Gutted not to be in Athens for what could be a crucial moment for Europe. All sorts of drachmail playing out. In The Default Line, I revealed how Europe continued to fly in billions of paper euro notes in 2011 and 2012 to satisfy an extraordinary surge in demand for cash, partly due to the rise of Syriza. Cash in circulation shot up from 7% GDP to an incredible 25% of GDP. If the polls are right and Syriza win, the ripple effects will be felt across the eurozone, and primarily Madrid and Berlin. Already the ECB is doing what they refused to in 2011, which is QE. A syriza victory will pose fundamental questions for the Berlin troika consensus on the eurozone. The reaction of Germany and its public to money printing at the same time as Syrizas demands for free electricity for poor Greeks will be crucial. There will be knock on effects for Britain, our economy, our debate over the EU and our election. So do watch on Sunday. trib.al/wvCSy2z
Posted on: Sat, 24 Jan 2015 19:17:45 +0000
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