Monday, February 20, 2012

What is going to be the fate of Greece

Luxembourg Finance Minister Luc Frieden said it out loud: "If the Greek people or the Greek political elite do not apply all of these conditions ... they exclude themselves from the Eurozone." All of these conditions. And there are a lot of them. Then he added the crucial words: "The impact on other countries now will be less important than a year ago."

Greece might want to decide that it would be better to exit the Eurozone, rather than actually implementing the budget cuts, Friedan said. Returning to the drachma and devaluing it might create a more competitive economy. "It might be something which would allow Greece to get a new start," he said.

Read more: Business Insider


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