The Euro is soaring over the prospects of another bailout for Greece but don't kid yourself. The Euro is a slow motion car crash and Greece will remain a basket case.
The deal being cooked up in Europe takes Greece into new territory. The Financial Times reports that it would see other countries collecting taxes and selling off all the Greek assets. It means mass privatizations and people losing jobs.
The Greeks are furious that no politicians have been punished for the corruption they blame for the crisis, and they have taken to the streets in protest. There will be no orderly restructuring. As Simon Smith, chief economist at FXPro, wrote in a research note, the Euro looks doomed. "Europe's debt crisis remains a slow-motion car crash. If sovereign wealth funds did not remain so determined to diversify out of dollars, the euro would surely be much lower. Moreover, it is evident that the contagion from Greece's precarious financial predicament is spreading more widely through Europe."
The Euro is completely stuffed and other countries like Italy, Portugal, Ireland and Spain will be dragged into the Greek morass.
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