The Euro Does Not Have A Problem… It Is The Problem

Sunday, June 21, 2015
By Paul Martin

by Tyler Durden

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

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