Does the crisis in Greece show that it's time to bury the Euro ?
Greece's staggering national debt has brought about the first major crisis to hit the euro since the currency entered circulation in 2002. After Greece's finances spiralled out of the control - their public deficit of 12.7% is over four times higher than eurozone rules permit - the country has had to impose stark austerity measures, and millions of Greeks have gone on strike to protest against coming hardships.
And with Spain, Italy, Portugal and Ireland all in a similar predicament, there are fears that Greece could be merely the first domino to fall in Euroland.
Dear Greek friends, do you think that the introduction of euro currency area was never a good idea ?
Example of the American market is very telling. The USA can run a big economy under a single currency because it is socially and politically integrated. When recession hits General Motors in Michigan, families can simply up sticks and move to Florida or California. And while this is happening, Washington continues to provide healthcare and social security checks in the depressed area. But Greek fishermen are not about to become solders in the Ruhr, and nor does Brussels contribute that large a sum to the local Greek economy. Trying to operate a single currency without social and political integration is like trying to change gears without a clutch - painfully difficult and destructive.
Looking forward to your comments,
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