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May 26, 2012

BBC Ann Pettifor: The upside of a eurozone exit

Article at the BBC by Ann Pettifor who is director of Policy Research In Macroeconomics. She provides a history of how Greece got into the eurozone through the 'cooked books' of dishonest Greek politicians, but also through the manipulations of a banking system that sorely needed new victims. To whit:

"The good news is that poor Greece can default, defy the IMF and private bankers and escape from this debt trap.

It can cling to precious public assets. It can stop propping up a global banking system that dodges the discipline of free-market forces and hides behind the skirts of taxpayer-backed institutions like the ECB and IMF."

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