Euro Special:

Today (for once) we have little news about the Greek debt situation, although no shortage of sage commentary. In hard information, the FT reports that the yield on Greek 10-year bonds was only a little lower at 6.40% this morning.

FT columnist Rachman has some interesting things to say about the wider implications of a Greek debt failure. Like Soros, he says it would endanger the sustainability of the eurozone itself. Leaders were never shy about saying the goal was political union, even if citizens never agreed to it and would not agree to it today. National identity is far bigger than self-identification as “European.” Rachman says the “’economics first, politics later’ method is almost Marxist in its assumption that economics will inevitably dictate a particular political response.” Almost? No, fully Marxist. And it has not worked. Greeks may be among “the most ardently pro-European people in the Union” but “savage austerity measures, overseen by officials sent in from Brussels, is likely to feel more like colonisation than a voluntary ‘political union’.”

Rachman says if eurozone citizens are unwilling to bail out their neighbours, “the euro-area might begin to shed some of its weaker members.” And it gets worse. Other decisions would come into question, like immigration. “There is more than money at stake in the Greek crisis.” We note that the vocabulary of the discussion is bizarrely old-fashioned. We haven’t heard about Marxism or colonialism in 40 years. We don’t know what it means but it can’t be good.

Bye for Now

Barbara Rockefeller

For the full story visit  www.rts-forex.com

Bye for Now

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money

Buy Euros