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The Greek mess shows how debased the whole euro project has become.
It’s time to think the previously unthinkable and consider how to unscramble the eggs. It’s time to think about how to back out from the euro.
No one country can easily do this. The provisions don’t even allow for it to happen.
Much talk emerges of “throwing Greece out of the euro” but nobody knows what that means.We saw in Cyprus the introduction of massive capital controls, controls on banking transactions and transmission.
For a while there was a two currency regime in effect in Cyprus. Yet Cyprus remains in the euro.