The new Greek election makes it almost inevitable that the country will exit the euro.
The election will bring into power left wing groups who will surely set about withdrawing from the currency and restoring the drachma.
With hindsight Greece never belonged in the euro, but then again with hindsight the whole European experiment was deeply flawed.
It would be far better if Greece exits quickly rather than the current kabuki dance which is just unsettling markets even more.
As was predicted in many quarters the peripheral countries, including Ireland, were the ones to suffer deeply when the experiment began to go wrong.
The notion that every country could match strides with a colossus like Germany was clearly incorrect from the start.
Germany has benefited greatly because their exports are about 40% cheaper than they should be if the old currencies were in place.
The idea of equality within the union was always a wonderful notion, but impractical in operation.
Instead we have Germany as the undisputed king of Europe, seeking to dictate and lecture the other smaller states that have been unable to keep up.
Yet Germany refuses to take the logical step and allow for the full federalization of debt, shared among all the countries of Europe, to create a proper United States of Europe rather than the current hodgepodge.
Now the question will become who will follow Greece out of the euro as will surely happen.
All eyes will be on Portugal, Spain and Ireland. It will be a key indicator when Ireland votes in a referendum on an agreed treaty calling for more austerity in a few weeks as to where the Irish population stands.
There are no easy answers or solutions, only bad outcomes no matter what way it works out. There is still no certainty to what will occur.
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Switch to the desktop site to post a comment.sirpeter | May 21, 2012, 06:43 PM EDT
allan07 Quote"The Republic of Ireland treated the EU as a free lunch".Unquote.That statement alone tells me you know absolutely nothing about how the EU works.Also you didn't even get a vote on the Treaty of Lisbon.We call you stupid because what you actually type and what is in your head is totally different.Since when did the UK use the Euro thicko? When you read back over your comment you'll see why.How stupid was that you stupid orange hun.
allan07 | May 20, 2012, 04:57 AM EDT
@BytheBay why do you keep on saying the same thing which is misleading in any event? Britain bashing or US kicking about their respective debts is misleading. For anyone with a ounce of common sense it does not solve the debt of the Republic of Ireland, Greece, Spain or as the papers called them PIIGS. (Portugal, Ireland, Italy, Greece and Spain). Everything is relative. The British debt is smaller as a percentage of £1.5 trillion turnover per annum than Irelands or Greeces. Manchester United have borrowed £500 million with a Cap value of £1.4 billion. (About 30%). Shamrock Rovers couldnt borrow £10 million as it cap value is peanuts. Like I said on this website many times the Euro is a sinking ship and as a British Citizen most British people want out. Its a failed concept. The common agriculture policy. What a waste of money that is. For those whom called me stupid, a orange hun and simpler well who is stupid now? The Republic of Ireland treated the EU as a free lunch. It even accepted the Treaty of Lisbon after minor changes on abortion. How stupid was that?
sirpeter | May 18, 2012, 11:05 PM EDT
@ancavker.That's one dumb comment of yours at (May 17, 2012, 03:04 PM EDT)The more you think of that comment the dumber it gets.
BrianO | May 18, 2012, 04:17 PM EDT
When the next catastrophe happens in some God forsaken part of the world then talk to me about the cruel U.S., now where did you acquire that tick, you might want to get in the cue and have it looked at.
Bythebay | May 18, 2012, 03:06 PM EDT
Tick, tick, tick, tick, US countdown to imminent default. Will the Superheroes G7 save it?????
Bythebay | May 18, 2012, 03:04 PM EDT
BrianO, oh, they must have kept that info from you. Sorta like the non-existent weapons of mass destruction.
BrianO | May 18, 2012, 01:59 PM EDT
Ignorance is not a virtue BTB.
Bythebay | May 18, 2012, 12:29 PM EDT
The G8 have been sequestered in Camp David, Maryland not Chicago, Illinois as planned. The US needs all the help it can get to find out how JP Morgan - Chase is losing billions and how it can avoid its imminent default. Not something they want the public to get access to!
BrianO | May 18, 2012, 10:00 AM EDT
clevelander, you need to focus your complaint to a different poster.
IrelandNorth | May 18, 2012, 07:55 AM EDT
ancavker! Bythebay-STEVENSTAR are Northern-Irish British! Ireland hasn't been independent for 80 years - it's been poltically autonomous and monetarily codependent for 90. What do you think all the fuss has been about for the past 800 (90/60/30)? And the republic hasn't failed. The Republic hasn't existed TO fail! It's more correct to say that The Republic has been failed by Mé Féiner cabbage patch republicans. Is the UK not a junior partner in debt incurring imperialist military misadventures? Tourists visitors to Ireland each year is greater than 7 million, when taken on an All Ireland basis, Americans of which are more than monetarily appreciated. Personally, I never converted my Confirmation money from Púnts (Poonts)/Irish pounds into Euros in 2002. Was that intuitive, or what?
Murph46 | May 17, 2012, 09:32 PM EDT
I told you this last week but you all were in lala land talking about some piece of indifference.
BrianO | May 17, 2012, 08:01 PM EDT
I love BTB you make me laugh more than most, thank you, comedy is a tough game but you make it seem easy.
clevelander | May 17, 2012, 05:41 PM EDT
@ BrianO you state " And what has Ireland accomplished in 80 years of independence, ZERO." Ireland has never know independence, even today. But that will change sooner than most people here think. And it will not be the Sinn Fein traitors that will deliver.
Bythebay | May 17, 2012, 04:06 PM EDT
BrianO, it was a long time ago when the US dollar and the Euro were even near par. The Euro has gotten stronger each year while the US financial situation has sharply deteriorated. It might come as a surprise to you US centrics but the US isn't a major trading partner for Ireland and our tourism of 7 million per year are primarily from the rest of the world, not the US. Good luck with your impending default! You've invited the G8 to help you with your economic problems. That may help you.
BrianO | May 17, 2012, 03:33 PM EDT
i have to laugh, it wasn't that long ago when the U.S. dollar and the euro were on par with each other, If that were to happen again Ireland would see an increase in exports an increase in tourism, and an increase in prosperity.
STEVENSTAR | May 17, 2012, 03:28 PM EDT
@@ancavker | May 17, 2012, 03:04 PM EDT bythebay: Actually it is the U.K. has a huge budget deficit, and the most outstanding debt. This will come more and more into focus over the next couple of years, and the bond vigilantes will be all over them. Oh and the dollar has been rebounding quite nicely lately due to the latest turmoil in Europe. It is Europe so there is always turmoil. As far as a failed experiment what a laugh. The U.S. warts and all has accomplished far more than any other country in the world in 200 odd years. And what has Ireland accomplished in 80 years of independence, ZERO.>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> OH JUST ANOTHER 'LOUD MOUTH YANK'' BLOWING HIS HOLE AGAIN !! OH GIVE IT A REST MATE WE'RE SICK OF YE !!!
Bythebay | May 17, 2012, 03:15 PM EDT
ancavker, the UK debt is £1 trillion, far, far below yours! The dollar has been in the pits since you started your illegal war which you apparently are still having trouble ending -- longest war ever!! And another of your accomplishments is 8.5 million people hungry every day. And you're facing imminent default. Nothing at all there to be proud of mate.
ancavker | May 17, 2012, 03:04 PM EDT
bythebay: Actually it is the U.K. has a huge budget deficit, and the most outstanding debt. This will come more and more into focus over the next couple of years, and the bond vigilantes will be all over them. Oh and the dollar has been rebounding quite nicely lately due to the latest turmoil in Europe. It is Europe so there is always turmoil. As far as a failed experiment what a laugh. The U.S. warts and all has accomplished far more than any other country in the world in 200 odd years. And what has Ireland accomplished in 80 years of independence, ZERO.
Bythebay | May 17, 2012, 12:45 PM EDT
BrianO, it's not an Irish one mate!
BrianO | May 17, 2012, 12:24 PM EDT
BTB, can't you even get a pun,
Bythebay | May 17, 2012, 11:01 AM EDT
SeamusMor, checkmate, Ireland doesn't play American football!
SeamusMor | May 17, 2012, 10:54 AM EDT
It's forth down and ten years to go for the Irish. I bet a million drachma they will PUNT!
Bythebay | May 17, 2012, 10:51 AM EDT
What is the future of the dollar? It's been losing value for years. JP Morgan - Chase has added another billion to the 2 billion "lost", how much more was lost? The US faces financial default itself since no budget has been agreed and the $15 trillion national deficit continues to climb. Look to the US when describing a deeply flawed experiment. The US has the highest deficit in the world. Additionally 8.5 million of your people go hungry every day.
Bythebay | May 17, 2012, 10:46 AM EDT
The United States destabilized currencies when their financial institutions collapsed and adversely effected Europe. The European Union and the Euro currency worked well until that happened. Ireland fared far better as a member of the European Union and Euro currency. The European Union will survive this.
Bythebay | May 17, 2012, 10:41 AM EDT
"Instead we have...seeking to dictate and lecture the other smaller states..." Could be referring to the United States Irish Voice editors!
Bythebay | May 17, 2012, 10:37 AM EDT
Mousemess, it's called Irish in Ireland, not Irish Gaelic.
Mousemess | May 17, 2012, 10:04 AM EDT
Irish pound or "punt" as its also known in Irish Gaelic.