Roger Bootle, director of Capital Economics and the Winner of the Wolfson Economic Prize, has set up a plan for a euro exit strategy, which in his opinion should consist of secret preparations which should be acted on quickly. The euro zone’s politicians “have to rise to the challenge and be statesmen,” he said. Here is the direct link.
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I don’t understand why Greece has to exit EU? And, I really don’t understand why Greek have to give up their own government fiscal control to stay in the EU? There is too much emphasis on ones’ ability to devalue a currency. It is only one of the many variables. The many benefits of a common EZ currency are still there, even for Greece. Exit or not, they are not able to sell more bonds for a while. Too much debt is the problem, not the currency. Organic growth alone, even for a decade, couldn’t solve Greece’s debt problem. The sooner they face the truth and take the currency devaluation (easy way) out of the equation, the quicker they will come to a workable long term solution. They need to stay in the EU, work out their debts, get people working, and start paying ones taxes. My 2 cents. JW, Langley BC