reply to post by samkent
They have no control of the Euro, which for a free and independent nation is completely STUPID at all levels. They essentially leave themselves open
to being controlled by those that do control the currency. For instance all Euro countries that have the Euro as their currency must fit into
financial guidelines. Britain, outside of the Euro is able to monetize their debt while in a bad economy (buy their own debt) ... Greece cannot do
that.
Greece would have to drop the Euro in order to escape debt.. it would effectively be a default and any outstanding debts in Euros would be void. With
control of their own currency they would not have to stop certain public spending because they could adjust the currency functions accordingly (like
Britain and the US)....
However..
If they do drop the Euro and turn to monetizing their own currency Greeks will see very high inflation that will ultimately lower (drastically) the
prosperity of the average Greek. Essentially Greece would return to the way it was prior to joining the EU (very poor)
Why would Greece have to drop the Euro?, page
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