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I felt the same about Ireland, which is why I did not emphasize Ireland as a member of the Seuro. They would, IMO, sooner join the UK pound sterling.
Remember, it is possible for a medium sized shadow bank, hedge fund or venture capitalist to totally game a small currency like the punt - and almost impossible for an Irish central bank to counter such relatively large scale manipulation.

This expresses clearly and concisely what I repeatedly referred to as a need for economic greater weight for any country that might need to leave the Euro. A small country would be like chum thrown into a pool full of sharks. Were the Seuro zone to include Italy or Spain the threat to the Euro would be explicit due to the amount of Euro denominated debt either country holds. In either case that debt is of an amount that the debt becomes not the country or the Seuro's problem but the EU's problem. The ideal goal would be to end up with one monetary union run on acceptable principles.

To me this seems preferable to continuing to have displayed the studied obtuseness and denial of responsibility coupled with the economic impossibility of the proposed solutions which Merkel, the German banking establishment  and the ECB offer to and display towards the suffering of the peripheral countries occasioned by the actions of core country banks acting without restraint in peripheral countries. Confronting those worthies with the fact of a Seuro would be like Alexis Tsipras walking up to her and hitting her between the eyes with a 2x4 -- most satisfying. But I guess most just prefer the status quo.    

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Sep 23rd, 2013 at 09:21:54 PM EST
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