What are your thoughts on the levers left for the ECB and the G8 to pull to help ensure that Greece and other EU countries do not default on their debt obligations?
Link: http://www.nytimes.com/2011/09/20/business/global/as-greece-struggles-the-world-imagines-a-default.html
Its been almost a year since the Greece austerity measures were recommended. And there has been no response from the Greeks so far. They Greeks are their own enemies at this point. It seems like the carrots are not working and sticks will have to be used.
ReplyDeleteI think at this point, they should remove Greece from Euro (which will also serve to deter others in PIGS). And then Greece should declare bankruptcy. ITs not the first time or the last time someone has done that.