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Why Greece Should Leave the Eurozone
Keywords:
Tags: Germany, European Union,
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
German public opinion on the failure of talks and the referendum in Greece in July 2015
07/04/2015
Polls show about 70% of Germans support finance minister Schauble in the talks with Greece.
Grouped Articles
Collapse of Greek Bailout Deal Brings Surprise Boost to German Coffers
Wall Street Journal 07/04/2015
Greek Crisis Shows How Germany’s Power Polarizes Europe
Wall Street Journal 07/07/2015
Merkel’s German Critics Say Greek Bailout Was Doomed From Start
Wall Street Journal 07/08/2015
Economist 07/19/2015
Why Greece Should Leave the Eurozone
New York Times 07/24/2015
The Greek and German parliament's vote on the Third Bailout loan to Greece in July 2015
07/13/2015
Grouped Articles
German Parliament Approves Greek Bailout Negotiations
Wall Street Journal 07/17/2015
Greek Debt Crisis: In Athens, Jubilation Gives Way to Dismay and Confusion
Wall Street Journal 07/13/2015
Why Greece Should Leave the Eurozone
New York Times 07/24/2015
Eurozone Finance Ministers Approve New Bailout For Greece
Wall Street Journal 08/15/2015
Alexis Tsipras, Greek Prime Minister, Calls for New Elections
New York Times 08/20/2015
The crazy reason we might be facing a huge crisis in Greece again - The Washington Post
Washington Post 04/20/2016
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
Germany's finance mnister Schauble and Germany's response in the Greece crisis including a Greece timeout from the euro option
07/18/2015
Grouped Articles
Minister in Germany Discusses Greece Role
New York Times 07/18/2015
Economist 07/19/2015
Why Greece Should Leave the Eurozone
New York Times 07/24/2015
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