Registered: Jan 2006
06-07-12 05:58 PM
Quote from C6H12O6:
Ambrose Evans-Pritchard agrees: "There is no way to break the euro without trauma, but the least painful way would be for Germany to leave."
"The Latin states could relaunch growth with a weaker euro, but still honour their euro contracts.
Germany would get the stronger currency it needs and wants. The German banks would take big haircut on its holdings of Club Med debt. Some would have to be nationalized. Tough luck.
The WRONG way to do it is to kick the South out of EMU There would be mass defaults, a total implosion of the EU banking system, and a global depression.
That is the current course at the moment."