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Greek exit

The consequences of Greek exit have been much discussed  and certainly in the short term things look bleak for this extraordinarily badly run economy, but what are the longer term consequences on a wider scale?

One aspect that hasn’t often been highlighted is the loss of credibility of a left wing administration that refuses to look at the books. Rhetoric is fine but the actions have failed. Certainly they and others will blame the creditors but an observer would have to be very one eyed not to have a distinctly unimpressive opinion of their actions to date

Secondly it brings home once and for all the failed concept of the euro. This will reverberate and will surely set back intended integration for some time to come. In simple terms the eu has simply not been able to manage its own affairs

Thirdly voters across Europe will have an increasingly doubtful view of the “project”.  This will resonate

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