A Euro Sabbatical
Eurozone crisis countries that do not want to take it upon themselves to lower their prices should be given the opportunity to leave the monetary union temporarily in order to devalue prices and debts. After the ensuing financial thunderstorm died down, the sun would come out again very quickly.
MUNICH – Under substantial external pressure, the eurozone’s crisis-hit countries are, at long last, bringing themselves to make painful cuts in their government budgets. Salaries are being slashed and public employees sacked to reduce new borrowing to a tolerable level.