Greek exit from Euro zone becomes an option; Portugal faces two-year recession

Saturday, May 7th 2011 - 04:47 UTC

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Top finance officials of the Euro zone's biggest economies met to discuss Greece's debt crisis and Athens denied a media report that it was considering whether to leave the block. Read full article

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Zethee
The Germans in particular are getting rather pissed off with having to bail out every country in the Euro zone.
May 07th, 2011 - 03:24 pm - Link - Report abuse 0
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Fido Dido
The Germans in particular are getting rather pissed off with having to bail out every country in the Euro zone.

Yeah, that is benefiting GERMAN banks. This is the problem, we should let those damn zombie banks (overleveraged banks) die, rather than bailing out. Similar problem in the US. But noo, they want their Christmas bonus. The more people understand that they are robbing us, the faster we can solve this problem. Let those banks die. That is capitalism. What we have no is crony-capitalsm (banks with government in same bed is Fascism)..sounds familiar?
May 08th, 2011 - 01:02 am - Link - Report abuse 0
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GeoffWard
This is a classic anthropological strategy.

In the face of 'outside' prospective/actual aggression (trade competition), nations aggregate (like sheep tracked by a wolf-pack). Trading as a bloc stops the weaklings being picked off at the edge of the flock.

There is an upside for the strong within the bloc - preferential access to the captured markets of these (voluntarily?) captured countries; but there is the downside of maintaining the integrity of these captured countries against the depredations of the outside world.

Costs as well as benefits.

Remember the loss of periferal countries with the collapse of the CCCP, and the slow clawing-back of these same countries today.

The weaklings are not yet to be thrown to the wolves, but it remains a rational survival tactic in the great game of global macro-economics. A version of The Prisoners' Dilemma.
May 08th, 2011 - 02:31 pm - Link - Report abuse 0
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