Europe’s nuclear brinkmanship with Greece is a lethal game…(Popcorn Time!)
By Ambrose Evans-Pritchard
May 10th, 2012
Fresh from the Hellenic Statistical Authority:
Youth unemployment up to the age of 24 reached a fresh record of 53.8pc in February.
The rate for those aged 25-34 rose to 29.1pc.
The total rate hit 21.7pc but will soon be much higher as 150,000 public sector workers are chopped – with pro-cyclical effects, in the middle of a depression – to comply with the EU-IMF Memorandum
Polls show that 70pc or even 80pc of Greeks still wish to stay in the euro, while at the same voting in large numbers for hard-Left and hard-Right parties committed to tearing up the Memorandum – a course of action that will take them straight out of the euro.
I do not wish to reproach the Greeks for cognitive dissonance. We all do this, and besides, euro membership is more than just a currency for Greece. It is the anchor of identity for an isolated Balkan nation living cheek by jowl with the Ottoman nemesis (nemesis from their point of view. I like Turks).
Greeks have yet to conclude that the euro itself is the cause of their catastrophe – though they are getting there. By the euro, I mean the whole structure of monetary union, made worse under current policy settings (incompetence). There can be no possible escape from this lamentable state of affairs at this late stage until they return to the drachma.