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GREECE SITUATION UPDATES: The death of a 19-year-old Greek student has come to symbolize everything that's wrong with austerity!!!
Ms Sans Serif
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[quote:Anonymous Coward 28671712:MV8xODY4OTU4XzM0NzUzODEwXzJDQzk3QzU5] [quote:Anonymous Coward 28660470:MV8xODY4OTU4XzM0NzQ3NTE5X0VGQ0ZFOTQ5] Btw, the most likely conversion would be 1:1 initially. Then the drachma, lira, peseta, etc. would rapidly depreciate. The devaluation, however, would make it easier to create jobs. Devaluation alone won´t solve the problem. Would just give some respite. But the current combination of structural problems and hard currency is lethal. [/quote] The problem with depreciation of local currency is debt in foreign currency. Similar to what happened in Mx in 1994/5. One way out is to organize debter Unions, to negotiate with banks as a group. Otherwise you're screwed if you have to face them alone... [/quote]
3 min Theodora Oikonomides‏@IrateGreek
#Greece Army has ordered a sudden, real-time preparedness exercise of Rapid Response force on a remote island, via @doleross #rbnews
link to twitter.com
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