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That seems unlikely I'm afraid. Their banking sector is insolvent and without ECB support it will not revive without a return to the drachma and a devaluation.
by raesene9 11y ago
That seems unlikely I'm afraid. Their banking sector is insolvent and without ECB support it will not revive without a return to the drachma and a devaluation. ECB support seems unlikely unless Greece is within an approved bailout programme and that in turns looks unlikely as it took 5 months of negoatiations to come close to the last agreement and that was only to complete an existing programme, not start a new one.
The process of issuing a new currency takes, from what I've read, months, during which the Greek economy will be in limbo, which will do a large amount of damage.
Sure in the long term they would get increased competitiveness from being a cheaper source of goods as the drachma devalues, but that'll be after an extremely painful banking event.
- elektromekatron 11y agoI do wonder if we will get to see a Drachma blockchain.