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Sunday, May 13, 2012

Greece Would Face Dire Consequences From a Euro Exit

March 25 - Greece Independence Day
March 25 - Greece Independence Day (Photo credit: Aster-oid)

A stock advisor commented that protesters raise a Greek flag in front of parliament during a rally last year. Nearly 70% of Greeks want to stay in the eurozone – a fact reflected at the polls in the election earlier this month despite no single party winning a majority. Photograph: John Kolesidis/Reuters
Far from revealing that Greeks want to exit the euro, the election results send out a clear signal that the policy framework imposed since the crisis began has been wrong and needs to be rethought.
The majority of the electorate supported parties that would prefer to keep Greece in Europe, while delivering a strong rebuke to the two traditional parties of government, New Democracy and Pasok, for having brought Greece to bankruptcy and then being associated with the “austerity memorandum” – the terms of the troika bailout packages... Continue to read.


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