A Greek tragedy …

Today I have a wind in my sails and I am heading for Greece. I am wondering if any modern day Ulysses will find much of their homeland left given current trends. The current situation in Greece exposes the stupidity of the Euro monetary system. The Greek government is running a rising budget deficit in response to the economic crisis that it faces. Much of the budget change is being driven by the automatic stabilisers. Meanwhile the financial markets are playing their usual (unproductive) tricks and making matters worse. Sitting in the middle is the undemocratic ECB which is insisting on fiscal consolidation. Pity the poor Greeks who are increasingly without work. The solution is not straightforward but I would abandon the Euro and restore currency sovereignty.

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