• You said towards the end that most Greeks want out of the Euro. Not true though. Looking at the latest poll:
    To sum it all up its 74% and all of these parties advocate for staying within the euro-zone. Only the Communist party wants to return to our national currency. What i believe the situation is, our people have gotten pretty angry with the Merkozy and their attitude but a lot of them actually expect a magic machine to appear and get us back to pre-crisis Greece. If not, ΝΔ shouldn’t have had 30% of the voters approval.

    • I am happy to concede the point. But I very fear that with every passing hour the pro-drachma camp is getting stronger. It won’t be long before they ARE a majority.

    • Well, as far as I’m concerned i don’t like the existence of the euro-zone and the way decisions are being made. The commission is consisted by a bunch of unelected bureaucrats and the EU parliament is completely powerless. I don’t know if an exit of the euro would be bad or good but the lack of democracy within the EU should trouble us all.

      I have a question though. I have been following your thoughts and I’m a bit confused. If we ditch euro how long do you really think it will take for Germany to do the same? Because if its a matter of days it seems to me that the repercussions you have mentioned in previous articles (two currency state etc…) wouldn’t last for long, right?

    • Right. But since I do not believe in being utterly convinced that one’s predictions hold, I explained what would happen in case I am wrong and the euro lasts for a while longer after a Greek exit. After all, Germany is wealthy enough to keep it going for more than a few weeks. My point is that during that period, Greece will not be healing since a Berlin Wall will rise that separates those with euro savings from the rest who must survive on a fast depreciating drachma income.

    • “with every passing hour the pro-drachma camp is getting stronger. It won’t be long before they ARE a majority.”

      Enlightment sometimes takes time. Everywhere.

    • For what it is worth I think the Greek media and the international media in general have been vilifying Merkel for no real reason.

      The mainstream media putting Merkel and Sarkozy in the same boat, in my opinion is deliberately misleading.

      From what I see of Merkel, she has made it clear that Greece can default and Germany will help to pick up the pieces.

      But if the Greek government wants the bailout cash then there are harsh conditions.

      I think that is fair enough, Greece has a choice, the government can take it or leave it.

      Sarkozy on the other hand is making it clear that he believes the ECB should devalue the debt by printing. Only Merkel has stopped him.

      I believe Sarkozy and Merkel are at opposite ends of the spectrum. You have France which is basically bankrupt with it’s unfunded liabilities and you have Germany with a surplus.

      France wants to print money, Germany does not.

      Intentionally or not, I believe German aims are in the best interests of Greece and they would be quite happy to see the Greek government default.

      The German electorate I believe, knows the Greek government is the problem, no the the Greek people.

    • There is nothing wrong with the Drachma. Greece would just need to balance its trade account with the rest of the world and the government would have to balance it’s books.

      A default would massively help to achieve both of these things.

  • The “velocity of money” in Greece is slowing to a dangerous low, a down-twirl with new austerity imposed to an already slow with > 1 mil real unemploed. I am afraid if nothing is to be done to spin it, disaster is eminent anyway we choose to go! and even that will take some time. Some mathematical aplication to this theory would better describe our economic present as a Europe – Cut backs will kill us eventually and Greece will spill over to the world – Ioannis Vazoukis

  • Thanks for this much too late wake up call. No one likes to have his nose rubbed in the dirt … especially just to be taught a lesson. And, that’s exactly why ‘denial’ is in such great abundance here in Europe. Sometimes, money is not the root of all evil; pride is.

  • Also many german bloggers, which i thought to understand the situation press for the drachma.
    You think it would be wrong?

  • the Germans with the Dutch are trying to show the Greek nation the door in regard to the Eurozone the future of Greece and other peripheriral Eurozone countries is outside the Eurozone as all these countries are asked to embrace a debt spiral to make whole French and German banks and socialize bank debt to the people i have allway`s been a pro EU / European but what i see in the last two years from the Europen elites has made me change my mind i now am anti the EU as banks take more importance before the people

    i wish the Greek people well and hope you can re discover your enterprising ways and show Europe there is an other way that can and will work for the people instead of the showmanship of Merkel and Sarkozy pretending they know what their doing
    best wishes to the Greek people

  • one more thing the ECB should be classed as a rogue entity that has continualy worked against the interest of European citizens and is a play thing of the BundesBank.de

  • Is this a way to get rid of the worst consequences of the new bail out?

    In always more German and Dutch regions can be paid with regional money in nice notes for promoting regional products and customs. it is accepted by participating shops and business. The money stays in the economy of the region and cannot disappear to abroad or banks elsewhere.
    The worth of the currency is related to the euro but it is also possible to revalue or to devalue that regional currency when needed.
    nformation about regional currencies in English:

    The original German website with information about regional money (Regiogeld) http://www.regiogeld.de/

    Do you think Greek regions can introduce something like that for at least getting a better regional economy?

  • What are you talking about Richard?Merkel just as any body else has been against a default from the beginning…Sarkozy wasnt on the same boat with merkel until she pulled him on the one she is standing on.

    • Hi, sorry for the slow reply. can you give me a source quoting merkel which leads you to believe that she prefers the Greek government to continue pissing away German money rather than simply defaulting.