| Wyrdness said: The Euro was a flawed disaster to begin with I doubt Greece leaving would end all of the problems tbh, it'll certainly impact me and those of us currently working in the financial sector in the immediate future though. |
The only flaw was the political control over the central bank. If Draghi had carte blanche to do what needed to be done, as Ben Bernanke/Janet Yellen had, much of the mess could have been averted; easy money in the short term should have been matched by schemes to close deficits in the medium term, which is similar to what happened in the US, albeit not planned by anyone (in terms of deficit closing because of the chaotic Sequestration policy due to government gridlock).
Soft money policies can't solve all the problems, but we've seen in Europe how very real the human costs are of a "shock therapy" style approach to structural reform and state debt. Although EU should have been paying closer attention to Russia in the 90s to know that it was going to be a terrible idea in the first place.
Monster Hunter: pissing me off since 2010.
