International Monetary Fund Chief Christine Lagarde said the Euro's collapse would lead to a "1930s moment" [AFP]
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| "If the Euro fails, Europe fails". The heady optimism that accompanied the birth of the Euro has given way to legitimate fears of its imminent demise - an unprecedented event with ramifications that have the potential to upend the existing socio-political order in Europe and beyond. That the Eurozone is imperilled due to a combination of financial irresponsibility by member states, lack of political cohesion, and inherent flaws in its original design is by now a given. But the question remains what exactly happens if it does fail? If the Euro's failure would mean the failure of Europe itself, what would the tangible implications of this be? What does it mean when a continent fails? Europeans as well as the rest of the world should hope such a scenario can be averted. There are several potential outcomes depending on what form such a failure takes but none of them offer a safe and easy exit; and indeed many of them would be positively apocalyptic for the global economy. In a recent report for The Centre for Strategic and International Studies, Thomas Wright identifies two potential scenarios for European failure. The first is one in which the Eurozone countries continue using a shared currency that has "failed" in the sense that it is barely functional but from which there is no feasible escape; and another where the Euro itself experiences a disorderly collapse due to either political forces or an economic shock that cannot be effectively managed by member states. The former scenario would likely create a permanently weakened Europe, perpetually oscillating between financial crises and costly bailouts while stifling both its political clout and economic growth for the indefinite future. The latter scenario, a wholesale collapse of the Euro, would be positively apocalyptic not just for Europeans but for the global economy as well - and that this scenario is a possibility makes it that much more alarming. The demise of the Euro as a shared currency, potentially triggered by the exit of a member state as nearly happened (and may still happen) very recently in Greece would result in potential economic catastrophe on a scale not seen since the Great Depression. |
"Θέλετε να αγοράσετε τη Ρόδο; Έχω ένα καλό deal για σας", είναι ο τίτλος δημοσιεύματος του πρακτορείου CNBC, το οποίο υπογράφει ο Bob Pisani.
Ωστόσο, όσο προκλητικός κι αν είναι ο τίτλος του δημοσιεύματος, ο Pisani στο άρθρο του επιχειρεί να εξηγήσει: Ο Έλληνας πρωθυπουργός, στη συνέντευξή στη Le Monde, μιλά για ακατοίκητα νησιά.
"Ο κ. Σαμαράς δεν μιλά για την πώληση της Σαντορίνης. Όχι ακόμη... Αναφέρεται στην πώληση ακατοίκητων νησιών", σχολιάζει ο Pisani.
Ο ίδιος εξηγεί πως ακόμη όμως και η πώληση ακατοίκητων νησιών της Ελλάδας δεν είναι ένα εύκολο ζήτημα, αλλά αντίθετα συνιστά μια εξαιρετικά δύσκολη διαδικασία.
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