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(Sydney Morning Herald)   Merkel won't swallow the new French president's economic plan. (w/ won't-swallow pic that you can't unsee)   (smh.com.au) divider line 91
    More: Obvious, Angela Merkel, French presidents, economic planning, Franco-German, EU summit, Nicolas Sarkozy  
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7338 clicks; posted to Business » on 09 May 2012 at 11:32 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-09 08:21:18 PM
Perhaps if the new French president could give a proper back massage...
 
2012-05-09 08:34:58 PM
I'm wondering if the Germans are trying to break up the EuroZone. Something has to give sooner or later.
 
2012-05-09 09:17:43 PM

Mentat: I'm wondering if the Germans are trying to break up the EuroZone. Something has to give sooner or later.


The EU and the ECC were a pretty shaky implementation from the start. It's almost like no one there had ever heard of the Articles of Confederation and why they failed to produce a cohesive political/national/economic body.
 
2012-05-09 09:21:21 PM

Mentat: I'm wondering if the Germans are trying to break up the EuroZone. Something has to give sooner or later.


They really have two options:

1) Dissolve the EuroZone, don't help the other countries, make some really big enemies, and possibly ruin the economy in the process.
2) Keep the EuroZone and pay tons of money to other countries to bail them out.

I kind of feel bad for Germany but I also kind of feel like they are partially responsible.
 
2012-05-09 09:57:42 PM

TheBeastOfYuccaFlats: The EU and the ECC were a pretty shaky implementation from the start. It's almost like no one there had ever heard of the Articles of Confederation and why they failed to produce a cohesive political/national/economic body.


I had a bad feeling when they couldn't even pass a Constitution. Say what you will about America, but our Constitution is elegant in its simplicity.
 
2012-05-09 10:31:35 PM
Actually, she kind of looks like she's about to unswallow something
 
2012-05-09 10:41:37 PM

Mentat: I'm wondering if the Germans are trying to break up the EuroZone. Something has to give sooner or later.


They have no intention of listing to any ideas other than Austerity, which is absurd. It's been proven now not to work. Not only did Greece crash further after implementing it, as well as every other country to bring it out, it forced England into a double dip recession, and they're the ones who created it! Austerity is a failure. Yes, it reduces government spending, but without trying to increase revenues, so when you cut government spending, GDP is also cut, meaning revenues fall and the revenue gap stays really exactly the same. All it does it crash your GDP with nothing to show for it. It does not, in any meaningful way, reduce debt or deficits. It's the reason Greece keeps needing bailouts - Austerity doesn't come close to closing the revenue gap. It is a failed policy in every meaningful way and all it does it hurt the lowest in society.

However, Germany appears heavily invested in this failed idea and seems to have no wish to listen to other ideas. There will be a fracture with France, and since the EU is already holding back assistance to Greece when policies haven't even changed yet, Greece will be forced to default on their loans and the EU will crash. They MUST listen to other ideas or they will cause another worldwide recession.

I have little confidence they will until it is far too late.

They need to man up and follow through with the loan payments, because if they don't the Euro will fail and cause a chain reaction. But future policies must change to something that actually has a positive effect. The obvious solution is to become the United States of Europe and actually integrate their debts, thus reducing the problem in the short term and allowing for meaningful policy to rebuild the weaker countries. It is the only way this will work.
 
2012-05-09 11:27:10 PM

Mentat: TheBeastOfYuccaFlats: The EU and the ECC were a pretty shaky implementation from the start. It's almost like no one there had ever heard of the Articles of Confederation and why they failed to produce a cohesive political/national/economic body.

I had a bad feeling when they couldn't even pass a Constitution. Say what you will about America, but our Constitution is elegant in its simplicity.


Gedankenexperiment: Imagine our fifty states - now - as sovereign nation-states, then try to put together a constitution to unite the lot.

/or try it with 10 random states
 
2012-05-09 11:34:32 PM
She will swallow and she will like it.
 
2012-05-09 11:36:40 PM
suck it merkel!
 
2012-05-09 11:38:31 PM
German leader's plan for Europe isn't going the way it was planned.

This IS a repeat of 1945.
 
2012-05-09 11:40:09 PM

TV's Vinnie: German leader's plan for Europe isn't going the way it was planned.

This IS a repeat of 1945.


Ugh, poor Poland.

/Never forget.
 
2012-05-09 11:50:38 PM
cdn.buzznet.com
 
2012-05-09 11:54:40 PM
Should have heeded subby's warning...
 
2012-05-09 11:55:21 PM

Mentat: I'm wondering if the Germans are trying to break up the EuroZone. Something has to give sooner or later.


The other possibility is that the Germans will use this crisis to force a stronger economic and political union to protect themselves from repeating the current disaster.
 
2012-05-09 11:55:52 PM
I swear, Germany's pathological fear of repeating their Weimar Republic experience have dictated a course of action that seems to be creating a new Weimar Republic in Greece. The weakening of central parties, the emergence of fringe parties, and general economic collapse...it's frighteningly similar.
 
2012-05-09 11:56:01 PM
I blame the Turks. My neighbors in Berlin did, anyway.
 
2012-05-09 11:56:16 PM
Huh? Swallowing merkins? Whuh?
 
2012-05-09 11:59:04 PM

GAT_00: Austerity is a failure. Yes, it reduces government spending, but without trying to increase revenues, so when you cut government spending, GDP is also cut, meaning revenues fall and the revenue gap stays really exactly the same. All it does it crash your GDP with nothing to show for it. It does not, in any meaningful way, reduce debt or deficits..


I can't believe that there are people in the US who can see what's going on in Europe and still think that tax cuts and spending cuts are a good idea right now.
 
2012-05-10 12:00:05 AM
France elects socialists as a reaction to the new austerity measures and the first thing Merkel has to tell him is "Well, that' s nice and all but sorry no renegotiations."

It's odd.

For years the so-called Winner nations (Western Industrialized Nations) have made lesser nation's economies their biatch and through the carrot and stick of IMF funding backed up by western military power we have consistently forced austerity programs on these clients states in order to top up our bottom line. But now it's being imposed on the west by the west. We live in interesting times indeed.

Bottom line here is "growth" cannot continue to be the global economy's buzzword for much longer.

There are too many people on this earth as it is.

We need to plateau and stabilize not grow forever.

The mathematical; pursuit of ever increasing growth and profit margins has a biological boundry around it and we are bumping into it almost daily now.

Either the human race figures this shiat out in time or we don't.

We are either a sentient species or cancer.

Life is choice and that's ours.
 
2012-05-10 12:01:13 AM

bdub77: Mentat: I'm wondering if the Germans are trying to break up the EuroZone. Something has to give sooner or later.

They really have two options:

1) Dissolve the EuroZone, don't help the other countries, make some really big enemies, and possibly ruin the economy in the process.
2) Keep the EuroZone and pay tons of money to other countries to bail them out.

I kind of feel bad for Germany but I also kind of feel like they are partially responsible.


The third and more realistic option is to start kicking out the countries who aren't pulling their own weight.
Everyone's afraid the Euro might collapse the minute countries start getting kicked out, but that makes no sense. Get rid of the diseases and you're left with a much healthier body.
Hell, you can basically cut out half of the Eurozone - keep Germany, France, the Benelux, Austria, Finland and maybe a couple more, add Poland and the Czechs, and you'd still have an arrangement that's MUCH better (for them) than everyone going back to their national currencies.
This insistence on keeping countries in at all costs is much more dangerous to the Euro. When somebody doesn't pull their own weight around the office and shows no signs of improvement over time, you fire them. Never mind that they shouldn't have been hired so fast in the first place.

Greece is probably gone by June. The rest need to either step up their game, or they'll suffer the same fate.
 
2012-05-10 12:07:26 AM

GAT_00: and since the EU is already holding back assistance to Greece when policies haven't even changed yet


You say that as if Greece has met the negotiated conditions for receiving further assistance, and the EU is refusing to pay up. If that's how you understand the situation, you couldn't be more wrong.

Shut up and pay your taxes, Greeks! Your free ride is OVER.
 
2012-05-10 12:08:43 AM

neaorin: Hell, you can basically cut out half of the Eurozone - keep Germany, France, the Benelux, Austria, Finland and maybe a couple more, add Poland and the Czechs, and you'd still have an arrangement that's MUCH better (for them) than everyone going back to their national currencies.
This insistence on keeping countries in at all costs is much more dangerous to the Euro. When somebody doesn't pull their own weight around the office and shows no signs of improvement over time, you fire them. Never mind that they shouldn't have been hired so fast in the first place.

Greece is probably gone by June. The rest need to either step up their game, or they'll suffer the same fate.



Perhaps but they'd be left without a banking sector as the tidal wave of defaults would wipe out the French, Belgian, and German banks who, unlike American depositing banks, leveraged more like brokerages than depositing institutions.
 
2012-05-10 12:09:21 AM

Larry Mahnken: GAT_00: Austerity is a failure. Yes, it reduces government spending, but without trying to increase revenues, so when you cut government spending, GDP is also cut, meaning revenues fall and the revenue gap stays really exactly the same. All it does it crash your GDP with nothing to show for it. It does not, in any meaningful way, reduce debt or deficits..

I can't believe that there are people in the US who can see what's going on in Europe and still think that tax cuts and spending cuts are a good idea right now.


You know, I've been trying to find a historical example of an austerity program working to help foster an economic recovery, and I can't find a single one. As near as I can tell, not once in the history of the planet has austerity done anything but put the brakes on growth, usually to a degree where the amount saved from the austerity is lost from the resulting economic shrinkage.

It's insane. Literally insane; as per the "trying the same thing over and over and expecting different results" definition.
 
2012-05-10 12:09:47 AM
The idea of a single currency was to create a union that couldn't, economically, find reasons to go to war.

I'll be laughing my ass off when German agents take over economic interests in Greece to protect their interests. And they have to send armed "economic police" to protect their interests. With tanks.
 
2012-05-10 12:10:16 AM
I would tell the Germans to take a hike but the last time they did....

upload.wikimedia.org
 
2012-05-10 12:11:30 AM

GAT_00: Austerity is a failure. Yes, it reduces government spending, but without trying to increase revenues, so when you cut government spending, GDP is also cut, meaning revenues fall and the revenue gap stays really exactly the same. All it does it crash your GDP with nothing to show for it.


GDP is such a poor measure of economic activity it's not funny.
 
2012-05-10 12:13:06 AM

Allen262: I would tell the Germans to take a hike but the last time they did....

[upload.wikimedia.org image 640x421]


Nazi Europe will invading Germany for the punishing austerity is more likely.

Its like WW2, but in reverse.
 
2012-05-10 12:13:43 AM

Gunther: You know, I've been trying to find a historical example of an austerity program working to help foster an economic recovery, and I can't find a single one. As near as I can tell, not once in the history of the planet has austerity done anything but put the brakes on growth, usually to a degree where the amount saved from the austerity is lost from the resulting economic shrinkage.


FFS the eurozone is not comparable to the United States. You're talking about individual states sharing a currency and those same individual states running up insane amounts of debts. The situation is more akin to a state with a municipality running its finances into the ground. You hire a city manager to fix the mess and the town survives. Happens all the time. Remember, one of the big parts of the euro package is bailout funds for the countries. This isn't a europe-wide austerity measure.
 
2012-05-10 12:16:14 AM

GAT_00: Mentat: I'm wondering if the Germans are trying to break up the EuroZone. Something has to give sooner or later.

They have no intention of listing to any ideas other than Austerity, which is absurd. It's been proven now not to work. Not only did Greece crash further after implementing it, as well as every other country to bring it out, it forced England into a double dip recession, and they're the ones who created it! Austerity is a failure. Yes, it reduces government spending, but without trying to increase revenues, so when you cut government spending, GDP is also cut, meaning revenues fall and the revenue gap stays really exactly the same. All it does it crash your GDP with nothing to show for it. It does not, in any meaningful way, reduce debt or deficits. It's the reason Greece keeps needing bailouts - Austerity doesn't come close to closing the revenue gap. It is a failed policy in every meaningful way and all it does it hurt the lowest in society.

However, Germany appears heavily invested in this failed idea and seems to have no wish to listen to other ideas. There will be a fracture with France, and since the EU is already holding back assistance to Greece when policies haven't even changed yet, Greece will be forced to default on their loans and the EU will crash. They MUST listen to other ideas or they will cause another worldwide recession.

I have little confidence they will until it is far too late.

They need to man up and follow through with the loan payments, because if they don't the Euro will fail and cause a chain reaction. But future policies must change to something that actually has a positive effect. The obvious solution is to become the United States of Europe and actually integrate their debts, thus reducing the problem in the short term and allowing for meaningful policy to rebuild the weaker countries. It is the only way this will work.


WHAT farkING AUSTERITY YOU DUMBshiat. God, Krugman says something and you repeat it like gospel. Here, look at this chart, show me the Austerity.

wac.0873.edgecastcdn.net

Greece is the only one, and it's because nobody will lend to them.

Now look at Krugman's other two big countries.. England and France...

wac.0873.edgecastcdn.net

The horrors of austerity! It's like the budget is continuing to increase! Krugman claims anything that is not a huge stimulus package as austerity. It's laughable. 24 of 27 EU countries increased spending last year. So much austerity!

Here is what has happened in France last 2 years. I already showed how spending has not decreased.

"There was a 3 percent surtax on incomes above €500,000, an increase of one percentage point in the top marginal tax rate (from 40 to 41 percent), and an end to the automatic indexation of tax brackets for inheritance, wealth, and income taxes. There was also a 5 percent hike in the corporate income tax on businesses with revenue of more than €250 million, as well as a hike in the capital-gains tax, and closure of several corporate tax breaks. And even though most of these tax hikes were aimed at the wealthy, the middle class did not get off free. There was an increase in the Value Added Tax (VAT) and the excise taxes on tobacco and alcohol. "

Here is England.

"Or take Britain, where the Tory-Liberal coalition recently suffered a drubbing in local elections, in part as a reaction to so-called austerity measures. Among the Cameron government's first "austerity" measures was to hike the personal income tax to 50 percent for those earning more than £150,000 a year. That measure managed to actually decrease income-tax revenues by £509 million. The U.K. did trim government payrolls and cut back on some government programs, but British government spending still consumes more than 49 percent of GDP. Government spending actually increased by £59.2 billion from 2009 to 2011. "

Spain?

"Other European countries have taken the same approach: tax hikes today (especially) on the rich and promises of tiny benefit cuts in the dim and distant future. Spain imposed a "wealth tax" on citizens with €700,000 of assets, and a 7 percent income tax on those earning more than €300,000 per year; capital-gains taxes were also hiked. Italy imposed a "Solidarity Tax" of 3 percent on all taxpayers who earn more than €300,000. Greece increased taxes by nearly twice as much as it cut spending, including a 5 percent surtax on the wealthy. VATs were hiked nearly everywhere. And fuel, alcohol, and tobacco were also prime tax targets. "

Holy shiat! What Krugman claims is austerity sure seems a lot like the Liberal taxation plan.

Can you farking stop with the austerity myth. There has been no significant reduction in spending outside Greece and that is only because nobody will lend Greece money.
 
2012-05-10 12:17:34 AM

Larry Mahnken: GAT_00: Austerity is a failure. Yes, it reduces government spending, but without trying to increase revenues, so when you cut government spending, GDP is also cut, meaning revenues fall and the revenue gap stays really exactly the same. All it does it crash your GDP with nothing to show for it. It does not, in any meaningful way, reduce debt or deficits..

I can't believe that there are people in the US who can see what's going on in Europe and still think that tax cuts and spending cuts are a good idea right now.


LOL. god you are as ignorant as the person you quoted. Those "austerity" countries increased taxes and didn't decrease spending, they simply increased spending by less than the previous decade. Does nobody actually look at the numbers anymore?
 
2012-05-10 12:18:31 AM

MyRandomName: GAT_00: Mentat: I'm wondering if the Germans are trying to break up the EuroZone. Something has to give sooner or later.

They have no intention of listing to any ideas other than Austerity, which is absurd. It's been proven now not to work. Not only did Greece crash further after implementing it, as well as every other country to bring it out, it forced England into a double dip recession, and they're the ones who created it! Austerity is a failure. Yes, it reduces government spending, but without trying to increase revenues, so when you cut government spending, GDP is also cut, meaning revenues fall and the revenue gap stays really exactly the same. All it does it crash your GDP with nothing to show for it. It does not, in any meaningful way, reduce debt or deficits. It's the reason Greece keeps needing bailouts - Austerity doesn't come close to closing the revenue gap. It is a failed policy in every meaningful way and all it does it hurt the lowest in society.

However, Germany appears heavily invested in this failed idea and seems to have no wish to listen to other ideas. There will be a fracture with France, and since the EU is already holding back assistance to Greece when policies haven't even changed yet, Greece will be forced to default on their loans and the EU will crash. They MUST listen to other ideas or they will cause another worldwide recession.

I have little confidence they will until it is far too late.

They need to man up and follow through with the loan payments, because if they don't the Euro will fail and cause a chain reaction. But future policies must change to something that actually has a positive effect. The obvious solution is to become the United States of Europe and actually integrate their debts, thus reducing the problem in the short term and allowing for meaningful policy to rebuild the weaker countries. It is the only way this will work.

WHAT farkING AUSTERITY YOU DUMBshiat. God, Krugman says something and you repe ...


MyRandomName calling someone else a Dumbshiat. Irony or expected stupidity? You make the call.
 
2012-05-10 12:19:34 AM

Gunther: Larry Mahnken: GAT_00: Austerity is a failure. Yes, it reduces government spending, but without trying to increase revenues, so when you cut government spending, GDP is also cut, meaning revenues fall and the revenue gap stays really exactly the same. All it does it crash your GDP with nothing to show for it. It does not, in any meaningful way, reduce debt or deficits..

I can't believe that there are people in the US who can see what's going on in Europe and still think that tax cuts and spending cuts are a good idea right now.

You know, I've been trying to find a historical example of an austerity program working to help foster an economic recovery, and I can't find a single one. As near as I can tell, not once in the history of the planet has austerity done anything but put the brakes on growth, usually to a degree where the amount saved from the austerity is lost from the resulting economic shrinkage.

It's insane. Literally insane; as per the "trying the same thing over and over and expecting different results" definition.


WRONG. SO farkING WRONG.

http://en.wikipedia.org/wiki/Great_Depression_in_Australia

Australia exited the Great Depression much faster than the US by cutting 20% of government spending combined with minor tax increases.
 
2012-05-10 12:22:24 AM

Shaggy_C: FFS the eurozone is not comparable to the United States


Not entirely sure where I implied it was. Perhaps you meant to direct that at Larry Mahnken?

In any case, the situation doesn't really resemble the scenario you described either. Municipalities are not sovereign states (and before you bring up the various EU treaties; we all know that there isn't a single country in the Eurozone that wouldn't ignore them in a heartbeat if doing so was beneficial).
 
2012-05-10 12:30:50 AM

JK47: neaorin: Hell, you can basically cut out half of the Eurozone - keep Germany, France, the Benelux, Austria, Finland and maybe a couple more, add Poland and the Czechs, and you'd still have an arrangement that's MUCH better (for them) than everyone going back to their national currencies.
This insistence on keeping countries in at all costs is much more dangerous to the Euro. When somebody doesn't pull their own weight around the office and shows no signs of improvement over time, you fire them. Never mind that they shouldn't have been hired so fast in the first place.

Greece is probably gone by June. The rest need to either step up their game, or they'll suffer the same fate.


Perhaps but they'd be left without a banking sector as the tidal wave of defaults would wipe out the French, Belgian, and German banks who, unlike American depositing banks, leveraged more like brokerages than depositing institutions.


You can use the money you'd otherwise waste trying to prop up other governments to recapitalize your own banks.
Plus, as soon as defaults become inevitable your OWN borrowing rates get cheaper as "low risk" money flees towards greener pastures. There's a reason Germany was selling negative yield bonds earlier this year when the Greek default was looming.
 
2012-05-10 12:38:47 AM

Sabyen91: MyRandomName calling someone else a Dumbshiat. Irony or expected stupidity? You make the call.


That's not a particularly strong rebuttal to his argument, nonetheless.
 
2012-05-10 12:43:23 AM

wildcardjack: The idea of a single currency was to create a union that couldn't, economically, find reasons to go to war.

I'll be laughing my ass off when German agents take over economic interests in Greece to protect their interests. And they have to send armed "economic police" to protect their interests. With tanks.


Wait..... what.


Oh you're from Texas and have no farking clue what you are talking about. Never mind.
 
2012-05-10 12:55:13 AM

MyRandomName: Australia exited the Great Depression much faster than the US by cutting 20% of government spending combined with minor tax increases.


You are comparing a state that is primarily a couple of large cities down the beach from other to a group of 50 states with more varying and complex problems?
 
2012-05-10 12:57:35 AM

MyRandomName: Gunther: Larry Mahnken: GAT_00: Austerity is a failure. Yes, it reduces government spending, but without trying to increase revenues, so when you cut government spending, GDP is also cut, meaning revenues fall and the revenue gap stays really exactly the same. All it does it crash your GDP with nothing to show for it. It does not, in any meaningful way, reduce debt or deficits..

I can't believe that there are people in the US who can see what's going on in Europe and still think that tax cuts and spending cuts are a good idea right now.

You know, I've been trying to find a historical example of an austerity program working to help foster an economic recovery, and I can't find a single one. As near as I can tell, not once in the history of the planet has austerity done anything but put the brakes on growth, usually to a degree where the amount saved from the austerity is lost from the resulting economic shrinkage.

It's insane. Literally insane; as per the "trying the same thing over and over and expecting different results" definition.

WRONG. SO farkING WRONG.

http://en.wikipedia.org/wiki/Great_Depression_in_Australia

Australia exited the Great Depression much faster than the US by cutting 20% of government spending combined with minor tax increases.


Gee, their economy was just like ours was!
 
2012-05-10 01:05:21 AM
I wonder what Zombie Woodrow Wilson has to say about this.
 
2012-05-10 01:05:33 AM
Maybe Germany is just going for a financial victory instead of domination this time.
 
2012-05-10 01:31:53 AM

GAT_00: It is a failed policy in every meaningful way and all it does it hurt the lowest in society.


But hey, it makes multi-national corporations big money when countries are forced to sell off nationalized industries for pennies on the dollar.


Sabyen91: TV's Vinnie: German leader's plan for Europe isn't going the way it was planned.

This IS a repeat of 1945.

Ugh, poor Poland.

/Never forget.


0.tqn.com
 
2012-05-10 01:42:32 AM

wraith95: Maybe Germany is just going for a financial victory instead of domination this time.


Nah, the US already won a cultural victory in 1946, one turn after the UN was built.

/nobody ever goes for the scientific. bah.
 
2012-05-10 02:09:46 AM
I'm starting to think that for Europe, this may be the final countdown.
 
2012-05-10 02:36:40 AM
How about a good old fashioned world war to get the economy looking rosy again? First you create tons of jobs by knocking everything down, then you create even more jobs when you build it all up again.

And best of all, with up to a third of the population killed or rendered useless due to injury, there are more jobs per capita than ever before!
 
2012-05-10 02:44:52 AM

Loucifer: I'm starting to think that for Europe, this may be the final countdown.


And this will not affect you?
 
mhd
2012-05-10 02:48:58 AM

inclemency: And this will not affect you?


I think he'll still stand tall.
 
2012-05-10 02:53:32 AM

GoldSpider: GAT_00: and since the EU is already holding back assistance to Greece when policies haven't even changed yet

You say that as if Greece has met the negotiated conditions for receiving further assistance, and the EU is refusing to pay up. If that's how you understand the situation, you couldn't be more wrong.

Shut up and pay your taxes, Greeks! Your free ride is OVER.


The conditions to be met are impossible. Insane domestic cuts, leading to riots, and they have to come back and ask for more, because the cuts don't balance the budget.
 
2012-05-10 02:56:44 AM
Better think about it, Merkel.

Also, she's getting some unfortunate frown lines.
 
2012-05-10 03:01:14 AM

neaorin: bdub77: Mentat: I'm wondering if the Germans are trying to break up the EuroZone. Something has to give sooner or later.

They really have two options:

1) Dissolve the EuroZone, don't help the other countries, make some really big enemies, and possibly ruin the economy in the process.
2) Keep the EuroZone and pay tons of money to other countries to bail them out.

I kind of feel bad for Germany but I also kind of feel like they are partially responsible.

The third and more realistic option is to start kicking out the countries who aren't pulling their own weight.
Everyone's afraid the Euro might collapse the minute countries start getting kicked out, but that makes no sense. Get rid of the diseases and you're left with a much healthier body.
Hell, you can basically cut out half of the Eurozone - keep Germany, France, the Benelux, Austria, Finland and maybe a couple more, add Poland and the Czechs, and you'd still have an arrangement that's MUCH better (for them) than everyone going back to their national currencies.
This insistence on keeping countries in at all costs is much more dangerous to the Euro. When somebody doesn't pull their own weight around the office and shows no signs of improvement over time, you fire them. Never mind that they shouldn't have been hired so fast in the first place.

Greece is probably gone by June. The rest need to either step up their game, or they'll suffer the same fate.


Impossible. Countries that have adopted the Euro cannot return to sovereign currency. Let's say the Greeks decided to return to the drachma. They could either repudiate their debts first, thus crashing the Euro and destablizing their own currency before they even start, or they exchange Euros for drachmas which would quickly become worthless and drag the Euro down along with it.

They're locked in. The only solution at this point is a United States of Europe with a common monetary policy and there is no political will to accomplish that.
 
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