it is clear that Greece is unable to remain in the Euro. In order to get further funding it has to meet austerity measures that it won’t be able, nor want to meet.
Greece has terminal woes. It’s economy has tanked and its debts will strangle it for decades to come. Something has to give.
Culturally, Greece has never been the most hard working of countries. Early retirement is normal. They enjoy warm weather, a relaxed pace of life and some beautiful coastlines.
I don’t believe that the Greek people have any appetite to change themselves into a punchy, hardworking, focused workforce. And that is exactly what they will need to do if they are to turn around their economic fortunes. Worse, they will have to do it for less public sector pay and pensions will need to be cut. People will have to work much harder for less money and I don’t think they are up for it.
Creditors will be seeking austerity measures to continue funding Greece and the people don’t want it.
If Greece were to leave the Euro and default on its commitments (which it has done before) it will face huge difficulties. But a solution would be in sight. The Drachma would return and will devalue faster than a new car making Greece a cheap place to visit and invest in. Tourists would return and with a favourable exchange rate would spend freely.
Pensions would be paid in Drachma, taxes paid in Drachma and public servants paid in Drachma. Imports would of course be expensive but Greek exports would be cheap to others which would stimulate the economy.
Having a single currency for different countries was always doomed to fail. This is but the start.