Spiegel: Greece May Quit Euro

greece policeman burning

From Business Insider: "Remember Greece? Another huge protest today turned violent as protesters hurled petrol bombs at riot police. CNBC just flashed this, and market seems to have taken another leg down on the images."

From Spiegel OnlineReturn to the Drachma? Economists Warn Greece May Have to Quit Euro:

Greece’s debts are rising rapidly despite radical austerity measures. Now a group of leading European economists has warned that creditors might have to write off more than 30 percent of their loans. Greece might even have to reintroduce the drachma to overcome its debt crisis, they argue…

The EEAG [European Economic Advisory Group] recommends drastic steps to prevent the EU from having to provide Greece with long-term aid: Greece should either return to its national currency, the drachma, or launch even tougher austerity measures, including general cuts in wages and salaries.

According to a Süddeutsche Zeitung article published on Tuesday, leading banks are already giving up hope that Greece will be able to pay back all its debts. Thomas Mirow, the head of the European Bank for Reconstruction and Development, believes a Greek debt restructuring is unavoidable…

Read more.

This entry was posted in Bankers' Bailout, Budget, Civil Disobedience, Debt Default/Restructuring, ECB/IMF, Economy, Elections, EU, Euro / Sovereign Money, Geopolitics, Media and tagged , , , , . Bookmark the permalink.

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