By MATTHEW LYNN
The euro debt crisis, like any really spectacular geoeconomic event,
is spawning its own special vocabulary.
We’ve already had Merkozy, now relegated to the footnotes, and are
slowly getting used to the clunkier Merlande or Merkellande, as the oddly
matched pairing of the German Chancellor Angela Merkel and the French President
Francois Hollande has been dubbed. The Grexit, short for Greece finally giving
up on the single currency, has been trending for the last few weeks. And coming
up next: the Spexit.
What’s that? It’s shorthand for Spain quitting the euro — and we’re
going to hear a lot of it over what promises to be a turbulent
summer.
The Spanish are a lot more likely to pull out of the euro than the
Greeks, or indeed any of the peripheral countries. They are too big to rescue,
they have no political hang-ups about rupturing their relations with the
European Union, they are already fed up with austerity, and there is a bigger
Spanish-speaking world for them to grow into. There are few good reasons for the
country to stay in the euro — and little sign it has the will to endure the
sacrifices the currency will demand of them(from minority opinion)
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