{"id":8583,"date":"2015-05-29T06:10:29","date_gmt":"2015-05-29T11:10:29","guid":{"rendered":"http:\/\/olduvai.ca\/?p=8583"},"modified":"2015-05-29T06:10:29","modified_gmt":"2015-05-29T11:10:29","slug":"why-europe-cant-let-greek-economy-crumble-don-pittis","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=8583","title":{"rendered":"Why Europe can&#8217;t let Greek economy crumble: Don Pittis"},"content":{"rendered":"<div class=\"story-headline\">\n<h3 class=\"story-title\"><a href=\"http:\/\/www.cbc.ca\/news\/business\/why-europe-can-t-let-greek-economy-crumble-don-pittis-1.3089249\" target=\"_blank\">Why Europe can&#8217;t let Greek economy crumble: Don Pittis<\/a><\/h3>\n<\/div>\n<p class=\"story-deck\"><strong>EU must find solution that does not propose stripping elderly of pensions<\/strong><\/p>\n<p>There are vultures in the financial community snapping their beaks and\u00a0waiting for a Graccident.<\/p>\n<p>If you haven&#8217;t heard the term before, Graccident is the latest rhetorical bastardization\u00a0of the English language\u00a0after\u00a0<a href=\"http:\/\/1.2931768\/\">Grexit<\/a>, wherein you attach the first letters in Greece to something bad.<\/p>\n<p>In this case,\u00a0Graccident\u00a0means that despite everyone&#8217;s best intentions to patch up a solution to the Mediterranean country&#8217;s\u00a0economic woes, at some point things will go\u00a0horribly wrong. The\u00a0Greek financial house of cards will fall and the country will crash\u00a0out of the eurozone,\u00a0sending\u00a0Greece\u00a0spinning into bankruptcy and a perilous\u00a0future.<\/p>\n<ul>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/business\/greeks-promise-bailout-deal-by-sunday-eu-not-so-sure-1.3091363\">Greece promises bailout deal by Sunday, EU not so sure<\/a><\/strong><\/li>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/business\/greece-says-it-has-no-plans-for-capital-controls-as-debt-crisis-deepens-1.3086339\">Greece says it has no\u00a0plans for capital controls as debt crisis deepens<\/a><\/strong><\/li>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/business\/greece-raids-reserves-to-make-imf-debt-payment-1.3071377\">Greece raids reserves to make IMF debt payment<\/a><\/strong><\/li>\n<\/ul>\n<p>While Greece&#8217;s leaders will\u00a0suffer if the country accidentally collapses, the reputational\u00a0damage for the European Union will\u00a0be much worse.<\/p>\n<p>And worst of all, the only ones who will benefit if it happens are those\u00a0financial vultures betting fortunes on bond spreads and other derivatives that will make them a pile if everything goes sour.<\/p>\n<p>&#8220;A precarious situation in Greece is getting worse and the probability of an accident in which governments both in Greece and the rest of Europe lose control is high,&#8221; said well-known economic commentator Mohamed\u00a0El-Erian\u00a0<a href=\"http:\/\/video.cnbc.com\/gallery\/?video=3000380237\">on the business TV network\u00a0CNBC<\/a>\u00a0earlier this month.<\/p>\n<h2>Playing chicken<\/h2>\n<p>When two sides in a financial negotiation are playing chicken, there is always a possibility that both will think the other will give\u00a0way at the last minute. Accidents do happen.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why Europe can&#8217;t let Greek economy crumble: Don Pittis EU must find solution that does not propose stripping elderly of pensions There are vultures in the financial community snapping their beaks and\u00a0waiting for a Graccident. If you haven&#8217;t heard the term before, Graccident is the latest rhetorical bastardization\u00a0of the English language\u00a0after\u00a0Grexit, wherein you attach the [&hellip;]<\/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],"tags":[3544,195,200,4936,279,284,5696,1167,2598,570],"class_list":["post-8583","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cbc","tag-debt","tag-default","tag-don-pittis","tag-eu","tag-european-union","tag-graccident","tag-greece","tag-grexit","tag-news"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8583","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=8583"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8583\/revisions"}],"predecessor-version":[{"id":8584,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/8583\/revisions\/8584"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}