Tuesday, December 30, 2014

Exit from euro zone? Greece is not relevant to the system – FAZ – Frankfurter Allgemeine Zeitung

Exit from euro zone? Greece is not relevant to the system – FAZ – Frankfurter Allgemeine Zeitung



          There are still Greek euro coins.


The deputy chairman of the CDU group in the Bundestag, Michael Fuchs (CDU), holds for the case of an election victory of the Greek Left Party SYRIZA an exit of the country from the euro-zone conceivable. The situation is entirely different than three years ago, when we have not yet had the assurance mechanisms, Fox told the newspaper “Rheinische Post,” according to a preliminary report.


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“The times when we had to rescue Greece, are over. There are no more blackmail potential. “Greece is not relevant to the system for the euro, says Fuchs. If my Alexis Tsipras of SYRIZA, he could go back reform efforts and austerity measures in Greece, “then the troika but is forced to scale back the loans for Greece.”


sense: euro-exit as an alternative

The economist Hans-Werner Sinn called a Euro-Greek exit an alternative to other financial willingness of the international creditors. “Other debt cuts will have to be granted over again, unless you dismiss the country from the euro and allowed him to regain competitiveness by devaluing” the president of the Ifo Institute for Economic Research said the “Daily Mirror” according to a preliminary report. Sense pointed out that Greece has already received 2,012 concessions in the term and the interest on the part of international lenders.


After the conservative Prime Minister Antonis Samaras not brought its presidential candidate in Parliament are the Greeks on 25 January elections into the house. The strongest fo rce the Syriza could it be that wants to change the agreements with the international lenders. Greece since 2010 with two bailouts totaling 240 billion euros have been held by the EU and the International Monetary Fund (IMF) on water.


“Insolvency abducted”

The former chief economist of the European Central Bank (ECB), Jürgen Stark, criticized Given the forthcoming elections in Greece, the bailout policy of the ECB. “Greece since 2010 was in fact insolvent several times,” Stark said the “Süddeutsche Zeitung”. “Again and again, was abducted with new money in the Member States and the ECB bankruptcy.” Now the still unsolved problems showed in all clarity.


The ECB has granted since 2010 repeatedly Greek banks access to credit. In addition, the Fed bought at the height of the euro debt crisis, Greek government bonds. Stark resigned in 2011 in protest against the rescue of the ECB of his office.

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Before election

” Greece is not systemically important “


Louder and louder the calls, Greece will keep not at any price in euros. Unlike a few years ago the country had “no potential blackmail anymore,” says a senior CDU politician.

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