“Carts with mules will replace cars, should Greece exit the Eurozone and return to drachma.” In this colourful way Claus Kaldemorgen described the impact of drachma to the Greek society. Speaking to German Deutsche Welle radio, the head of DWS funds management warned about the consequences of an euro exit and stressedthat Greece will become poorer than Albania. “If Greece returns to drachma, the Volkswagen will be replaced by carts with mules. The country will be poorer than Albania and this should be clear to Greeks,” stressed Kaldemorgen. At the same time, he expressed optimism about the developments in the euro zone area and he showed pleased about the way German Chancellor Angela Merkel manages the debt crisis through restoration of fiscal discipline. However, Kaldemorgen underlined that devaluation of currencies is not a panacea.
Deutsche Welle noted in a report, that Financial Times Deutschland came to the same conclusion as the Kaldemorgen. In an article “Devaluation and We’re Finished” FT Deutschland stresses that “devaluation in Greece to regain competitiveness is not correct policy”. Bringing up the examples of Switzerland and Great Britain the newspaper shows that devaluation alone does not bring significant results.
(source in Greek : news247.gr)
What complete and utter bollocks. These Euromalakas will say anything to keep their vanity project alive.
Sure, it will make for a couple of tough years if Greece leaves the Euro, but she will bounce back. Staying in the Euro will mean that Greece will suffer austerity for years and years, lose all sovereignty and become just a southern vassal state of Germany, a Bavaria with beaches.
Bavaria with beaches? Ja Mei!
Don’t believe all their bullshit, they don’t care about the Greek people, all they want is to save their own ass, by kicking the can a little bit further down the road hoping that some miracle will save the Euro.
One day soon they’ll come to the end of the road … the Euro-zone is bound to collapse.
Greece would have been better of by leaving the Euro half a year ago, and reverted to the good old Drachma. It should be top priority for the Greek government to prepare for a return to Drachmas, before it’s too late for an orderly default leaving the Euro.
Cast off the yoke of serfdom under EUSSR, and return to freedom.
With the same old nomenklatura in place. Ripping and raping us all. Thank you, but that’s no option.
Well, if the Greek people want to remain locked inside an economic prison, that’s entirely their own choice.
All I can say, is that the solidarity of the peoples of northern Europe is evaporating at an increasing rate, with respect to a continous bail-out of southern Europe. So, good luck when you have to face a disorderly default and a likely exit from the Euro-zone.