Greece will default, but not this year

Commentary feature in which writer suggests that it is hard to arrive at any other scenario than that Greece will default, but not during 2010.

Placing this in the wider context of Economic and Monetary Union the writer concludes ' There have only ever been two intellectually honest views about economic and monetary union. The first is that it could not work, as it would eventually produce a situation in which a country’s national interest conflicts with the interest of the monetary union at large. The second is that it could work, but only for as long as member states are ready to co-ordinate economic policy in the short run, and move towards a minimally sufficient fiscal union in the long run. The message from the EU, and from Germany in particular, is that the latter has now been ruled out'.

ESO: Background information: Europe has resolved nothing over Greece http://www.europeansources.info/record/europe-has-resolved-nothing-over-greece/

ESO: Background information: Why Germany cannot be a model for the eurozone http://www.europeansources.info/record/why-germany-cannot-be-a-model-for-the-eurozone/

ESO: Background information: Rescue fears trigger Greek bond sell-off http://www.europeansources.info/record/rescue-fears-trigger-greek-bond-sell-off/

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