Euro trouble won’t end with Greece
By Bill Fleckenstein
How will the Greek-inspired carnage resolve itself? Will Greece leave the euro? Will Germany? Will the European Central Bank buy government paper, the way Ben Bernanke’s Federal Reserve has?
The ending is not clear, but here’s something that is: There’s virtually no chance that the Greeks (who have defaulted on debt often in the past) will be willing to adhere to austerity measures just so they can use a colored piece of paper — the euro. Especially since government workers, the folks who would probably have to give up the most, are the most entrenched.