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Wednesday, 1 February 2012

Euro exit would restore Greek sovereignty

Greeks clearly defend their sovereignty in strongly opposing ceding fiscal control to Europe.  Greece would achieve greater control over their sovereignty by withdrawing from the Euro.  Greece partially ceded
sovereignty in abandoning their drachma for the euro.  At this stage Europe is probably more eager for Greece to remain in the euro currency than Greece is, for Greek departure would seriously damage the European unification project.  The obvious path for a Greek economic future would be bite the bullet and default;  leave the euro;  create a new drachma;  devalue it significantly;  and stop buying all those Mercedes and BMWs.  That would reduce German exports, but Greece can't afford those imports.

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