Greek Euro Exit?

Greece could be out of the Euro and back with the Drachma this year. If they cannot do a deal that keeps them in then at least they will find themselves in a position to manipulate the Drachma to their own benefit. This also means to the benefit of sun seekers everywhere as well, because the only way for the Drachma is down and that means cheap Greek holidays will be back.

Of course however bad the financial and economic woes get, the beauty and romance of the Greek holiday destinations will still be there to enjoy. I was in Corfu 2 years ago and it was wonderful, but my hotel owner was very worried then about the cost of everything being so high. And it was high, more expensive than the UK. Which is quite something when most people were struggling on 1000 euros a month or less.

There has been a lot of discussion about the over generous pensions and benefits that has been a feature of the Greek euro years, along with the mass tax evasion. But, as usual, not everybody benefited and the daily grind to earn enough to feed the family has been a tough reality for millions of Greeks for many years.

We do not know for sure, but one route out of the mess could be to default on all the debt, ride out the inevitable chaos that ensues (planes impounded, companies unable to honour euro debts etc) and, with the Drachma back I'm play wait for the green shoots of recovery.

So, keep an eye out, there may be some real bargains later this year.