BBC claims Greece cannot pay debt back and the Euro will fail

An opinion piece in BBC claims Greece the Euro will fail:

August 16, 2015

Game theory can’t explain the Greek crisis – the entire euro project is now in the hands of fate, writes philosopher John Gray.

After much drama, a third bailout has been announced for Greece and approved by the Greek parliament. The details have yet to be settled, but whatever deal finally emerges Greece’s government will be compelled to impose more spending cuts and tax rises at a time when unemployment is already higher than it was in America during the Great Depression. The result will be to lock Greece into permanent poverty, while the burden of debt will never be paid off. …

Unworkable and unreformable, the euro can only produce recurrent and worsening crises. But this can go on for only so long. The euro will break down through a process of political contagion, as resurgent nationalism and radical parties of opposition become stronger throughout Europe. The driving force of the currency’s disintegration will be a mood of popular anger.

As I have written before, unless there is a new major economic development in Greece, the Greeks will not be able to pay back the debt. ...

News Presenter:  John Hickey