Nothing new

Greece has defaulted on its external sovereign debt obligations at least five previous times in the modern era (1826, 1843, 1860, 1894 and 1932). The first episode occurred in the early days of that country's war of independence, and the last default was during the Great Depression in the early 1930s. The combined length of period under which Greece was in default during the modern era totaled 90 years, or approximately 50% of the total period that the country has been independent.

Read more: http://www.investopedia.com/financial-edge/0911/The-History-Of-Greek-Sovereign-Debt-Defaults.aspx#ixzz1vbhBkHV9

The reason I never believed in the Euro (I have a post here showing my comments written in 2003). The main reason is that there is such a cultural difference between the southern and northern European countries that it is difficult to appreciate. Unless you lived in both cultures - as I did. I lived the first 25 years of my life in Italy.

The south is outgoing, extroverse, does not recognize and accept discipline. You live to have fun, not to work. The northern European countries, north of the Alps, are exactly the opposite.

Italy could not merge the two personalities in more than 100 years. The European task of merging all these cutures is just impossible. Besides - why?

Why create an environemnt of depression, austerity, misery, poverty, despair. To keep Germany from dominating western Europe? They are dominating it anyway.

George Dagnino, PhD Editor,
The Peter Dag Portfolio.
Since 1977
2009 Market Timer of the Year by Timer Digest
Portfolio manager

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