Angela Merkel, it's time to act!

[AtW]

Greece is caught in a downward spiral of austerity. They can of course remain in the Euro where they will have no chance of stimulating their economy through lower prices (exchange rates, labour on manufacturing and general investment). Or they can leave the Euro and become a more competitive economy to invest in.

Are you stupid or what? Have you looked at stats how much they export vs import?

Exports: $26.64 billion (2011 est.)
Imports: $65.79 billion (2011 est.)

Source: https://www.cia.gov/library/publicat...k/geos/gr.html

They depend on imports very heavily - they can only buy them if they have hard currency, which is euros.

[DodgyAgent]

Are you stupid or what? Have you looked at stats how much they export vs import?

Exports: $26.64 billion (2011 est.)
Imports: $65.79 billion (2011 est.)

Source: https://www.cia.gov/library/publicat...k/geos/gr.html

They depend on imports very heavily - they can only buy them if they have hard currency, which is euros.

With a weak currency they will now be able to manufacture their own products far more competitively than they can now.

[AtW]

With a weak currency they will now be able to manufacture their own products far more competitively than they can now.

Yes like North Korea who have made their goal to be self sufficient - they are successful with one qualification: people have to eat drass and it's only Dear Leader and his cronies who can get luxuries from the west

Ok, since you did not get good edukation in Thatchers time I'll spell it out for you, based on the stats provided by link above:

Oil - imports: 496,600 bbl/day (2009 est.)
That means Greece needs $18 bln (496,600 barrels per day X 365 days X $100 per barrel).

Now they export some - 181,600 bbl/day, but the balance isn't good: $11.5 bln just to cover oil imports.

How the fook can they pay for it with drachmas? They will be like UK pensioners during winter paying big part of their income to buy fuel.

They also import gas and other things they will never be able to make - even buying them from China would require USD/EUR.

High energy costs is killing them and Western world in general - on a positive side sheiks will be buying more EPL clubs.

[Doggy Styles]

Are you stupid or what? Have you looked at stats how much they export vs import?

Exports: $26.64 billion (2011 est.)
Imports: $65.79 billion (2011 est.)

Source: https://www.cia.gov/library/publicat...k/geos/gr.html

They depend on imports very heavily - they can only buy them if they have hard currency, which is euros.

I sometimes wonder whether you are living on the same planet.

The whole point is to reduce that gap, i.e. for Greece to be able to increase exports and to reduce imports. Not perpetuate it! You really don't understand that, do you!

[AtW]

The whole point is to reduce that gap, i.e. for Greece to be able to increase exports and to reduce imports. Not perpetuate it! You really don't understand that, do you!

How can they reduce oil/gas imports, cars and other things?

Greece's main "export" is tourism - if they get drachma they'll have cheaper price but make less money in euros: they are already popular and I doubt they'll suddenly double visitor numbers - there are plenty cheap destinations already.

[sasguru]

I sometimes wonder whether you are living on the same planet.

The whole point is to reduce that gap, i.e. for Greece to be able to increase exports and to reduce imports. Not perpetuate it! You really don't understand that, do you!

He is a CRE T1N of the first order.

[AtW]

He is a CRE T1N of the first order.

Well, you explain then how would suddenly Greek stop importing lots of fuel for any reason other than they can't possibly afford to buy it with drackmas.

I doubt very much tourists would appreciate fuel shortages

[sasguru]

Well, you explain then how would suddenly Greek stop importing lots of fuel for any reason other than they can't possibly afford to buy it with drackmas.

I doubt very much tourists would appreciate fuel shortages

Were you dropped on your head as a child?

[AtW]

oh by the way Dodgy - I would have thought you'd appreciate the new Iron Lady of Europe

[AtW]

Were you dropped on your head as a child?

It seems unlikely given that I can come up with coherent argument to support my point of view. I wish I could say the same about you ...