Skip to main content

Black Listed News
Trending Articles:
Trending Articles:

Greece urged to give up euro by British economists

Published: May 30, 2010
Share | Print This


Source: Times Online

THE Greek government has been advised by British economists to leave the euro and default on its €300 billion (£255 billion) debt to save its economy.

The Centre for Economics and Business Research (CEBR), a London-based consultancy, has warned Greek ministers they will be unable to escape their debt trap without devaluing their own currency to boost exports. The only way this can happen is if Greece returns to its own currency.

Greek politicians have played down the prospect of abandoning the euro, which could lead to the break-up of the single currency.

Speaking from Athens yesterday, Doug McWilliams, chief executive of the CEBR, said: “Leaving the euro would mean the new currency will fall by a minimum of 15%. But as the national debt is valued in euros, this would raise the debt from its current level of 120% of GDP to 140% overnight.

“So part of the package of leaving the euro must be to convert the debt into the new domestic currency unilaterally.”

Greece’s departure from the euro would prove disastrous for German and French banks, to which it owes billions of euros.

McWilliams called the move “virtually inevitable” and said other members may follow.

“The only question is the timing,” he said. “The other issue is the extent of contagion. Spain would probably be forced to follow suit, and probably Portugal and Italy, though the Italian debt position is less serious.

“Could this be the last weekend of the single currency? Quite possibly, yes.”

Share This Article...



Image result for patreon

Emigrate While You Still Can!

Loading...


Image result for patreon


PLEASE DISABLE AD BLOCKER TO VIEW DISQUS COMMENTS

Ad Blocking software disables some of the functionality of our website, including our comments section for some browsers.





Login with patreon to gain access to perks!

SIGN UP TO GET BLACKLISTED NEWS DELIVERED RIGHT TO YOUR INBOX

Enter your email address:





More Blacklisted News...

Blacklisted Radio
Blacklisted Nation
On Patreon
On Gab
On Twitter
On Reddit
On Facebook
Blacklisted Radio:
Republic Broadcasting
Podcasts on Youtube
Podcasts on Demand
On Iheart Radio
On Spreaker
On Stitcher
On iTunes
On Tunein

Our IP Address:
198.245.55.242

Sponsors:
Garden office

good
longboard
brands


Advertise Here...






BlackListed News 2006-2019
Privacy Policy