Date: 2011-11-02 02:04 pm (UTC)
From: [identity profile] danieldwilliam.livejournal.com
Only with great difficulty.

Great to the point of impossibility.

It’s the old adage. If you owe a bank £100k you have a problem. If you owe a bank £100m they have a problem. If you owe a bank £100bn then everybody has a problem. I think the most likely outcome is for a significant Greek default followed by Greece leaving the eurozone and possibly taking a few of the flakier economies with it so they can devalue away to their heart’s content.

I’ve thought for a long long time that trying to join up a bunch of southern european sunshine economies, eastern european former communist with the more muscular economies of western europe was a big ask. I’d hoped that we’d have a bit longer for all these economies to integrate and for productivity to even out a little and competitive advangates to be found but alas, we’ve been caught mid-reconfiguration.

The Italians I think have struggled to intergrate their North and South (I always smile when I picture Victor Immanuel and Cavour so very graciously accepting from Garibaldi control of Naples and Sicily.

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