Greeks are one of the nicest people I have met in my life, kind, caring and friendly. That is why it is heart breaking to see the country in such a financial distress that they are literally begging for money to pay of their previous loans. I have not been to Greece (but someday hope so) but what I am reading in the newspapers is pretty scary for the future of Greece. As I have been emphasizing in my previous posts in this blog that there may be a limit to how much the Greeks can take austerity and how much and how long the European Union can help them stay afloat. They are really stuck between a rock and a hard place since they want to stay in the Euro but don’t have the means to do so and they don’t want to go back to their currency drachma since it will be catastrophic or maybe it will not be.
At least with the drachmas they will have control of their own currency and if need by devalue it to get their economy running. It will not be bad to have your own currency, look at Turkey which is not in the European Union (but should be) and its economy is growing faster than many European countries and have its own strong currency. I know that initially in the start there is going to pain and shock of Greece leaving Euro but it may ultimately force the EU to start rethinking the terms of their fiscal agreement and have a realistic approach to the whole integration of the unequal European Union economies.