Former Greek PM George Papandreou said that Greece leaving the euro would be "catastrophic" for the country and warned there will be a “run” on the banks.
"Leaving the euro would be catastrophic for Greece. There would be a bank run ... we are still a high import country, we depend on oil, for example. Also we will have deep cuts and at the same time there will be most likely a cut in our GDP growth by 20pc, so this will be a major catastrophe that will have not only social but political consequences, which I believe will make it much more difficult for Greece to reform."
Labels: the broken circle
Polistra was named after the original townsite of Manhattan (the one in Kansas). When I was growing up in Manhattan, I spent a lot of time exploring by foot, bike, and car. I discovered the ruins of an old mill along Wildcat Creek, and decided (inaccurately) that it was the remains of the original site of Polistra. Accurate or not, I've always liked the name, with its echoes of Poland (an under-appreciated friend of freedom) and stars. ==== The title icon is explained here. ==== Switchover: This 2007 entry marks a sharp change in worldview from neocon to pure populist. ===== The long illustrated story of Polistra's Dream is a time-travel fable, attempting to answer the dangerous revision of New Deal history propagated by Amity Shlaes. The Dream has 8 episodes, linked in a chain from the first. This entry explains the Shlaes connection.