{"id":4262,"date":"2010-03-23T15:05:46","date_gmt":"2010-03-23T14:05:46","guid":{"rendered":"https:\/\/english.martinvarsavsky.net\/?p=4262"},"modified":"2010-03-24T16:49:53","modified_gmt":"2010-03-24T15:49:53","slug":"the-problem-with-the-greek-crisis","status":"publish","type":"post","link":"https:\/\/english.martinvarsavsky.net\/?p=4262","title":{"rendered":"The problem with the Greek crisis&#8230;"},"content":{"rendered":"<p>&#8230;.is that it&#8217;s been a blessing in disguise for the EU.  Before the crisis the Euro was heading towards 1.50, now it is down to a more reasonable 1.35.  If Greece defaulted on its debt, it would probably go down to 1.2.  Would that be bad for Europe?  Most would say no.  In a world of competitive devaluations in which China has been amassing $2.4 trillion in reserves thanks to an artificially devalued currency, exporters in the EU would welcome the fall of the Euro.  Moreover, the only real danger of a declining currency, inflation, looks very well under control:  labor costs are down because of unemployment and energy costs are down because of lack of demand.  No wonder it&#8217;s taking so long to bail out Greece.<\/p>\n<div id=\"mainphotoarea\"><\/div><div class=\"theme-buttons\"><div class=\"fb-like\" data-href=\"https:\/\/english.martinvarsavsky.net\/?p=4262\" data-send=\"false\" data-layout=\"box_count\" data-width=\"71\" data-show-faces=\"false\" data-font=\"arial\" data-locale=\"en_US\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>&#8230;.is that it&#8217;s been a blessing in disguise for the EU. Before the crisis the Euro was heading towards 1.50, now it is down to a more reasonable 1.35. If Greece defaulted on its debt, it would probably go down to 1.2. Would that be bad for Europe? Most would say no. In a world [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/english.martinvarsavsky.net\/index.php?rest_route=\/wp\/v2\/posts\/4262"}],"collection":[{"href":"https:\/\/english.martinvarsavsky.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.martinvarsavsky.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.martinvarsavsky.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/english.martinvarsavsky.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4262"}],"version-history":[{"count":0,"href":"https:\/\/english.martinvarsavsky.net\/index.php?rest_route=\/wp\/v2\/posts\/4262\/revisions"}],"wp:attachment":[{"href":"https:\/\/english.martinvarsavsky.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.martinvarsavsky.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.martinvarsavsky.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}