The Euro Does Not Have A Problem… It Is The Problem
by Tyler Durden
ZeroHedge.com
06/21/2015
There will be a temptation to gloat over the Greek crisis over the next week and a queue of people waiting to say “I told you so”. Both would be unwise.
Whether Greece exits the eurozone or not (and it is an increasingly absurd charade), there remain a number of uncomfortable truths that the rest of the countries of Europe, whether in the eurozone, the EU or neither will have to confront. The first is that Greece is a failing state, something that will have implications far beyond the merely financial. Long before the financial crisis hits the global economy in 2008-09, Greece was in trouble.
The combination of structural economic weakness and high structural deficits were compounded by a culture where tax evasion and corruption are both widespread and, to a large extent, acceptable.
The Rest…HERE
