimately be a situation where Germany will decide the fate of the eurozone. Either it will agree to aggressive ECB money printing, which will be highly price inflationary for the entire zone, or it will leave the eurozone and let the PIIGS play in the mud all by themselves.
The older Greeks have the most to lose. I saw this firsthand last summer when I spent a month there.
ReplyDeleteThe younger Greeks can go away and build a life elsewhere - which many of them were talking about doing.
However, it is not easy for an older person to uproot and start over. They have to deal with age discrimination, language barriers, elderly parents, children, etc.
So they have no choice but to stay and fight.
Anonymous