On Feb. 16 a piece of news came out showing the accelerating decline of the Greek financial system as more and more people and businesses are conducting a new run on the banks. And perhaps what is most interesting is that the public no longer trusts the Syriza government, or the Troika, and are getting their money out of Dodge long before 'talks' get into high gear.
In fact, those who still have some modicum of wealth following the austerity and capital control measures imposed upon them three years ago by Prime Minister Tsipris, the IMF, and the ECB have remained attentive to what many in the U.S. and the rest of Europe failed to learn back in 2008, and that is that governments, central banks, and private banks are little more than the walking dead, and can no longer be trusted to be custodians of your money.
Unfortunately for Greece, they appear not to be in a position to stand up to the EU and the Troika because of who remains at the head of their leadership. In fact, it was Tsipris's cowardice, or perhaps something more nefarious such as being a bought and paid from tool of the EC, that led the government's Finance Minister to quit at the end of 2013's negotiations and allow the Prime Minister to sell off the country for a few tranches of bailout cash.
No Greece is lost unless a combination of two things happen, and if these were to be enacted it would become a blueprint for all insolvent European nations to follow to save what is left of their monetary systems.
Grexit and resignation.
Without getting someone who is morally against the EU and against the Euro, Greece will not have the stomach to follow in Britain's footsteps and initiate a Greek Exit. And ironically, and despite the fact they refused aid from Russia three years ago if they chose to bail on the Euro currency, aid from another quarter could come by way of the United States, and from their new President who could see the Southern European nation ripe for an infusion of dollar based capital investment.
Even if Greece chooses not to leave the European Union, they could still climb out of their bind by ditching the Euro and printing a sovereign currency in which they could inflate and use to pay off their outstanding debt.
And that, or a combination of a sovereign currency and Exit, are the keys for nations such as France and Italy to end their near decade's long depression and austerity that has crippled much of their economies.
Either way, a repeat of what took place for Greece in 2013, or for nations like Spain, Portugal, and Italy since the 2008 Credit Crisis will occur if governments think they can negotiate with Brussels and expect a different outcome. Because if there is one thing that has been proven to be true over the past year, it is that when Britain told the EC to F Off back in June, they ended up becoming the best growth economy in the G20 for 2016.