This is not a troll .. just a hope that those of us more aware of the issues, especially those of us living in Europe, can clarify the constant concern over the Euro.
- Would it be better for all if Italy & Greece withdrew from the Euro currency but remained in the EU?
- Is this being mishandled by the Eurocrats?
- Is this yet another Populist issue?
- Why is it so persistant?
From the article:
Mario Draghi, the European Central Bank’s president, promised in summer 2012 to do whatever it took to save the euro, but the debt burdens of Italy and Greece have become progressively worse amid the stagnation of their economies.
Italy’s debt as a share of its economic output has risen to 133 percent from 123 percent during that period. In Greece, debt has increased to an expected 183 percent of the country’s total economy from 159 percent.
These figures highlight a harsh economic reality: Just as an individual will struggle to pay off a punishing credit card bill if her salary stays flat or falls, a country cannot reduce its debt pile without expanding its economy.
And with Italy and Greece held back by the fiscal constraints that the euro’s rules require and not expected to generate sufficient growth in the future, the only alternatives are a restructuring of debt or an exit from the common currency.
-- Owen
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