European single currency: By Friday, as both sides scrambled to fix up a fresh round of talks for this weekend after the International Monetary Fund negotiators flew home in frustration, it appeared that European officials had been discussing how they might manage a Greek default, according to The Guardian. It hard not to be mesmerised by the day-to-day drama of walkouts, public posturing and political intrigue, which may finally reach its conclusion in the coming days. After weeks of posturing, Greece is running out of time to escape bankruptcy and a forced exit from the European single currency. But as Greece hurtles towards the brink, it worth asking how we got here. Joining the club was a badge of political sophistication, as well as economic advancement; and clubbing together, it was thought, would help the European economy to act as a counterweight to the might of the dollar and the hegemony of US-style market capitalism. The euro was always meant to be a political project above all – lifting Europe stragglers up to the living standards of the rest and, in doing so,k cementing the political ties between Athens and Antwerp, Madrid and Munich.
(news.financializer.com). As
reported in the news.
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