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Will the Greek beaches be beautiful and lonely?


Edward, thanks for your informative article. Yes there is a big problem. I happened to be in 1 of May in Athens and met some young communists there, who explained what they want. They want to stay in Euro Zone but without austerities. And they are right, there is probably no way to get them out, and as punishment probably it would be wise to stop to transfer liquidity to the Greek banks. But if not, this money probably will come anyway back to German and French banks as direct transfers of Greek deposits to safe heaven. But then, if the Drachma comes back and will be depreciated, then the Euros will come back to Greece and this money will create a huge inflation with appreciation of the Drachma. Exactly this happened in Israel in 1977 with the liberalization of the foreign currency trade, that brought inflation of hundred of percents, viz; my articles,;

So I don’t see any salvation to Greece unless they are ready to do by themselves something about it. Probably as you suggest, Greece will be depopulated. At least if you are looking for lonely beaches, you will have plenty of them. I am of course joking, but what else is left to us?

By the way I liked your, “History is, after all, often more about the unintended consequences of unexpected accidents than it is about plans”.

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