JANE BURGERMEISTER REPORT:’Greece must exit euro or face civil war, says top German economist’
Greece must exit euro for its own good, says leading German economist
One of Germany’s top economists has said that Athens will be unable to solve its debt crisis if it keeps the euro currency. The German public, too, is upset over the billions being spent to keep Greece afloat.
As rumors of Greece’s impending exodus from the eurozone continued to circulate around the bloc, a top German economist said on Sunday, May 8, that Athens had no other choice but to abandon the euro currency if it wanted to avert long-term economic ruin.
“If Greece were to exit the euro, it would be able to devalue its currency and thus become competitive once again,” Hans-Werner Sinn, head of the Munich-based Institute for Economic Research, said in the Sunday edition of the Frankfurter Allgemeine newspaper.
According to Sinn, heavily-indebted Greece was heading for a banking crisis whether it kept the euro or not. If Athens, however, stayed with the euro, the economist claims, there would be no way to rescue the economy in the long run.
“If Greece decides to attempt a so-called internal devaluation – that is by cutting salaries and prices within the country – it would risk setting off civil war,” Sinn said. “Greece is heading for economic crisis in either scenario. But if it stays in the eurozone, Athens will kill off the companies that make up its economy.” Read more of this post
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