Our two drachmas

FWIW, we’ll be surprised if Greece does a deal with the EU etc to stay in the euro. Alexis Tsipras doesn’t seem to have that much room to compromise, given his newness and ideology (and rhetoric). Moreover, as we noted the other day, this has been playing out in slow motion for a decade or more. However, we don’t see 2008 at the moment, with all its craziness, because oil isn’t $147 a barrel, and the CDS’s can’t be as insane as they were back then. As always, prepared to be wrong, but that’s our view at the moment.

One Response to “Our two drachmas”

  1. feeblemind Says:

    I dunno. My crystal ball rolled off the table and broke.

    Greece seems to very much want to stay in the EU while the EU seems reluctant to kick them out.

    But if the Euros are cut off, who will pay the pensioners and the public servants unless the Greeks print their own money?

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