So,where is Greece heading? The recent 1000 point crash in Dow was a clear message that how globalization has made the world so interconnected.European leaders are not willing to acknowledge that Greece’s debt crisis will extent to Spain,Portugal and other Southern European countries.They are still optimistic that Greece’s association with the common currency will be a good for Europe.
Is it possible for Greece to stay with Euro? No,not at all.Greece should leave the euro
zone as soon as possible.If George Papandreou don’t want to leave the Euro,he will have to convince his country to accept the wage cuts/other fiscal measure.Secondly,he should request the ECB to buy Greece’s government debt.Finally,he should ask Germany and other rich nation who can flaunt their tax payer’s hard earned money to Greece.But seeing the streets of Athens on the t.v. news channel, I doubt that whether this alternatives would be possible.
So,Greece had no choice other than to leave Euro. That will solve all the problem.The Economic recovery,which is only possible if Greece leave the Euro zone and devalue its own currency.The economic recovery will generate higher revenues,low spending and massive job creation.By this way,Greece can increase its export competitiveness.
What will happen if Greece stay with Euro? There will be mass protest,poverty,looting and rioting,rise of criminal activity and finally,a default followed by a civil war.People will have no choice but to throw out Mr.George Papandreou out of the country same way like Krgystan people throw out their prime minister.
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