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Greece: Exit Euro+Return to Drachma+Devalue Drachma=Impossible!

I was watching Yiannis Papanikolaou, economist and advisor of former Greek Prime Minister Andreas Papandreou on private television network ALTER. He was very serious and very concerned about the future of the country, especially about the crisis-management skills of the government but also any Greek political party. Papanikolaou said in briefly that the country is not even able to go bankrupt and consequently exit the euro zone. It’s a multi-task that it simply cannot be covered up.

“It is a horror, it has never happened before. Many countries have gone bankrupt but none had to change its currency at the same time.  Exit the euro and at the same time get a new currency and devalue it? that’s impossible! Nobody in this country is able to deal with such a crisis. Neither the government nor any political party. There is no plan B, there is not even a plan on how to print the Drachmas.” 

Papanikolaou stressed also that the main concern of the Europeans and the US is to lose the lent money. And that if the Mid-Term Austerity Programme will be down voted at the Greek Parliament it will make it easier for the Eurogroup to withdraw from the additional bailout plan. “If the Greeks will not want to be saved, then nothing can be done”.

Unfortunately the TV programme is a panel discussion and Yiannis Papanikolaou did not speak again until now.

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8 comments

  1. The process of going back to the drachma is going to be very complicated, but to sacrifice sovereignty just to avoid getting into a complicated situation does not sound right. There are many experts that the government can hire to help it convert back to the drachma.

    Weisbrot is one economist who would be a great consultant for Greece:

    http://www.firstpost.com/world/greece-should-quit-euro-27039.html

  2. If there is no chance at all, just take it: Get out of the “normality” of money.
    Just take the chance to create new relations in society without money.
    Get control over the mafias and take the opportunities of the already excisting “shadow-economy”.

  3. “One Ring to rule them all, One Ring to find them, One Ring to bring them all and in the darkness bind them”

  4. The best idea for Greece would be (in my opinion) to change the currency and try a new version of money. Silvio Gesell has proposed a “new economic order” with a free economy and free money. Money which are not created by debt but created by work and value (see for instance wikipedia).

    That would push the “assets” from crown/throne and help up the “work/job” on this place.

    The government would be the “creator of money” and no more the banks. The force of the banks and assets would be destroyed.

    Of course, you cannot be sure, that everything will go well. But with our crisis of money system and the fatal situtaion in Greece, there should be tried new ways without any fear. It could be a great try in Europe and a great example.

    There are already a lot local currencies, that work with the free money as Gesell described.

    All you need is bravery and courage to find a new way out!

    Good luck
    We are all Europeans, we are all in the same boat!

  5. Put politics and money at the sidelines. Ignore them, reject their legitimacy. Accept that you all are humans, and by being human you all are sovereign in your own way.

    Say NO to any State or MOnetary system. Go back and live. forget the so called prosperity they want you to chace, the riches they dangle in front of you, the fears they impose on you. We as humans don’t need to be governed unless it’s based on free will. We don’t need the politicians, and we sure don’t need the monetary system with its bankers.

    A government without support is a government of nothing. Take back your sovereignity and take back your life. Drop the government.

  6. North Europe has a Plan B for the EURO, don’t spoil it!

    Most counties around the north sea never joined the Euro.
    Why not found the old sucsecfull Hanse tradae block again. Togethe with Netherlands, UK , Norway GER & Scandinavia etc we rere far more stable and successful then the Renaissance guys.

    Yes, we loose 30% on the EURO exit, but we know what we got:
    Real Friends & future of Northern Europe.
    Probably Profit withe a strong new currency.

    Take your loss. Europe was never one.
    No one united EUrope last thousand years and that is it’s strength. Greece is for holidays and you should pay there with holiday fake drachma. Greek people will have a bright future as one big holiday resort with holiday currency. How they manage, the market will judge. Please be what you are and want to be.

    It is reasonable th ask for a moment where to say STOP. At this moment no one tells. That is alone reason enough to leave the Euro. North Europe has a Plan B, don’t spoil it! If you do not have a serious plan, you cannot negotiate. The north has a plan B and it is even better off. This is the end of the EU. Political decisions without a seroius plan B are always bad. Like entering the Euro, afganitan and much more. Never pay without having an alternative. It is blackmail politics.

    North Knows!