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The poor and the middle class (wage earners) will take their money out and put it under the mattress. Losing 10% is all the more damaging for them.

If European leaders are lucky it will be a while before people work this out, but if not, the bank runs will be vicious.

by Metatone (metatone [a|t] gmail (dot) com) on Mon Mar 18th, 2013 at 05:22:35 AM EST
[ Parent ]
I'm interested in the speculation that this is simply a sign of condescending impatience with the rest of Europe's spendthrift lazy socialist ways in Germany, and it's a prelude to a grand fuck-you foot-stomping exit by Berlin.

Which doesn't actually make any economic sense at all, and would be ruinous for everyone, including the German establishment.

But it's axiomatic that crazy people are crazy. So I suppose anything is possible.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Mon Mar 18th, 2013 at 03:01:44 PM EST
[ Parent ]


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