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It’s Time for Greece to Leave the Euro
Keywords:
Jochen Bitner, political editor of the German newspaper Die Zeit, on rescuing Greece outside the eurozone as the best solution in July 2015
07/07/2015
The editor of a liberal newspaper in Germany reflects prevailing German opinion that the best solution for the eurozone is to rescue Greece outside the eurozone, not inside. The referendum in Greece removed the last bit of resistance to that solution as it opens up the possiblility of arepeat in Spain, Portugal, and other countries for populist movements calling for early debt writeoff which would endanger the very existence of the euro, and created a divided Europe after decades of effort by France and Germany to create the European Union. With the economies of France, Spain and Italy making a recovery the eurozone and the EU may actually be stronger in coming years, laying the foundation for the future with better rules based economic and political governance.
Grouped Articles
It’s Time for Greece to Leave the Euro
New York Times 07/07/2015
Economist 07/19/2015
Grexit- Greece and the Argentina example of default and recovery revisited in June 2015 with an impasse in debt negotiations
06/25/2015
James Stewart in the NYT cites 2 papers, one by Prof. Arturo Porzecanski at American University and the other from Daniel Gros at the Center for European Policy Studies in Brussels, which show the serious problems of Greece following the Argentina example. Argentina defaulted on its debt in 2001 with the the ensuing years resulting in economic chaos. It recovered because of demand from Brazil and China for its exports of soyabeans, corn and soya oil. It also has large oil and shale reserves. Greece's main exports are cotton and fish, which are not in high demand, and cannot provide an economic boost. Tourism has gone up with price reductions, yet total revenues have not changed. The Greek banks are dependent on the ECB for financing, and the Greek business sector operates with borrowings in euros. Conversion to drachmas would be much more difficult than Argentina's shift to the peso and removing the peso's peg to the dollar. Stewart says he talked to Greece's finance minister Varoufakis about this, and Varoufakis is of the view that Argentina is not the right example for Greece. Greeks voted in Syriza to negotiate a better deal, and rejecting austerity- yet a majority of Greeks in 2015 favor staying in the eurozone and the European Union.
Grouped Articles
If Greece Defaults, Imagine Argentina, but Much Worse
New York Times 06/25/2015
Greece Calls Referendum on Bailout Terms
Wall Street Journal 06/27/2015
Greek Debt Crisis Intensifies as Extension Request Is Denied
New York Times 06/27/2015
Greece Defaults on IMF Loan Despite New Push for Bailout Aid
Wall Street Journal 07/01/2015
Greece, Missing I.M.F. Payment, Is Called Effectively in Default
New York Times 06/30/2015
Wall Street Journal 07/02/2015
The different options facing Greece following the referendum in July 2015
07/01/2015
Grouped Articles
For Greek Currency, It’s About Options
Wall Street Journal 07/01/2015
Bailout Referendum Lays Bare Deep Schisms Among Beleaguered Greeks
New York Times 07/04/2015
With Greek ‘No’ Vote, Tsipras Wins a Victory That Could Carry a Steep Price
New York Times 07/05/2015
New York Times 07/05/2015
Germany Stays Tough on Debt Relief for Greece
Wall Street Journal 07/06/2015
Wall Street Journal 07/06/2015
The euro currency and the negotiations with Greece with a possible Grexit in July 2015
06/26/2015
Grouped Articles
Greek Deal or No Deal: Investors Question Which Is Worse for Euro
Wall Street Journal 06/28/2015
Greek Prime Minister Calls for Referendum on Bailout Terms
New York Times 06/26/2015
Greece Will Shut Banks in Fallout From Debt Crisis
New York Times 06/28/2015
Cutting Greece Loose Might Be a Win-Win
Wall Street Journal 07/08/2015
Germans Forget Postwar History Lesson on Debt Relief in Greece Crisis
New York Times 07/07/2015
Greece Given Until Sunday to Settle Debt Crisis or Face Disaster
New York Times 07/07/2015
German experts and public opinion who see Greece's exit from the eurozone as the best thing for the euro in July 2015 (1)
07/07/2015
Chancellor Merkel's statement that the the Euro is the EU, now place more emphasis on building a strong future for the euro. Experts in Germany believe the euro is better off without Greece by July 2015. As the WSJ editorial points out political contagion is now a bigger threat to the euro, with euro skeptic parties joining populist parties with no committment to the common currency and its basic rules.
Linked Articles
German Finance Chief’s Hard Line on Greece Limits Angela Merkel’s Room to Maneuver
Wall Street Journal 07/09/2015
It’s Time for Greece to Leave the Euro
New York Times 07/07/2015
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