The Euro crisis just will not go away. This Greece crisis has been present for almost three years. The start of the Greek problem may have preceded its entry into the Euro.
European voters are speaking and they do not want austerity especially if there is no known end in sight from the cost of paying bills. The Greeks do not want austerity, and they do not want to pay their bills. Greek tax collections which were expected to fill their Treasury are not following projections.
The Greeks are acting like any consumer deep in debt and not able to make payments. They want to declare bankruptcy because it is the only choice available. The French do not want austerity and voted for a socialist. The Spanish cannot afford austerity and are leaving the country. All are looking for a new choice with less pain.
The ECB may be able to provide more liquidity but this does not solve the fiscal problem. Europe needs to have more inflation and needs to restructure and the Euro is more broken than any time in the last three years. It si hard to be a euro buyer until a clear union solution is provided.
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