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There is another exodus taking place that could prove to be the last nail in the coffin of Greece’s economy.
Greek lawmakers on Tuesday approved legislation granting the right to sell bad business loans from local banks to overseas funds as part of a new austerity bill demanded by bailout lenders from the rest of the eurozone.
The European Central Bank says Greece’s battered banks need 14.4 billion euros ($15.8 billion) in fresh money to get back on their feet and resume normal business.
While the allure is there, a Greek exit from the European Union is unmistakably a bad idea.
The Greek stock market had its biggest plunge since 1987 Tuesday as concerns mounted that the country is heading for a political crisis that could jeopardize its financial rescue program.
Unlike the hot political climate ahead of elections on June 17, tourism in Greece is expected to be decidedly cool this season.
The European economy remains squarely in the doldrums.
