Greece defies Europe as EMU crisis turns deadly serious
Submitted by Liberty Valley on Sun, 2009-12-13 10:56.
Euroland's revolt has begun. Greece has become the first country on the
distressed fringes of Europe's monetary union to defy Brussels and reject
the Dark Age leech-cure of wage deflation.
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Our comment:
Fascinating stuff, the scenario discussion of troubled EU member states. How do you keep countries tied together who have different levels of ambition? While the level of currency shouldn't matter, the interest rates should most likely not be the same among all EU countries.