Troubling times are coming for Greece and its people. The new drachma will plummet, inflation is likely to soar into the double digits, imports such as food and oil might need to be rationed, companies that borrowed in euros can and will go bankrupt, and the government now needs to balance its budget overnight. In other words, things are likely to get a good deal worse than they already are, which is impressive for a country with 25 percent unemployment.
They are going to have some rough years, but that was going to happen either way the vote went. If they had stayed with the Euro and accepted further austerity measures their economy would not have improved.
Troubling times are coming for Greece and its people. The new drachma will plummet, inflation is likely to soar into the double digits, imports such as food and oil might need to be rationed, companies that borrowed in euros can and will go bankrupt, and the government now needs to balance its budget overnight. In other words, things are likely to get a good deal worse than they already are, which is impressive for a country with 25 percent unemployment.
They are going to have some rough years, but that was going to happen either way the vote went. If they had stayed with the Euro and accepted further austerity measures their economy would not have improved.
Oh yeah definitly. The economy is more likely to recover in a quicker pace with the drachma.