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Wednesday, 9 May 2012

EUROZONE FEARS GREEK TURMOIL



The reactions in Greece are completely normal !!!  Who would want to accept the stringent Budget cuts which the "EUROZONE" is now imposing ?


The original fault in all this goes back to when the political leaders of Greece produced false accounts to get into the EU !!!  The then EU leaders never really audited the figures presented to them, but were only too happy to welcome Greece into the EU or "EUROCLUB" !!!


Now Greece is in turmoil.  No one wants to accept cuts in their living standards, on which the "EUROZONE COUNTRIES" insist, in spite of the fact that the EU has made loans of 230 billion Euros to Greece, and then written them off !!!  


Who paid the costs of these write-offs ?  To be blunt, essentially Germany and France and other EU countries !!!  Merkel of Germany and Sarkozy of France,  led this  rescue of the Greek Economy !!! 


Alas, Sarkozy was  voted out of power in the French Presidential Elections last Sunday !!! François Hollande, the new President does not appear to have the same  point of view as Sarkozy on the Greek problem.


What will Greece and the "EUROZONE" now do ?  Nothing is clear, but to ditch (abandon) the EURO is not simple.  A new Drachma currency must be readily available !!!   Is it already available ?  Have the coins and banknotes already been materialized ? I fear not !!!


With no stable Coalition possible, new elections in Greece can be expected.  Will they be held on the 17th of June ?