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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