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“The Euro Crisis Is Not Over” Former ECB Chief Economist Urges “Greek Sabbatical From EU”

  • “The Euro Crisis Is Not Over” Former ECB Chief Economist Urges “Greek Sabbatical From EU”
    by Tyler Durden, http://www.zerohedge.com
    Otmar Issing, former Chief Economist and Member of the Board of the European Central Bank and the German Bundesbank, brings back the specter of Grexit scenarios, demanding a Euro-sabbatical for Greece.

    KeepTalkingGreece.com reports that, uin an interview with business news magazine WirtschaftswocheIssing warned of a new flare-up of the euro crisis.

    “The euro crisis is not over yet,” said the economist, one of the architects of the Euro.


    Issing called on a policy that would include EU treaties allowing the possibility of temporary withdrawal from the monetary union.

    States like Greece would do well with a Sabbatical outside the monetary union.However, it should be accompanied by massive aid from other countries and a growth-oriented economic policy. And one would have to make re-entry into the euro zone dependent on fundamental reforms, ” Issing said.

    Issing no longer relies on the Stability and Growth Pact, a core element of the economic and monetary union. “I would not have considered the dimension of its dismantling by the governments”.

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August 2, 2017 - Posted by | Economics, GeoPolitics | , , , , , , ,

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