Reviewing recent events, French President Nicolas Sarkosy has concluded that Greece should never have been admitted to the Euro zone:
French President Nicolas Sarkozy has said allowing Greece into the eurozone in 2001 was a “mistake”.He said Greece was “not ready” at the time. But, he added, it could be rescued thanks to Wednesday’s EU deal on the euro debt crisis.
This should surprise no one.
Greece, except by virtue of its geography, is closer to a 3rd world nation than it is a 1st world nation.
Any sensible individual would have noted that Greece was iffy for entry into the EU’s free trade zone, so it was always clear that a common currency would be a stretch.
What happened was that the Eurocrats in Brussels, Paris, and Bonn/Berlin thought that the post Berlin Wall Unity Schtick European Union trumped reality.
FWIW, I stil think that the solution here, at least in the short term, is to kick Germany out of the Euro, and allow. A rising Deutsche Mark to fix imbalances.