April 23, 2012

Germany IFO urges Greece to quit euro

Hans-Werner Sinn, the president of the German economic IFO Institute has urged Greece to drop the euro in order to regains competitive position and to reverse the ongoing job losses. Complete articles on Sinn's comments are at Reuters and the UK Telegraph:

"Greece's ability to recover competitive economic standing will be severely constrained if it continues to use the euro, and other indebted euro zone countries will likely face similar struggles, the head of Germany's prominent Ifo economics institute said on Monday.

"I personally believe there's no chance for Greece to become competitive (while) in the euro zone," Hans-Werner Sinn, president of Ifo, said in a luncheon speech in New York.

"If Greece is kept in the euro zone, there will be ongoing mass unemployment. But if they exit, they will see a very sudden recovery," he said, as lower prices boost competitiveness."

Hans-Werner Sinn goes on to say that the crisis in Europe has been needlessly prolonged and complicated by way of the European Central Bank's endless credit allowances for Greece and the other damaged economies of the eurozone.


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