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Why Greece Has to Leave the Euro

The torture of Greece continues unabated. The country has absolutely no chance of getting out of the economic hellhole it is in as long as it remains on the euro.

Although Germany has signalled it is fed up with can-kicking exercises, such delays are the only thing Brussels and the ECB can conjure up, even though Greece's deficit problems are always greater than expected.

Athens has not been having an easy time coming up with the €11.5 billion in cost cutting measures over the next two years it has promised Europe. Indeed, Greek Prime Minister Antonis Samaras is reportedly set to request an additional two years to make those cuts during meetings later this week with German Chancellor Angela Merkel on Friday and French President François Hollande on Saturday.

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  • John Wilkins on August 23 2012 said:
    I think using a foreign currency - the euro -- is ridiculous. Yes, the Drachma will suddenly depreciate. But it will over and donne with. Otherwise the Greek people are facing an endless time of depression. Get back on the drachma that only the Greek government has control. There will be thousands of Europeans (and me) rushing to visit the beautiful Greek islands and I think that will help re-strengthen the currency. They will have to impose capital controls for a while and will probably have a bout of inflation but it will be far better than dragging this out endlessly.
  • Costas on August 23 2012 said:
    Being a Greek of a certain age have experienced a number of financial circles in the country some of which they were really bad.the main difference with the present dismal situation is that somewhere in the very distant place you could see some light some hope,now there is dark all around.Perhaps we must consider seriously to leave the euro ,experience the sudden death of drachma and start the effort to rebuild our country which means to change the society's attitude.this can only happen by clearing the ground for the younger generation before it is too late even for them.
    The torture of the slow daily death that leads nowhere it is getting difficult to tolerate any longer.

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