ML-Implode News - Greece will have to leave EMU whoever is elected

German and Dutch leaders violated the sanctity of the Project irreversibly when they first latched onto the bogus narrative that Greece had failed to comply with the Memorandum. Perhaps they did not want to know that the Troika had mostly praised Greece's efforts.
The convenient lie told investors that the creditor powers would wriggle out of their EMU responsibilities when push comes to shove.
The eurozone has been trading like a fixed exchange- rate system ever since, and on that basis Spain, Italy and Portugal have overvalued D-Mark pegs of 20pc to 30pc. Bad pegs break.
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It will require monetary stimulus on a crushing scale to restore confidence, and arguably a pledge to do whatever it takes to cap real Italian and Spanish bond yields at 3pc.

Relevant:

Greece will have to leave EMU whoever is elected