{"id":14459,"date":"2015-11-16T07:02:43","date_gmt":"2015-11-16T12:02:43","guid":{"rendered":"http:\/\/olduvai.ca\/?p=14459"},"modified":"2015-11-16T07:02:43","modified_gmt":"2015-11-16T12:02:43","slug":"50-ways-to-leave-the-euro-greece-and-the-global-crisis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=14459","title":{"rendered":"50 Ways to Leave the Euro: Greece and the Global Crisis"},"content":{"rendered":"

50 Ways to Leave the Euro: Greece and the Global Crisis<\/a><\/h3>\n
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A sticker reads “No” on the palm of a protester during a demonstration calling for a ‘No’ vote in the upcoming referendum in Athens on Jul 3, 2015.\u00a0<\/span>(Photo: AFP\/Aris Messinis)<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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The problem is all inside your head, I told the Greeks<\/em>
\nThe answer is easy, you need only stop the leaks<\/em>
\nThe power is yours to claim the freedom that you seek<\/em>
\nThere must be fifty ways to leave the Euro<\/em>
\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/em>(Apologies to Simon and Garfunkel)<\/p>\n

Following the resounding \u201cNO\u201d vote by the Greek people on the bailout conditions in the July referendum, the negotiations between the Greek government and \u201cthe institutions\u201d resumed with the expectation that a better deal for Greece would ensue. The outcome was quite the contrary. Greek negotiators ended up agreeing to a bailout deal that was far more onerous than the one the voters had rejected. Why?<\/p>\n

The harsh reality is that the Greek government is insolvent. Having been lured into the debt-trap and the shared euro currency by western oligarchs using a combination of measures, including outright fraud, Greece was forced to accept the onerous conditions attached to the first two bailouts. Now it has been bludgeoned into accepting a third. The weapon of choice is the euro currency itself which is being wielded by the European Central Bank (ECB). By throttling the flow of euro currency into the country, the ECB last summer created near chaos in the Greek economy. This, and the threat of even more severe punishment in the future, was enough to bring the Greek government to heel.<\/p>\n

With sovereign debt up around 180% of GDP, there is no way that the Greek government will ever be able to grow its way out of the current mess. The draconian measures demanded by the creditor institutions will just make it worse. Even the IMF has acknowledged (with apparent reluctance) that some debt relief is necessary for the Greek economy to recover.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

50 Ways to Leave the Euro: Greece and the Global Crisis A sticker reads “No” on the palm of a protester during a demonstration calling for a ‘No’ vote in the upcoming referendum in Athens on Jul 3, 2015.\u00a0(Photo: AFP\/Aris Messinis) The problem is all inside your head, I told the Greeks The answer is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5,6],"tags":[7669,951,195,233,280,282,284,312,10035,1167,418,434],"class_list":["post-14459","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","category-liberty","tag-common-dreams","tag-currency","tag-debt","tag-ecb","tag-euro","tag-european-central-bank","tag-european-union","tag-financial-crisis","tag-global-crisis","tag-greece","tag-imf","tag-international-monetary-fund"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14459"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14459\/revisions"}],"predecessor-version":[{"id":14460,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14459\/revisions\/14460"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}