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The Euro is unlikely to survive successively immiserating and then jettisoning Portugal, Spain and Italy.

That process will make it too obvious to too many people both that the Euro is a project of, by and for Germany and that there is perfectly viable growth path outside the Eurozone.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun May 6th, 2012 at 06:32:37 PM EST
[ Parent ]
So, then, maybe the buck stops with Spain and Italy this time around.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper
by Carrie (migeru at eurotrib dot com) on Sun May 6th, 2012 at 06:54:42 PM EST
[ Parent ]
That depends on whether Germany shares the above analysis. It is possible that they have bought into their own propaganda. Or, what comes to the same thing, find it impolitic to go against the racist rhetoric they have encouraged.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun May 6th, 2012 at 07:14:06 PM EST
[ Parent ]
Italy can survive, I think, as they have a primary surplus, and the ECB is both able and willing to push Italian rates down as long as Italy can keep a balanced budget, which it can.

Spain is the big problem, and the Eurozone and Union will live or die with the fate of Spain. Where is El Cid when we need him?

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Wed May 9th, 2012 at 09:05:25 AM EST
[ Parent ]

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