Can You Say Drachma ?
While watching Europe implode has been entertaining, the reality is, you ain't seen nothing yet! The Greeks announced a second round of elections to be held June 17th.
In a last ditch act of desperation, Greece has 30 days to elect enough representatives willing to cooperate just long enough to reestablish a functioning government. Any government will do for now.
Should they fail to put together a "coalition of open minds willing to compromise", we estimate within weeks, maybe less, Greeks will make a run on the banks while taking it to the streets. The optics are gonna be crazy cool! Tear gas, pepper spray, water canons, rubber bullets, the works! .
At last report, 900 million euros has been withdrawn from Greek banks and little can be seen why this won't become a trend. What in the name of Zeus has changed so drastically in the last two weeks that'll inspire the average Greek voter to do a 180 in their positions eludes us.
The smarter and more cautious Greeks, aren't waiting for the predictable outcome of this second round of elections. Some people have decided to bail themselves out now. No Greek citizen in his/her right mind is gonna get caught holding worthless Drachmas when they have a chance to cash out for Euros while their still worth a dime.
This of course, will only to exacerbate the crisis and eventually add to Spain's woes since the world will be nervously awaiting the Spanish middle class to erupt into push leading to shove protest. Bond holders are gonna be pissed. Hey, somebody has to take the loss and the average joe/jane ain't got nothing left to lose.
Since few examples of "political cooperation for the public's good" exist among established economies, least of all America, the Greeks will have to stage this tragedy without a script.
If only "Return of the Drachma A Greek Tragedy" was just a cheap B-Movie, we cloud simply change the channel to the Kardasians. Unfortunately it may be the beginning of the...
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