Sunday, May 30, 2010

"Greece must exit Euro and Default"

The following is an extract from this morning's Sunday Times, linked here.

The Centre for Economics and Business Research (CEBR), a London economics consultancy that is advising the Athens government, said Greece would be unable to escape its debt trap unless it devalued its currency to boost exports.

The only way for this to happen is for Greece to leave the euro. Until now, Greek politicians have played down the prospect of abandoning the euro, which some observers fear could set in motion the break-up of the single currency.

Speaking from Athens yesterday, Doug McWilliams, chief executive of CEBR, said: “The only option for Greece is both to exit the euro and to default.”

This blog has been stating this obvious fact as it appears in this posting's headline for some considerable time, in fact ever since the so-called Greek crisis first hit the headlines! Other common sense on the present terrible situation is in other postings below this.