Samstag, 16. Juni 2012

Greece vote - issue or not

There seems to be a great level of carefullness ahead of parliament votes in Greece:

Some EUROpean politicians postponed their visit to the G20 meeting in Mexico until after election results are given, bank employees all over the world are not allowed to take some days off.

To sum it up: Tension is rising.

If you aks me, Greece getting out of the EURO after an anti-EURO government will be elected would be not such a huge problem after all.

The real problem for the EURO lays somewhere totally different:

Spain - Problem No. 1

Italy - Problem No. 2

Both have something in common: They are just too big to bail. Spain received some rescue money under interesting terms, Italy will soon follow in my opinion. Once these two fronts brake, it's really over for Europe.

The continent will re-emerge, I'm sure of that, but in a completely different shape and without any supranational institution like the EU giving it's orders.

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