David McWilliams: Greece must leave euro if it wants to halt death spiral
Published 15/08/2012 | 17:00
Now that the Olym-pics are over, let's focus on the original home of the Olym-pics, Greece, against the background of data released yesterday showing that the eurozone economy is slowing rapidly ahead of the troika's return to Athens in September.
The troika will be there to see if it will release additional tranches of funding to Greece. If the troika decides to cut the taps off -- unlikely, but not out of the question -- then Greece would default and move to exit the eurozone.
Greek industrial output is down 27pc since the depression began, youth unemployment is above 50pc and the economy is cratering. This can't go on for much longer.