Greece should exit the euro, according to Andrew Tyrie, chairman of the U.K.'s Treasury Select...

Greece should exit the euro, according to Andrew Tyrie, chairman of the U.K.'s Treasury Select Committee. In a well-received speech last night, Tyrie said the current lull in the eurozone crisis should be used to craft a permanent exit for Greece. He also called for the IMF to bolster its war chest while "getting tough" with the eurozone.
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Comments (9)
    , contributor
    Comments (10787) | Send Message
    How does getting tough with the EZ solve the structural problems that were designed to be solved by competing currencies? It's not possible for every country in the world to be an exporter and run a current account surplus.... 1/2 the participants must run deficits.
    13 Mar 2012, 05:55 AM Reply Like
  • User 353732
    , contributor
    Comments (5158) | Send Message
    Greece cannot be saved by the dictates and decrees of Eurocrats. It is now a financially and intellectually failed state that is becoming more third world by the week.


    Greece can only be saved by Greeks.


    For this to happen Greece must first fall further before it can rise. The fall involves dejure repudiation of all public debts; exit from the EU and Euro; national humiliation and a deep decline in the material standard of living for 90% of Greeks.
    The rise involves the purging of the corrupt and kleptocratic oligarchy that now rules; the rediscovery of personal and property rights; participative democracy and entrepreneurial capitalism.
    13 Mar 2012, 06:06 AM Reply Like
  • schatzl
    , contributor
    Comments (391) | Send Message
    Well said, but bar a revolution, I can't see anything changing. The kleptocratic elite is there to stay.


    There was a big announcement some weeks ago by the Greek government to claw back money stashed in Swiss bank accounts from some Greek millionaire. Apart from some oral flustering, the Swiss are still waiting for the official request. The elite is simply not planning on changing a thing. Basket case if ever there was one.
    13 Mar 2012, 06:22 AM Reply Like
  • mitrado
    , contributor
    Comments (2033) | Send Message
    Question: How does a country leave the Euro, without the government freezing everyone's accounts...!? Is that even possible?
    13 Mar 2012, 06:14 AM Reply Like
    , contributor
    Comments (10787) | Send Message
    The horse is already out of the barn. Last week the fin-min was pleading with Greek citizens to put their money back INTO the banks..... Now if you were there, would you?
    13 Mar 2012, 09:18 AM Reply Like
  • kmi
    , contributor
    Comments (4587) | Send Message
    It is a simple fact that keeping the euro will mean Greece will continue in its current mess.


    With more than 15% of the economy being derived from tourism, it can't compete with cheaper currency destinations and that entireortion of the economy will have to find other means of generating income.


    Greeks themselves have yet to learn their lesson and continue to buy cheaper European production instead of buying domestic. The way the eurozone is setup this is a recipe for more debt and default.
    13 Mar 2012, 06:34 AM Reply Like
  • davidingeorgia
    , contributor
    Comments (2661) | Send Message
    People and nations do stuff that is harmful to their own self-interest all the time. The human race has a knack for that. I expect it's hard-wired into human DNA. The Greeks desperately need to exit the euro, but they'll stay in the euro. Inertia is a mighty force. The longer you stay on the dole, the stronger the urge to stay on the dole gets (see also, the USA).
    13 Mar 2012, 07:00 AM Reply Like
  • schatzl
    , contributor
    Comments (391) | Send Message
    US dole inertia: Maybe that has more to do with the fact that there are no jobs?
    13 Mar 2012, 07:29 AM Reply Like
  • Tony Petroski
    , contributor
    Comments (6356) | Send Message
    "He also called for the IMF to bolster its war chest..."


    Folks, that's Citizen-of-the-Worldspeak for "the U.S. taxpayer must re-fund this cold-war relic."


    Perhaps the IMF served some useful function way back when as it served to prop up teetering basket-case countries--bailing out dictators and their families so they could retire to Switzerland. But now it's being used to bail out the "First World." To my way of thinking, international socialism is as bad as national socialism.


    In these days of "austerity," let's prove it by leading from behind and allowing Brazil and China to bolster the IMF war chest--let's pull out.
    13 Mar 2012, 07:48 AM Reply Like
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