Date: 13/06/2015 13:08 clock
For months wrestle Athens and the international donors to reform and loans. More and more often falls the word “Grexit”. Politicians stress that Greece should remain in the monetary union, but the economy keeps an outlet for acceptable.
The Greek Finance Minister Yanis Varoufakis goes his own words not assume, that the Euro-partners, it can lead to a withdrawal of the country from the monetary union (“Grexit”). Varoufakis told the BBC he did not believe that any European government representatives will take this path. Chancellor Angela Merkel do not even think to pull a “Grexit” into consideration. When asked whether the EU and the International Monetary Fund (IMF) just bluffing in the negotiations with the government in Athens, the minister said: “I hope so.”
According to Foreign Minister Frank-Walter Steinmeier would jeopardize Europe’s reputation in the world, a departure of Greece from the euro zone. “We have to do everything by accountability to keep Greece in the euro zone,” he said on a SPD state party congress in Berlin. “Underrated please do not, what does it mean for Europe if we do not succeed.” Europe can only play a role in world politics when it together find. “My concern is that we are no longer taken seriously on many issues,” said Steinmeier. It is not just about Greece, but about the question of whether the European idea wearing. “That’s why I hope that we do not fail with the negotiations.”
“in all colors, in several languages”
EU Commission President Jean-Claude Juncker warned of “disastrous consequences” of a Greek exit from the euro currency union. This know also, the Greek prime minister, said Juncker in Luxembourg Schengen. “He knows that the situation comes to a head. I have brought home to him in all colors and in multiple languages.” Juncker said he possessed “actually a good wire” to Tsipras, although sometimes give difficulties: “He knows that the situation is very serious.”
The European Central Bank (ECB) continued to speak out to remain in the country in the euro. “The Governing Council will, that Greece will remain a member of the monetary union,” said ECB chief economist Peter Praet of the Austrian daily newspaper “Der Standard” and thus confirming previous statements by central bank governor Mario Draghi. However Praet warned countries need the commitments made to its financial backers also comply. “The problem is that the situation will proceed if this trust is lost, and the creditors then urge to immediately see numbers and results.” However Praet acknowledged that governments in the future more responsibility must be given in the implementation of reform programs.
No one knows the indirect effects
For the people and the economy in Greece a euro exit would have devastating consequences. The consequences for Europe, experts disagree. After words of Bundesbank vice-president Claudia book the consequences of a Greek exit are not foreseeable. While the direct contagion risks to other countries have become smaller, she said the “Rheinische Post”. “But no one knows at what indirect effects would occur.”
According to the economists Thomas Mayer a withdrawal of Greece from the monetary union would be manageable. “An absolute disaster à la Lehman I see not, because Lehman was scary networked in the international financial system,” said the former chief economist at Deutsche Bank in Germany radio
.
” Grexit “would lead to a correction of the balance sheets
The US investment bank Lehman Brothers had triggered a global financial crisis with its bankruptcy in 2008. Greece, however, had long been cut off from the international financial market. Main creditors are still the International Monetary Fund (IMF) and the European Stability Mechanism ESM. Since no one in any case believe that Greece can fully repay its debts, a “Grexit” would only lead to a correction of the balance sheets.
Also Industry president Ulrich Grillo is Greece remaining in the euro question , “The Greek government refused so far to a remarkable extent, innovative approaches to facilitate their debt burden,” Grillo criticized in a commentary for the “Frankfurter Allgemeine Zeitung”. He warned to keep euro members make or break in the monetary union. “Because this creates a dangerous weakening of the applicable rules and legislation,” warned the president of the Federation of German Industries (BDI). “There can not remain at all costs.” However, should a withdrawal be a “mark of Cain”. “It must then be sure to be a way to allow a euro member country an honorable and dignified voluntary parting.”
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