Nouriel Roubini in yesterday’s FT argued that Greece should both default and exit the eurozone.
Martin Wolf today in the same paper states that ‘..once the taboo is broken, the possibility of exit must be examined‘.
Greece is not the only passenger on the Eurozone’s boat…and the boat is sinking. I am not sure if the boat lacks a good captain but certainly something is going wrong with its compass…the orientation system does not seem to have worked so far.
And for those ones who wonder whether China can provide the much needed compass I am just providing Yao Yang‘s words in today’s FT:
As seen from Beijing, the euro is a European affair. And the Europeans will have to correct their own mistakes.