Greek Hedge Manager Says Drachma Is Back as Wages Plunge
This article is for subscribers only.
Jason Manolopoulos, the hedge-fund manager who wrote “Greece’s ‘Odious’ Debt,” has news for anyone wondering whether the country will exit the euro: The drachma has already returned.
In the run-up to national elections on June 17, New Democracy leader Antonis Samaras has painted a bleak picture of what will happen if Greece leaves: Incomes, bank deposits and property would lose at least half their value within days, he says; food prices would soar. Is that an accurate assessment?