Greeks Finally Vote to Save Themselves!

3193Greece – With the result of the Greek referendum just in. It appears that the Greek people have finally voted to save themselves.

We have been hearing an endless stream dire apocalyptic threats and warnings about what would happen if the the Greeks rejected the deal was on offer.

Well the Greeks have well and truly called the doom merchants bluff. Only this should have happened in 2010 when the European Central Bank (ECB) should have thrown the Greeks out of the Euro because it turns out that the Greeks falsified their economic data before they joined the Euro-zone in order to meet the entry conditions for the Euro.

But the fault does not lie with the Greeks. The European Central Bank was perfectly well aware that the Greeks had not met the entry conditions to join the Euro.

For that matter neither the French, Portuguese, Italians, Spanish or the Holier than thou Germans had complied with the Euro entry condition either. But that was not considered important by the ECB at the time. The Euro project off the ground was considered more important than building in potentially fatal fault lines.

The Portuguese, Italians, Greeks and Spanish collectively known as the PIGS, are the least efficient economies and have lowest productivity in the Euro.

Bumping the Greeks from the euro would

This sends two very important messages, one to the markets and the other to the remaining members of the Euro-zone.

The first message is that the Euro-zone has the stomach to do what is necessary to protect the Euro. The rules of membership of the euro will be respected.

The second is telling the members of the Euro-zone to put their economic houses in order NOW. The rules of membership of the Euro will be obeyed or else.

Yes this would be throwing the Greeks to the dogs, but sometimes making an example is needed to encourage others not to repeat their mistakes.

But the Greeks being outside the Euro would give them a chance to fix their economy.

But the speculators see a quicker buck to made out of Greece’s misfortunes. When the time is worst for the UK and the USA the speculators will turn their bloodshot and bleary eyes to Pound and the Dollar, and give them their undivided attention.

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Author: Dr Suusi Watson

Editor of the Bastard

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