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I'm also not convinced that a Greek default will totally destabilise the EU banking system - sure some politically unpopular bail-outs may be required, but ultimately a heavy dose of quantitative easing should solve the problem. (Economists who are dead against QE to save the profligate Greeks and Irish will achieve a Damascene conversion when it is German banks which have to be baled out.
The bailing out of Spain, Portugal and Ireland at affordable rates combined with increased infrastructural investment will also boost the EU economy still further and increase the overall growth rate substantially.
Don't forget the ECB will be blamed for forcing the Greek default and subsequent German banking problems and Merkel will be history - to be replaced by an SDP/Green coalition. The neo-lib intellectual bubble will have burst and a new generation of policy-makers will come to the fore - ok - 2015 may be a bit early, but these things can happen surprisingly quickly.
Index of Frank's Diaries
by Frank Schnittger - Sep 18 54 comments
by Luis de Sousa - Sep 13 31 comments
by ARGeezer - Sep 7 56 comments
by Frank Schnittger - Sep 8 81 comments
by Frank Schnittger - Sep 4 18 comments
by Bernard - Aug 27 5 comments
by Frank Schnittger - Aug 30 14 comments
by Frank Schnittger - Sep 1854 comments
by Luis de Sousa - Sep 1331 comments
by Frank Schnittger - Sep 881 comments
by ARGeezer - Sep 756 comments
by Frank Schnittger - Sep 418 comments
by Frank Schnittger - Aug 3014 comments
by Bernard - Aug 275 comments
by gmoke - Aug 27