Euro Area

[Adrian II]

I fear that Italian and Greek politicians won't have the courage to defend austerity to their electorates

My friend, have you been to Greece recently? Have you any idea of the level of austerity that has already been imposed by its government? It seems to me that you are disconnected from reality, living in a cocoon of illusions and bureaucratic language that has no relation to facts of any sort.

Greek leaders should finally have the nerve to call it a day, leave the eurozone and restructure their debt to a sustainable level in view of the fact that that their economy is shrinking this year. That is the only reasonable course for Greece.