Tuesday, 15 May 2012
Still falling apart
It would not surprise me to see the above coming back into legal tender in the not too distant future, even though the picture doesn't seem to have caught my best side...
The Greeks can't seem to form a government, so there may have to be fresh elections which, if the latest polls are to be believed, would see the austerity and Fourth Reich supporting parties swept from power.
The stock markets seem to think it could happen if the falls yesterday are anything to go by - not to mention the panic meeting of the Eurozone countries who are trying desperately to keep the Greeks in the Euro club.
The banks also seem to think it will happen, and it was leaked today that several never had much confidence in the Greeks when they joined in the first place. It seems that they never bothered to erase the Drachma from their systems, so now all they have to do is flip a switch to turn it back on again!
For Greece itself, it certainly won't pose a problem. The country's national bank has its own banknote printing press and mint and has continued to print Euro banknotes ever since joining the single currency in 2001. With a bit of luck, maybe they kept the old drachma plates!?!
It is increasing looking like the beginning of the end for Euro and, after all, how many of us ever thought that linking together the German and Greek economies in this was was ever going to work. The expressions 'chalk and cheese' leaps to mind.
For the Reich, of course, the biggest miscalculation was allowing the Greeks to vote - not something the European Commission has to worry about..