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Wednesday, October 17, 2012

doom and gloom for the EZ and the world

Dani Rodrik, back in June, outlined the worst case scenario for the EZ and the world economy titled "The End of the World as We Know it".
There is another Armageddon(ish) scenario out : Greece's Withdrawal from the Eurozone Could Cause Global Economic Crisis (Prognos AG for Bertelsmann Stiftung)
To be somewhat pedantic, the title is not completely accurate. The Global Crisis will come about not simply with Greece's Withdrawal, but with contagion taking its full course and Portugal, Spain , and Italy also withdraw from the EZ.... that is full collapse of the EZ and re-denomination.

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