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> The Germans want France to change their culture (pensions, social system, etc), but France is too big a target to go for straight off the bat. France will le
by Mikeb85 11y ago
> The Germans want France to change their culture (pensions, social system, etc), but France is too big a target to go for straight off the bat.
France will leave the Eurozone before that happens. There's already discontent with the EU and Euro in France, nationalists rising, etc...
And they're a strong enough economy that leaving the Euro wouldn't leave them with worthless francs...
- junto 11y agoThe undelying point Schauble is subtly trying to make is that you cannot switch back to an alternative currency without help from outsiders. Iraq needed US help, as was recently noted in the Guardian: "In occupied Iraq, the introduction of new paper money took almost a year, 20 or so Boeing 747s, the mobilisation of the US military’s might, three printing firms and hundreds of trucks. In the absence of such support, Grexit would be the equivalent of announcing a large devaluation more than 18 months in advance: a recipe for liquidating all Greek capital stock and transferring it abroad by any means available." You think France could go back to the Franc without outside help? I highly doubt it. The point Schauble is trying to make is that if France wants to go the way of Greece, it would only involve lots and lots of pain. Abide by their rules, or else.