Photo: Wikimedia Commons
It’s always good to get a nice jolt of perspective on the stories you cover all the time.From the perspective of someone in the US, who is constantly steeped in the opinions of financial market participants, the euro looks like an awful nightmare for the Greeks (and the rest of the peripheral countries) who wouldn’t be going through this wrenching austerity if it weren’t for the straightjacket of the common currency.
From this perspective, it’s really hard to see how the Greeks ever thrive in such a system that doesn’t allow for currency adjustments and so on.
But the fact of the matter is that leaving the Eurozone remains a deeply unpopular position in Greece. This is something we were vaguely aware of, but didn’t quite believe until we heard it from a well-connected government source. Almost nobody except the political fringes wants out. There’s a lot the Greeks want changed: Internal and external reform everyone agrees is needed. But leaving totally? The view from inside is that that’s not the solution. Still.
So while people talk about Euro breakup, and redenomination of debts (a topic that Wall Street is finally getting serious about) it’s probably worth remember that at least for now there’s significant desire to keep the project going.