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Well written, although it reads more like an opinion piece than an objective report. If Greece were a business, it would become bankrupt and be dissolved. I gu
by narkee 16y ago
Well written, although it reads more like an opinion piece than an objective report.
If Greece were a business, it would become bankrupt and be dissolved. I guess that realistically can't happen for an entire country - but they really need a solid reboot.
- jsnell 16y agoIt was written by Michael Lewis, so I suspect the primary goal was for it to be an entertaining story. Which it was, I hope he's working on a book on the subject.
- sspencer 16y agoI agree! He's one of my favorite "light" writers on financial matters. His article about Iceland (http://www.vanityfair.com/politics/features/2009/04/iceland200904 http://www.vanityfair.com/politics/features/2009/04/iceland2...) is a classic.
- oiuygtfrtghyju 16y agoBankruptcy can happen for a country. Happy exporting something to Somalia and getting a Somali currency bank check as payment - No? It's trickier to go bankrupt if your country use somebody else's money. Would you sell to Greece and accept euros you can spend in Germany - Yes ?
- mfukar 16y agoTrue; expulsion (or leave) from a monetary union will also effect the euro considerably, and those issues (mistrust, bond revaluation, etc.) can quickly evolve in an avalanche effect. No sane person in the EU wants that.
- oiuygtfrtghyju 16y agoAlso physically a bit tricky. You would have to announce it in advance, to allow time for the new currency to be produced - in which time everybody would hoard euros. Then everyone waits for the new currency to fall like a stone, so nobody uses it, so no tax revenue.