When the economy crashed with the bursting of the housing bubble, the vultures swarmed Las Vegas, Scottsdale, and Miami in search of condominium carnage. Today those economies have recovered much of those losses.
The same can be said about Greece which is on the verge of being excommunicated from the European Union. This is an inevitable result of a stupid plan to make a uniform economy in Europe. How anyone thought that Germany could share a currency with the likes of Italy, Spain, and Greece is ridiculous. When the UK decided to preserve the sterling there was plenty of malcontents within the EU that disapproved of the decision. The pound is much stronger than the euro demonstrating who was right in that argument.
Today the chickens have come to roost and the winner, though they do not know it yet, is Greece. Greece has no business being in the union. Greece produces next to nothing besides olives, pistachios, cotton, and rice. They may have invented calculus but it’s safe to say the patent on that invention has expired. Going forward, Greece should focus its efforts on tourism, an industry that has suffered as a result of having to use euros to purchase gyros.
Greeks shouldn’t bemoan their exodus from the EU as it in no way takes away from their great history. It would be narcissistic to believe that they could reach any level of prominence by complying with the austerity rules imposed by Germany. Instead, Greece should default on its loans and go back to the drachma. Though many big banks may be hesitant to loan Greece any money should they do this, they will find capital by way of microfinance, i.e., happy tourists willing to go there on holiday.