>>>They trade in Euros..... however, there is a movement afoot in Germany to withdraw from the Union and revert to the Deutschmark.
>>
>>Which would be the smartest thing they can do before the rest of the EU drags them down the hole with them.
>
>And no one else would be affected? All our economies have become interconnected.
What is happening now around Greek debt reminds me on colapse of pyramid scheme banks in Serbia some 15 years ago.
When bubble started to burst, local 'Goodfellas' went in (with shotguns) and made sure their deposits+intersts are paid in full
whereas everybody else lost everything.
The same thing is happening now with Greek debt but just without shotguns. (So far)
Jamie, Lloyd & Gang will get their money back (including interests) whereas my little bank (and many others) will have to take
massive haircut and be forced to pass those losses on customers. (BTW I am already affected! My interest rate went up entire percent in just six months. )
If Jamie,Lloyd & Gang (huge banking behemots in US/EU) were to take haircut like everybody else then you would have see them
colapsing left and right and we must save those because they are 'to big to fail' and will crush world economy with it...
(?? My A$$ ! Let them all fail!)
That is why is so big fuss about Greek debt. It is all big money game (who/whenis gonna get their money+int. back) played over our backs. Economy as such does NOT have problem. Greeks are still having their turist season, Germany is still making their cars
French are still making their wines etc
It is big banking that is problematic ( those 'volatile markets' !) and has to be cured if possible or let go bankrupt if their debtors
cannot repay debts. If I am not mistaken, that is called 'Capitalism' :)