In Many ways the EURO is Germany's and France's latest joint effort to dominate Europe, unlike Napoleon and Hitler, today's leaders understand that it is ECONOMICS that make Empires not military might (Through both are inter-related). Even Stalin understood this unpleasant fact when he opposed the Marshall Plan for Eastern Europe (Stalin correctly the Marshall Plan as the American Expansion of ITS Economic Empire to include all of Europe and an attempt to expand that Empire to Eastern Europe, which Stalin wanted to control. In many ways the Cold War was Economic Empire who controls what, thus among Stalin's first orders to the Communists leaders of Eastern Europe was to refuse any Marshall Plan funds AND to make sure the transitional Governments of Eastern Europe in the Marshall Plan Era, 1945-1947, would never even make an application for such aid). In many ways the Fall of the Soviet Union was its growing dependence on Food from the US paid for by Oil Exports. When the price of Oil fell, the Soviet Union was no longer Viable (Brezhnev's great error was his refusal to cut Military Spending to solve this problem, a problem Gorbachev tried to solve, but by then it was to late).
Any way back to Greece and the US. With the US importing oil after 1970, the American Physical Empire (What the US had to protect) expanded to include the Persian Gulf (Do to Europe's dependence on Persian Gulf oil after WWII, the Persian Gulf had always been a secondary era of US Concern, but after 1970 it became equal to holding Europe, for without the oil of the Persian Gulf, Russia was the only other major oil exporter and that meant US losing Europe to Russia).
Now, the US was losing Europe, but to Germany and France in the 1970s as the US refused to Withdraw from Vietnam, raise taxes, or otherwise get its Economic house in order. Into this breech, of Soviet incompetence and American arrogance (Both relating to the fact ECONOMIC EMPIRES are more important than MILITARY EMPIRES, the first brings in money to the Country with the Empire, the later COST that Country money to maintain, thus both countries refused to cut its Military budget by any significant degree, yes Post Vietnam US Military budget suffered some cuts, but the US Army finally got a New Tank and a New Infantry Combat Vehicle by the late 1970s, the US Air Force was able to replace its Vietnam Era Planes with the F-15 and the F-16 and the US Navy started to finally get Nuclear Carriers, the first one had been built in the late 1950s/early 1960s, but the next one the USS Nimitz was NOT built till the 1970s, all of this during the so call "Reduction" in Military spending in the post Vietnam Era).
More on the Nimitz Class Carrier, from 1970 till today when the US finished building one, it started on the next, speed up a little under Reagan but still a HUGE investment in the Militia ry:
http://en.wikipedia.org/wiki/Nimitz_class_aircraft_carrierThe M2 Brady was put into service in 1981, but design and workup had started in the early 1970s (A good comparison is with the Bradley's proposed Successor, not to be field till 2018, but in development today including pre-production models for testing):
http://en.wikipedia.org/wiki/M2_BradleyFor more on the M1:, development of it started with the Cancellation of the MBT-70 in 1970, through the M1 was NOT fielded till 1980:
http://en.wikipedia.org/wiki/M1_AbramsAnyway back to Greece and the US. If you view the EURO as France's and Germany's plan to economically dominate Europe, Greece accepted that Domination and is suffering do to it. In pre-Euro days Greece's currency would devalue itself to solve the debt problem (Things made overseas would become more expensive, things made locally would drop in price overseas). In severe Cases, the Government could order the Devaluation itself (Which Greece may still do, but means dropping the Euro, for example one Greek Euro would be worth 1/3 of a French or German Euro, much like the Hong Kong Dollar is worth about 12 cents US)
Hong Kong Dollar vs US Dollar exchange rate:
http://www.corporateinformation.com/Currency-Exchange-Rates.aspx?c=344Such a devaluation would hurt Greece in the Short term, no one will want to trade with Greece, but in the long term would do the most good for Greece (The decision by Argentina to drop the US Dollar in 2001 as its "Currency" hurt Argentina in the short term by Argentina is now booming).
More on HOW Argentina adopted the US Dollar as its Currency:
http://en.wikipedia.org/wiki/Argentine_economic_crisishttp://en.wikipedia.org/wiki/Argentine_peso#Austral.2C_1985.E2.80.931991Greece can do the same, hurt itself for the next two to three years, then return to prosperity. The problem is the people in Government right now would be the people blame for the subsequent economic problems. Many of their economic supporters (People who give them money to run for office) will oppose the dropping of the Euro for it will hurt them first and most. Thus the leaders of Greece will do what the Leaders of Argentina did in 2000-2001, delay and delay making the necessary derision and when they have no choice make the decision. This is what happened in Argentina in 2001 and that is what the Smart money is saying going to occur in Greece within the next year.
Germany and France oppose Greece dropping the Euro, for it means losing Greece to its Economic Empire. On the other hand the people of Germany and France do NOT want to spend the money needed to keep Greece inside their Economic Empire. The Greek Leadership is using this split as much as possible to keep itself in power by threatening to stop supporting the Greek Euro, leave it fall, declare all Greek Debts payable in Greek Euros only (or declare the New Greek Currency 1 to 1 with the Euro as to stated value, even as the value of the Greek Currency drop in value). Most economists do NOT think this is viable, but it is the only option left for the Greek Leadership who want to maintain the Euro AND stay in office.
The US does NOT have that problem, the US drop the fix rate of the US Currency in 1971 rather then raise taxes to pay for the War in Vietnam. The US has NEVER returned to a fixed exchange rate (Which is one of the Side affect of the Euro on all Euro using Countries). Thus the US Dollar can DROP in value compared to the Euro and since all US government bonds are in US Dollars, which the US Controls by its ability to print such Dollars, what is happened to Argentina is also not applicable (If things get bad, the US can Spend its way out of the problem). If Greece drops the Euro, Greece can spend its way out of its problems (The best solution is to avoid both Deflation and severe inflation, Inflation of 1-2% per year is generally good, more is bad. Both inflation and deflation produce economic problems, but when you have a choice between deflation and inflation, go with inflation, less problems). The US has the option of inflating its way out of any economic problems do to excessive debts, Greece as long as it is using the Euro does NOT have that option and the lack of that option is what is causing the problems with the PIIGS, Portugal, Ireland, Italy, Greece and Spain).
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