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January 9, 2012

Without massive funding, Greece should quit euro: Czech Central Bank

The Czech central bank Governor Miroslav Singer makes some obvious points about the scale of Greece's problem, both for itself and to the euro at large:

Reuters article:

"Greece should leave the euro zone and devalue its new currency unless Europe is willing to provide "massive" funding for the indebted country, Czech central bank Governor Miroslav Singer said in a newspaper interview.

"If there is not the will to give Greece a massive amount of money from European structural funds, I do not see any other solution than its departure from the euro zone and a massive devaluation of the new Greek currency," he said in the interview to be published on Monday.

"So far Greece has been given loans that served mainly for buying time and for rich Greeks to move their money out of the country. This lowers the trustworthiness of Europe and the willingness of non-European countries to lend or provide new capital to the International Monetary Fund for helping Europe."

 

Also see: May 6, 2011 - Will Greece quit Euro?


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