Debt trap-part 2

The continuous arm-twisting by Germany over those indebted countries like Greece,Ireland, Portugal and Spain could spark a revolt within Southern European countries. Yes,I agree that Greece,Ireland,Spain and Portugal would be much better off without the common currency,but unfortunately there is no provision for allowing a member country to leave the Euro-zone.We can say that this is a political debt trap which would destabilize the region in the coming months.

The Southern European countries have to leave the common currency so they can devalue their own currency as soon as possible.The five year Greek credit default swaps climbs to as high as of 1,070 basis points while Portugal 10 -year bond yields hit euro with skyrocketing 9.16 percent ! Its so chaotic all over the Mediterranean due to the austerity measure taken by these countries.

Time has come for the Mediterranean countries to think more sensibly about staying together in the Euro-zone and to be controlled by Germany to follow the austerity measure blindly.