In case you haven’t been keeping up with the European currency crisis and have been wondering what’s going on, here’s the executive summary: chaos. If the inept handling of the 2008 economic meltdown didn’t convince you that the world’s top financial brains are grossly overpaid, the rolling disaster that is Europe 2012 certainly should.
In the latest developments, Greece is supposed to vote on Sunday for the second time in two months. The signs are that no one will win, but it’s hard to be sure because Greece bans the publication of polls for 15 days before an election. (Knowing who’s ahead might encourage people to join the bandwagon and establish a government with a strong mandate. But. like, who would want that?) Reports on surveys that haven’t been published show a neck-and-neck race between Syriza and New Democracy. Syriza wants to repudiate the whole pay-back-your-loans thing, while New Democracy argues that the impact of exiting the Eurozone would be far worse than the high price of remaining.
Thus it appears likely that after several years of crisis, umpteen high-powered international sessions among Europe’s leaders, and two national votes, nothing will become clear. That, in turn, could “heighten uncertainty”, as they like to say in the international economic analysis trade. How anything could be more uncertain than a country that refuses to make a firm decision, is something of a mystery. In fact, if anything, Greece has been entirely predictable throughout the crisis. It absolutely wants to stay in the European Union and keep the Euro as its currency. But it absolutely doesn’t want to put up with the price that would require, in terms of austerity and national penury.
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Afternoon Updates:
12:02 pm EDT, June 13th, 2012 — This Time, Europe Really Is on the Brink
12:03 pm EDT, June 13th, 2012 — Germany warns Italy it could be next victim of eurozone crisis
12:04 pm EDT, June 13th, 2012 — Debt crisis: Bundesbank scuppers all talk of EU banking union
12:05 pm EDT, June 13th, 2012 — The more eurozone bailouts there are, the worse it will get
12:07 pm EDT, June 13th, 2012 — Why Berlin Is Balking on a Bailout
12:08 pm EDT, June 13th, 2012 – Banks see outflows pickup before elections
12:09 pm EDT, June 13th, 2012 — Greece may need third bailout package: German report
