tag:blogger.com,1999:blog-34112832.post1654527493137404669..comments2023-11-05T09:37:36.840+01:00Comments on A View From Rural Wales: The Greek tragedyGlyn Davieshttp://www.blogger.com/profile/10442114752573417252noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-34112832.post-87302191998212464452011-06-20T23:57:06.302+01:002011-06-20T23:57:06.302+01:00I'm not an economist, but isn't it true at...I'm not an economist, but isn't it true at the time of when the Euro was introduced; greece was one of the countries that didn't pass 'the tests'?. Yet to what seems as purely political reasons they were allowed into the club.<br /><br />Now they cannot devalue their 'drachma' (as they would and should!) instead the only route is ANOTHER bailout, or bankruptcy.<br /><br />I'm a fan of a single currency. But this crisis has made it evident that there are two levels of countries in the E.U - the PIGS (port, ire/ital, gree, spain) and then France, Ger, Nether etc. Surely, looking back the E.U should have said that only nations that pass a strict test that should join it; but they didn't and now we are all paying for it (literally!).<br /><br />Where next? The Euro simply cannot fail, so I really don't know!<br /><br />One things for sure; when making decisions like these, politics should never come into it. Greece are now learning this the hard way.<br /><br />A good article on it is here: http://www.vanityfair.com/business/features/2010/10/greeks-bearing-bonds-201010?currentPage=1<br /><br />it's the greeks that broke their banks, not the other way round!Anonymousnoreply@blogger.com