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  This is why Greece and, perhaps not immediately, other southern European countries will quit the Eurozone. They have to make their countries competitive somehow either by devaluation or by real austerity measures such as which we cannot imagine. Maybe as much as a 40% drop in living standards brought about by their failed Euro experiment and irresponsible government spending.
  
  I have said it before, it is the consequences of years of living high on debt well above their means. Its tough but it is factual, there is no easy way out at all.

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