It’s difficult to avoid the impression that the euro saga is gradually building up to a messy denouement. This is the view of a number of commentators ranging from Otmar Issing, the former ECB chief economist, who now says Greece is insolvent and should never have joined the monetary union, and Mario Blejer, the former Argentine central bank president who accuses the ECB of running a Ponzi scheme.
The ruling Greek Socialist Party’s own Maria Damanaki, responsible for fisheries in the European Commission, has put the writing on the wall in true Greek fashion by opining that Greece could return to the drachma unless it reaches a deal with its lenders. via
marketwatch.com and image via thetrader.se
