GREECE HAS EXIT, THE EURO AREA HE DOESN'T HAVE NONE

Although the perspectives of the economy of the euro zona have improved, every time they are more evident the errors made in the creation this association politician - economic, mainly, soon after the conflict related with the rescue to Greece. The advance of the negotiations with Athens has been blocked in an overwhelming way by Germany that assures that the Hellenic Government has not offered a substantial "proposal of solution." 

And Germany is right the Greek government is limiting to give the theoretical answers that the euro zona likes to hear, but there is not any written plan and valued that it is able to define what he can make Greece and his economy to save his commitments and with it to also save the seriousness and the solvency of the euro zona and with her that of the countries that they compose it. I don't have any interest in that Greece continues in the euro area, I believe that my readers will already have guessed it after my articles in this respect of the situation that now it occupies us and it worries, it is more I should declare myself contrary to that you reaches any agreement.  

I find that the attitudes of nimbleness and lack of commitment that some countries of the euro zona seem to be willing to tolerate, they are not sincere I believe that they are strategies programmed in the face of the possibility that many nations of the euro, they can end up being in the Greek situation, this is to me to understand what they hide the postures of caution and of negotiation that wants to maintain the European advice, the euro group, is concretely a simple natural rule of the world of the business if a company doesn't work and he cannot make in front of their commitments of payments and of revenues, it should present a competition of creditors and to be declared in suspension of payments, and from this point the own creditors will decide if it interests them for strategy or for interest to maintain it in march taking that if its executive action. 

Greece doesn't want to make anything to solve its economic and not alone disaster that, but rather above he wants the creditors to feel the culprits frankly of what happens, who doesn't want to see this it is because he is a complete demagogue, or because he knows that to him it will also pass him the same thing, if this is the things they should take this way from another point of view. That is to say if the blame of the crash of Greece is by reason of the economic administration of the euro area, there is not discussion it is the euro area who should recompose the situation to avoid that its error extends to other economies, because it is evident that it will happen this way. 

What cannot make the euro area is to accept a difference of performance so important among the members of their organization, the acceptance of an expressed solution for Greece is which is, he will give cause to the total change of the economic strategy of the whole non-alone euro area of Greece, even the more than possible separation or it plows of the own euro area, don't fit them the smallest doubt. Such today and like the things are it is less serious for the euro zona to allow to fall to Greece and to lose 350 thousand million Eurus that to negotiate and to lose the euro, in some months.  

You my readers know that I have insisted in that the solution of the liquidation of the alone Greek debt has an exit and it is to transform it into European debt or like want to call it, it is the only formula that it doesn't break the uniformity of the UE., it is not necessary to save the debt of Greece, there is that re convertible in debt of the euro group and to join it with the other debts of the countries of the euro, for it alone there is a solution to create the European debt funds emitted by the BCE. Everything the rest, any negotiation surrender or treatment difference, it took me get sooner or later the extension of the problem in the whole debts of the area euro. 

Although one ignores which the result of the meeting of today's Euro group will be, what is clear is that the risk that Greece abandons the euro it continues effective, mainly after being known a report on the deliberations of the BCE during the meeting of the past January 22. That day, the Institution made the crucial decision of buying public debt of the euro zona for value of a trillion Eurus. It is worthwhile to compare the deliberations with the debates that maintained the central banks of USA and United Kingdom at the beginning of the crisis. As much the Federal Reservation as the Bank of England (BOE) they thought about how their programs of purchase of funds and the quantity of these would work. Also, when they decided to buy debt, the voting was unanimous. 

In the case of the BCE, the negotiations were different. This owes you partly to that the purchases of the FED and of the BOE they coincided with a moment in which the financial crisis was more virulent. However, in the records of the meeting of the BCE it is patent that, in their case, the authorities had to take in consideration some extraordinary factors. Some members of the BCE said that, due to the institutional "mark of the Economic and Monetary" Union the purchases of public debt should continue being an alternative of "last resource in case there was an extremely adverse" situation. 

The fact that those same members were shown convinced that a program of quantitative relaxation doesn't fit with the outline of the euro zona it shows that, in spite of all the exceptional measures that it has adopted the area euro during the crisis, the union that has created much of being perfect. The BCE, however, mentioned a very important reason to carry out the purchases: the expectations that had deposited the markets in that the BCE would announce the decision. The inability to reach an agreement with Greece would cause shock in the markets. However, at this time, to hope the politicians have the same reaction before the expectations of the market that the central bankers are to take a risk too much.