As expected, Greece will need more aid in the near future to avoid a National Bankruptcy, which would entail leaving the EURO, adopting a new currency and then announcing a devaluation.
That Greece could "dump" the EURO sends shudders throughout the EUROZONE world ! It cannot be allowed to happen based on current "theories" and practices in the EURO world !
Germany in particular but other EUROZONE countries and International Banks have up to now, made countless billions of loans and issued garanties to Banks, yet now want to drag non EUROZONE countries in the EU, into schemes aimed at spreading the cost of saving the EURO !
This cannot be allowed to happen. This exact same situation was clearly foreseeable when the first country was "bailed out" !
The flaw in the EUROSYSTEM is the basic principle that no country, large or small, can be allowed to leave the SYSTEM because this could provoke a run on the EURO itself ! All other countries in the system could suffer !
Britain in particular has the Pound Sterling to defend and other EU countries have their local currency to Manage. This is in fact the same thing, on a smaller scale, as managing the EURO !
If EU countries must now pay to save the EURO, every country in the EU will have the same problem ! Helping Greece again with more money or aid, will not cure the basic EUROZONE flaw.
Germany, Angela Merkel and Günther Öttinger who is Germany's EU Commissioner, must dream-up another proposal which solves the basic EUROZONE flaw !
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