People, it's another beard vs. beard situation as Lebron takes the pessimistic view while PK says the results may be good news for the Euro.
The bottom line is that electorates in the PIGS (so far Ireland is resolute in taking its medicine) are unwilling to tolerate the Troika policies. Their only unilateral alternative is to exit the Euro, and they all seem unwilling to take this step.
So, I guess the "optimistic"view is that these results scare Germany enough to get them to pay more for their southern neighbors and to throw their weight behind the ECB significantly raising the Eurozone inflation rate.
1 comment:
In Europe things can change for the worse very quickly, sometimes a relatively minor event can trigger unforeseen consequences. The assassination of the Arch Duke of Austria for example. Greece could turn ugly very quickly and anti immigration feeling is high all round Europe. When (not if) the Germans stop subsidising the rest of Europe the public mood in many countries may move very quickly to a charismatic politician, either left or right who will bring out the worst of the people, again. I think Europe is on the cusp of a very nasty future. I just hope it doesn't happen but when the money runs out who knows?
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