Exactly…Since Greece cannot just print more Euros to pay off the debt, converting to Dracmas won’t lower their Euro debt since Dracmas will be worth nothing.
The US can inflate their way out since they can just print more dollars or find ways to flood the system with dollars so since the debt is still the same, it’s easy to avoid having that control.
This seems to be a common problem with having someone else control your currency while you also happen to do business in another currency.
I think it’d just be “interesting” to see a country exit the Euro since most people assume they will work out some last minute deal or kick the can further down the road. Simply put, the Greeks don’t have the money to pay back and never will have the money so any changes seem like a waste of time. The money is also already gone.
Funny how I read/saw that Germany had debts forgiven after WW2 and now, they say they can’t forgive other countries debt.
