日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Opinion

Calls for a Greek pullout ludicrous

By Hannes Androsch (China Daily)
Updated: 2010-06-08 09:53
Large Medium Small

The Greek sovereign-debt crisis and the attempts of the European Union to quell the simmering pot before it boils over is commanding international attention.

The sovereign-debt problem isn't in any sense the end of the eurozone. The foreign-exchange rate of the euro may fluctuate against other leading currencies, as is to be expected in a floating-rate regime, but Greece isn't going to withdraw from the eurozone, nor is it likely to be expelled.

Calls for a Greek pullout ludicrous

Whatever the legal position, the view that Greece, or any other country in the throes of recession, should withdraw in order to benefit from devaluation of their currencies, is simply ludicrous. It is difficult to introduce a new currency at the best of times. But when the first item on the agenda of a new currency is likely to be a substantial devaluation, the mere suggestion might be sufficient to spark a civil war between creditors and debtors.

Given that all public as well as private-sector debts are denominated in euros, or other hard currencies, the introduction of a new drachma would provide little respite. It would probably cause the domestic banking system to collapse as its assets were devalued relative to its liabilities, and the government to default as the international community would hardly perceive such a move as being in its interests.

The trend is actually going in the opposite direction as small countries, whose currencies lack credibility and stability in unregulated foreign-exchange markets, long for the safety of a major currency with deep reserves.

Related readings:
Calls for a Greek pullout ludicrous Greek government rules out debt restructure
Calls for a Greek pullout ludicrous Greek crisis not to affect China's overseas investment
Calls for a Greek pullout ludicrous Greek unemployment reaches six-year high
Calls for a Greek pullout ludicrous Greek lessons for the world economy

A bailout provides a classic case of moral hazard, both for other governments as well as for banks, which knowingly buy high-yielding, but risky assets.

Second, even after all the political grumbling and foot-dragging, the eurozone governments had little option but to bail out Greece. Such is the involvement of German, French, Austrian and other banks in the Greek sovereign-debt market that the alternative would have been a rescue operation of domestic eurozone banks. The motive was self-interest, not altruism.

Hannes Androsch was Austria's finance minister between 1970 and 1981. He is the founder of AIC Androsch International Management Consulting in Vienna. The opinions expressed are his own.

 

主站蜘蛛池模板: 91久久国产视频 | 2018中文字幕在线观看 | 色婷婷欧美 | 日韩在线看片 | 超碰94| 日本欧美激情 | 男人的天堂欧美 | 国产99久久久| 亚洲黄色激情视频 | 久久aⅴ乱码一区二区三区 婷婷六月丁 | 日韩久久高清 | 亚洲欧美日本一区 | 伊人超碰| 亚洲色图欧美 | 91干干干 | 日韩一级免费毛片 | 日韩欧美一二三区 | 日本欧美一区 | 黄色av网站在线观看 | 欧美一级一级 | 午夜黄色在线 | 欧美黄在线观看 | 日本不卡视频一区二区 | av一区二区三区在线 | 天堂久久网| 色狠狠综合网 | 中国大陆高清aⅴ毛片 | av狠狠干| 色欧美日韩 | 日本a级c片免费看三区 | 国产久操视频 | 一级片国产| 欧美a∨ | 欧美日韩三区 | 色中色综合 | 亚洲成人精品在线观看 | 久久久免费高清视频 | 一级片成人 | 日本亚洲在线 | 天天操夜夜夜 | 日韩一区二区精品视频 |