Former Federal Reserve chief Alan Greenspan is telling anyone who would listen (that’s the BBC to you and me) that Greece has no choice but to leave the Eurozone. He said there’s no one out there, country or financial institution, who would be willing to risk giving the Greeks any more money.
“I don’t think it will be resolved without Greece leaving the eurozone, ” Greenspan insisted.
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UK Chancellor George Osborne has suggested a Greek exit would bring about “deep ructions” for Britain.
We looked it up: a ruction is a disturbance or quarrel, an unpleasant reactions to or complaints about something.
Ah, well, of course, the Brits won’t like it.
Greenspan, who served as chairman of the Federal Reserve from 1987 to 2006, told BBC: “I believe [Greece] will eventually leave. I don’t think it helps them or the rest of the eurozone – it is just a matter of time before everyone recognizes that parting is the best strategy.”
Exactly what they used to say about Georgia in 1860.
“The problem is that there is no way that I can conceive of the euro of continuing, unless and until all of the members of eurozone become politically integrated – actually even just fiscally integrated won’t do it, ” Greenspan insisted.
The new, leftist, Syriza party’s Greek government ministers have been running around Europe in search of support for a re-negotiation of Greece’s bailout terms. They owe $272 billion, give or take, and the folks in Berlin expect to receive it all.
Ah, Berlin in February… So… unforgiving.
What Greenspan is saying is that the EU is too big for its own good right now, comprised as it is of countries of vastly unequal economic capacities. Perhaps, he’s saying, it would be better to let it break down a little.
Where was he in 1860 when we needed him? Could have saved a lot of lives…
Greenspan was born in Washington Heights, New York City. His father Herbert Greenspan was of Romanian-Jewish descent and his mother Rose Goldsmith was a Hungarian Jew. His father worked as a stockbroker and market analyst.