Greece has been ravaged by strikes and protests as it tries to plug its $419-billion-dollar black hole.
Not all are convinced it should be saved, making the prospects of an aid deal look bleak.
Bannerman thinks Greece should be aided, but it still might not save the Euro.
“There does need to be a bailout for Greece. They are talking about a massive sum of €25 billion here. But the real problem of Greece might be bigger – the estimates say it might need as much as €55 billion by the end of this year. It's hard to come to any satisfactory agreement. We just think the Euro is not sustainable when you have a weak economy like Greece tied in to strong economies like Germany. It just doesn’t work,” he says.
“We believe the Euro will collapse either totally or in part. This is the first of a number of countries, it's not just Greece. They call them 'the pig states' – not a nice term, but they are, apart from Greece, also Portugal, Italy, Ireland, and Spain. Having a 44% unemployment rate among its young, Spain could well be next,” Bannerman adds.
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