The Euro zone has some countries with severe debt problems: Portugal, Ireland, Italy, Greece and Spa

Aug 17th, 2016
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The Euro zone has some countries with severe debt problems: Portugal, Ireland, Italy, Greece and Spain ... sometimes known as PIIGS. These Euro countries are looking for and have been assured of a "bail-out" process so that no one defaults on their debt. What do you now think is likely to happen to the relative value of the euro?

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Answer------------------------FOR almost three weeks now banks have been closed in Greece. Cash withdrawals have beenlimited to 60 ($65) a day, and in practice often just 50 a day. Electronic transfers toaccounts outside the country have been blocked. Although people are no longer queuing atatms, shuttered banks have become part of everyday life. Despite the bustle of cities likeAthens, Greece has been reverting to a cash economy, in part because so much cash had beenwithdrawn before the bank closures, with a total of around 45 billion (worth a quarter ofGreek GDP) stuffed under mattresses.The slow-motion bank run has occurred as Greeks have feared for the safety of deposits thatmight turn overnight from hard euros to worthless drachmas as Syriza, the radical-left partyled by Alexis Tsipras, played a reckless game of brinkmanship with the rest of the euro area,and in p

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