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As for leaving the Euro we are approaching a very ugly area. The EU has quite limited means to enforce its treaties. If a member state insisted on leaving the Euro, the EU probably could make it leave the EU altogether. However, it is doubtful that the EU as a political project would survive that. The lawyers would be told to find some way and nobody would look closely at it. A bailout was also supposed to be strictly forbidden once.
You can tell the voters that an earlier generation of politicians screwed everyone. Or you can tell them that other political parties screwed everyone. That's what happened in Greece with Syriza and his 30-something-year-old leader eating PASOK's lunch. If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa
This is the second most consistent historical experience in economics (the first one being that no, this time is not different).
- Jake Friends come and go. Enemies accumulate.
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