Eurozone Crisis: Not a Greek Drama - 0 views
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Lost in the coverage is the fact that Greece constitutes 2.5 percent of Eurozone GDP and Eurozone member states’ direct exposure to Greece is manageable.
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After a year and a half of watching the Eurozone sovereign debt crisis unfold, we should put one notion to rest: no one event, crisis or decision will cause the Eurozone to collapse. Such a complex system of financial and monetary relationships will not unravel in a day, a month or a year.
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Eurozone member states have proven highly flexible in their handling of the crisis.
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"It has been 2,000 years since Athenian legislators last received the kind of global attention fixed upon them Tuesday. News coverage of the Greek parliament's June 21 confidence vote captivated the global financial sector. The vote was carried live on most global 24-hour investment-news stations and links to live online feeds of the Greek vote were posted across the world wide web. The vote passed, giving Greek Prime Minister George Papandreou the political authority to try to pass further austerity measures mandated by the Eurozone in another vote on June 28."