Is this going south? Was the Nobel Peace Prize an admission of the end? Seems unbelievable that "working on it" until 2020 is actually a serious strategy, given the declining GDPs, emigration, bankruptcies, unemployment and suicides that have marked the early work! There's an apropos maxim in political-economics research, "Do your experiments on the institutions, NOT the electorate."
Will there be political upheaval in multiple countries? Or just turnover of leaders in existing parties?
So why didn't Germany allow Greece to escape, before so many were bankrupted, impoverished & even committed suicide?
Rodger Mitchell (RMM) makes a lot of sense in a segment from his latest article.
And now, for (at last) THE TRUTH:
Spiegel online: Top German Economists Say Greece Is Lost
Chancellor Angela Merkel had been hoping that her trip to Athens earlier this week would help demonstrate Germany's solidarity with Greece as it struggles to overcome its debt crisis. Just two days later, however, leading economic institutes in Germany have darkened the mood considerably. The institutes presented their autumn economic forecast on Thursday, and cast doubt on whether Greece would be able to remain part of the euro.
"We believe that Greece cannot be saved," said Joachim Scheide from the Kiel Institute for the World Economy, one of several top economic institutes tasked by the German government with examining the state of the country's economy twice a year.
Oliver Holtemöller, of the Halle Institute for Economic Research, was also pessimistic at the Thursday press conference called to present the evaluation. He said it is unlikely that Greece will ever be able to free itself from its debt burden -- and called for a new debt haircut for the country.
RMM: O.K., that almost was the truth. The real truth would have been:
"Let's face it. Giving up our Monetary Sovereignty was giving up our freedom. It's dooming us to endless unpayable debt and economic misery for our citizens (except for the richest ones, of course).
"The euro was our ill-considered attempt at unity, which has resulted in our being united -- in poverty.
"If Greece leaves the euro, and readopts its own sovereign currency, it will be able to pay all its debts, past, present and future, while investing money to grow its economy.
"Within a couple years, Greece can be (if it handles its Monetary Sovereignty correctly) one of the wealthiest nations on the continent, while the rest of us keep laboring under the yoke of monetary non-sovereignty."
Now that would be the real truth, but don't hold your breath waiting for the EU to admit it.