Dr. Doom has given up hope for Greece
. In an FT piece, he says it’s time for Greece to default and abandon the euro.
The basic idea — which he outlined in a research piece a piece on Friday — is that Greece under the euro will lead to years and years of more depression and deflation. Even a restructuring of Greek sovereign debt won’t save the country, because it’s not competitive under the euro system, and it can’t grow. It needs currency devaluation, which the euro won’t allow for.
So the game is to default now, rip off the cord, default, and go back to the drachma.
Read more: http://www.businessi…9#ixzz1YP0vAprF