Blog 2023 Malcolm Blair-Robinson

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Malcolm Blair-Robinson U.S          Malcolm Blair-Robinson U.K.

This blog is not confident that the policy being followed by the ECB of refusing to accept Greek bonds or the German intransigence at more haircuts, is going to work. People who lend too much money to a customer beyond any fool’s notion of what is wise or likely to be repayable, must take some responsibility and bear a good deal of the loss when the debtor goes bust. And Greece from the very beginning has been bust and has not become less bust by being lent more on terms which are penal and guaranteed to arrive at what this blog calls the social limit.

The risk to the Euro is now greater than the risk to Greece. A few more nasties and Greece will exit. This will be a car crash for Euroland, but it could recover and reform, perhaps. If Greece left the Euro, struggled, recovered then prospered, for Euroland it would be a catastrophe. It would be more than a crash; it would be a write off. German dominance in the EU would be over. Not everybody would be sorry.