Survivor Guide to the end of the Euro

Article

Greece's upcoming election on June 17 is another such moment. While the so-called "pro-bailout" forces may prevail in terms of parliamentary seats, some form of new currency will soon flood the streets of Athens. It is already nearly impossible to save Greek membership in the euro area: depositors flee banks, taxpayers delay tax payments, and companies postpone paying their suppliers -- either because they can't pay or because they expect soon to be able to pay in cheap drachma

And I think that is the most poignant point that is being made. Even if New Democracy can get the majority it needs to establish a new government, the fact remains that Greece is being driven into third world status. They'll never be able to pay those debts.

But, I think the more important point here is this: if we've got an article like this in a fairly mainstream news source, what does that say about the actual situation? To me, it says that a Euro collapse is pretty much a foregone conclusion.

If that's the case should we get ready for European economic refugees coming into US borders? Britain is planning to close their borders so will they come to the USA?

reply to post by starwarsisreal


No, we won't have to worry about European immigrants here. Europeans would bring with them skilled labor and a culture accustomed to strong unions and good benefits. The moneyed interests here in the States would never want that to come to our shores.

Originally posted by starwarsisreal
If that's the case should we get ready for European economic refugees coming into US borders? Britain is planning to close their borders so will they come to the USA?

Not Europeans, but economic refugees from Mexico from the resulting lack of exports:

Link

The EU is Mexico's second biggest export market after the USA, and the third largest source of imports after US and China. The EU and Mexico have concluded a Free Trade Agreement which entered into force in October 2000. The bilateral stock and flow of investment is significant.

reply to post by AnIntellectualRedneck
I find it odd that no-one is looking past Greece.

Spain, Portugal and Italy are in the same boat; so to speak.

We're looking at a total collapse of the eurozone.

What effect this'll have on US economy is unknown, but it won't be pretty.

reply to post by beezzer


That's true enough. And, to be honest, give what I've seen of Spain, I would say that it's actually a worse situation. With Greece, the descent was going to be slow and steady regardless. Spain's pretty much ready to drop off a cliff into oblivion.

reply to post by beezzer


Who isn't looking past Greece? Italy and especially Spain have been the newsmakers of the last week.

Aparently Spain has been downgraded which will make the cost of recaping their banks
even higher, one bank has been partly taken over , and another three of the banks have also got
there hands out. but that still won't solve the problem of the mounting bad debts due to the mother of
all housing booms.