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Re: <nettime> Europe: from bad to worse (should be Greece, from
Alex Foti on Tue, 30 Jun 2015 22:18:26 +0200 (CEST)

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Re: <nettime> Europe: from bad to worse (should be Greece, from

   the problem of the euro is that it means wage deflation for net
   importers (greece, spain etc) if net exporters don't boost domestic
   demand in response to surpluses (germany).
   problem was recognized in the 50s with the EPU where adjustment was
   symmetric. so solution is reforming the euro but it wont' happen as
   long as CDU is in power. more strategically do we want a European
   Republic instead of the current eurocracy or a return to nation-states?
   on this score, syriza is still thinking in national terms. but
   varoufakis is too right in calling lagarde's bluff. anyway tsipras just
   asked for a last-minute bailout before tonight. merkel said no way
   before the referendum. do you thinks the oxi will win?

   On Tue, Jun 30, 2015 at 8:30 AM, Patrice Riemens <patrice {AT} xs4all.nl>

     > Because they are not within the eurozone, obvs.
     > It didn't take long for the 'feckless Greeks' line to surface on
     > Nettime now did it?
     Ahem, with some nettimers only ;-)

     > While Greek capital has been in trouble since
     > the 1970s, the current set of problems stems from the financial
     > structure of the Eurozone - namely, its set up so as to circulate
     > surplus German capital (where the currency is undervalued vis-a-vis
     > the old Deutschmark)
     That's most probably true, and a taboo subject in Deutschland (correct me
     if wrong). But in Deutschland's economic vassal state, the Netherlands,
     whose currency was solidly tied to the Deutschmark since the seventies, it
     was recently discussed thanks to the petulant former minister of finance,
     Gerrit Zalm, now boss of the nationalised (bailed out) ABN-AMRO bank, when
     it surfaced he had deliberately undervalued (by at least 10%) the Guilder
     in its transition to the Euro so has to bolster Dutch exports, the
     principal - and traditional, for centuries -Â  mainstay of the Dutch
     economy (with disastrous consequences for domestic incomes and
     consumption, but that's another story)...


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