2011-11-22

Number one Christmas gift in Greece: drachma?

Will Greece unravel by Christmas?
Without a credible intervention this process almost always ends the same way. There is in my opinion a very high probability that within weeks, or months at most, Greece will be forced to freeze bank deposits as a prelude to leaving the euro. Mexico in 1994 and Argentina in 2001 chose the Christmas/New Year holiday season to announce their devaluations. Will Greece follow suit? “If history repeats itself,” footballer Andrew Demetriou once pointed out, “I should think we can expect the same thing again.”
Much more, all good at Pettis' site.

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