Eurozone to Greece: We’re going to spin the wheel
It may be negotiation-driven brinkmanship but the rhetoric from Brussels, Berlin and Athens suggests that unless Greece is prepared to push even further down the austerity rabbit hole the Drachma may be coming back. This chart from Quartz, using data from the Bank of Greece, shows the acceleration in bank withdrawals in recent months. Many financial commentators are urging European leaders to let Greece go and those few remaining Greeks with spare cash are acting as if this is more likely than not. Greece has endured a five-year long and recently accelerating slow motion bank run. You can understand European leaders’ thinking. With a population of just 11 million accounting for 1.5% of EU GDP, Greece is a tiny economy getting smaller all the time. Europe doesn’t need Greece so why not let it go? Read the full article: (VIEW LINK)
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