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Nov6-11, 01:55 AM
P: 66
Quote Quote by mheslep View Post
Well the Greek referendum effectively dumps the EU backed debt deal.
The Greek PM only used the democratic card of last resort to get support for the bailout from opposition politicians, he did not really want to give the Greek people a referendum vote. So, instead of a quick and bloody correction there will just be a very long and drawn out opportunity for making money out of volatility, especially if the opposition gets a new election.

But if Greece still continues its downward trend then separation from the Euro will be necessarilly imposed on Greece by external forces for wider political/economic survival reasons.

The only problem with this approach, when compared with the one taken in Iceland, is that the amounts of money involved will get larger while delaying the inevitable will only weaken any governments/citizens ability to manage this eventuality in the future.