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Leaving may be another Lehman moment. Expect painful readjustments, geopolitical tensions, market turmoil, trade frictions, greater crisis, and eventual stability provided counterproductive policies are reversed.
Nothing so far suggests it. Austerity exacerbates hard times. Jobs are destroyed, not created. People are running out of money and patience. Continental unraveling is increasing.
Suicides are rising. Garbage isn't collected. Other public services are eroding. Vital ones like healthcare and education are affected. Greece faces collapse. Spain is close behind.
Public heath crises loom. Serious illnesses aren't treated. Lifesaving drugs are in short supply. Hospitals aren't operating properly. An Athens one said basic items are running out. They include cotton wool, catheters, gloves and examining table paper covering.
Greece was ordered to cut healthcare spending from 10 - 6% of GDP. Imagine any country reducing medical spending by 40%. Imagine desperate people needing care unable to get it. Imagine disease and death tolls rising. Imagine public anger exploding.
Italy potentially is Europe's biggest problem. If it goes, so does the continent. It's troubled. It's too big to bail out. No one's sure how much times remains to shore up its economy and other EU ones. George Soros and IMF head Christine Lagarde say less than three months.
Italian debt auctions aren't encouraging. One year paper went for 3.972%. A month ago it was 2.34%. Longer dated debt yields are rising. Italy is where Spain was weeks ago.
Appointed Prime Minister Mario (three card) Monte's tax increases are backfiring. Value-added receipts are down. Economic conditions are troubled.
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