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Will Greece Leave The Eurozone?

With Greece unable to make debt repayments, and unwilling to take further austerity measures, economists are concerned Greece will be dropped from the euro. Do you think Greece will default and leave the Eurozone?

a full 86% of writers and pundits say yes
see all 21 opinions below


What do you think?
Will Greece Leave The Eurozone?  

Writers and pundits who say or about the topic, "Will Greece Leave The Eurozone?"
last 24 hours | nytimes
The Eurozone's Damaging Deal for Greece

"...The Greek Parliament is likely to accept the deal, if only because there is no choice. Austerity will remain firmly in place, and the increased taxes and reduced pension payments imposed in the package will only further erode the demand that the Greek economy needs to avoid a deepening depression. The deal also requires that a fund be created to sell off public assets worth 50 billion euros to repay debts and recapitalize banks, a condition hard for a socialist government to swallow, and continued monitoring of Greece's adherence to bailout terms by the International Monetary Fund.Chancellor Angela Merkel of Germany, the one who should be most dedicated to European unity, declared after the deal was sealed that its advantages far outweigh the disadvantages. ..." see full article


881 days ago | business.financialpost
Global stocks are getting crushed on fears that this time, Greece really will ... - Financial Post
"...The crisis worsened after a Greek government official said the country would not pay a 1.6 billon euro loan installment due to the International Monetary Fund on Tuesday.All three major indexes fell more than 1 percent on the same day for the first time in more than a month as investors dropped riskier assets such as equities and commodities.The Dow Jones Industrial Average turned negative for the year. The last time it showed an annual decline was in 2008.Volatility rose sharply as nine of the 10 main S&P sectors retreated. The only group to rise was utilities, considered a defensive play...." see full article


896 days ago | thestreet
If Greeks Vote to Leave the Eurozone, Which Country Will Be Next? - TheStreet.com
"...Greece could, with a strong Government, start to thrive and then the pressure in Spain and Portugal to leave the eurozone would grow. Confidence in the eurozone project would be sapped by Greece's exit; the financial markets would get very jittery about investing in the euro. The smart money has already pulled out of Greece, but if it defaults, investors will start fleeing other debt-ridden members like Spain and Portugal, fearing something similar, perhaps pushing their fragile economies back towards recession.After the International Monetary Fund and the European Central Bank, foreign banks have about $46 billion of exposure to Greece, with Spain and Portugal two of Greece's bigger creditors, so they will feel the hard landing if Greece crashed out of the euro...." see full article


896 days ago | theguardian
Greece crisis could be a Sarajevo moment for the eurozone - The Guardian

"...Even so, Greece now faces a week of turmoil. Tsipras bowed what seemed to be inevitable on Sunday by announcing controls to try to prevent Northern Rock-style queues outside the banks and - just as importantly - money leaving the country.The Greek government will also be making contingency plans for exit from the single currency. Tsipras and Yannis Varoufakis, his finance minister, say that is not their wish or intention, but if the result of the referendum backs the government's stance it is hard to see any alternative. Cyprus stayed in the euro after introducing capital controls, but it was done with the approval of other single currency members and involved knuckling down under an austerity programme...." see full article


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897 days ago | afr
Eurozone pessimistic as Greek default looms - The Australian Financial Review
"...But that leaves insufficient time to get the requisite approvals. Any agreement must be approved by the group of eurozone finance ministers, who are scheduled to meet this Thursday. What's more, the deal also requires the blessing of several national parliaments including Germany's Bundestag, which is becoming increasingly hostile towards Greece. Clearing these two hurdles will take at least 10 days, which means that Tsipras has at best four or five days to reach an agreement that will unlock the much-needed bailout funds.Still, Tsipras is counting on the fact that no European politician, least of all Angela Merkel, wants to be held responsible for a Grexit. Indeed, Merkel has become Greece's strongest supporter in Berlin, which has the led to a rift with her finance minister, Wolfgang Sch uble...." see full article


911 days ago | heraldsun.co
Most Germans want Greece out of eurozone - Herald Sun
"...A majority of Germans want Greece to leave the eurozone and oppose additional concessions to the left-wing Greek government in the present bailout negotiations, according to a latest survey, highlighting the domestic pressure on German Chancellor Angela Merkel to pursue a tough stance.The survey conducted by Mannheimer Forschungsgruppe Wahlen for public broadcaster ZDF showed that the mood has turned sour against Greece, with 51 per cent now opposing Greek membership in the euro, compared with 45 per cent in a survey published March 27. Only 41 per cent want to keep Greece in the euro, compared with 49 per cent earlier.Seven out of ten Germans oppose further concessions in the bailout talks, while 24 per cent of the 1,230 people polled June 9-11 said there is still room to accommodate Greece...." see full article


913 days ago | irishtimes
Greek debt tragedy an indictment of euro zone's response to the crisis - Irish Times
"...The sorry story of Greece's membership of the euro also exposes the flaws inherent in the single-currency project from the outset. The Greek economy undoubtedly needed reform, but the cuts implemented should have been imposed over a longer timeframe, not rushed through in five years at enormous social cost. Nonetheless, the dictum we are where we are is depressingly relevant, as Greece and the euro zone remain tethered to the currency union they both entered knowingly. Whether Tsipras and the Greek people will choose to remain part of this unhappy union or take a jump into the unknown remains to be seen...." see full article


915 days ago | marketoracle.c
Why Greece Must Leave Eurozone - The Market Oracle
"...Greece should get out as fast as it can, all member countries should, especially the poorer ones. There is no benign or even economically viable future for any of them in the Union. A future inside the union is infinitely more frightening than one outside.What is evident by now is that the troika creditors don't come to the table to negotiate, they come to impose their will. And those countries that carry the most debt are most vulnerable to the threats flung across the table. If you don't get out, in time Germany will decide what you can eat, what your children learn in school, and how you are to behave. You will no longer live in sovereign nations.The eurozone must fail. And so must the EU. That is better for everyone who's not inside the power circles, in the long term. What countries should do now is ringfence' themselves as best they can from the nuclear fallout the failure will lead to. Focus on resilience...." see full article


916 days ago | huffingtonpost
Why Greece Is Not Leaving The Eurozone, Despite Its Latest Defiant Move

"...Greece's announcement Friday that it would postpone the latest 300 million euro repayment it owes the International Monetary Fund until the end of June has prompted a flood of doubts about Greece's future in the Eurozone. But ominous warnings notwithstanding, a lot more would need to happen before Greece would leave the European monetary union. While key differences remain between Greece and its international creditors regarding the terms of the bailout needed to keep the country afloat, the negotiations are far from over. And experts say that both sides are concerned enough about the unknown consequences of a Greek departure that it remains a highly unlikely scenario...." see full article


918 days ago | inthesetimes
Syriza Has No Choice: Greece Must Prepare to Leave the Eurozone - In These Times
"...While leaving the currency will most certainly be economically, politically and socially traumatic, the last five months of cyclical negotiations have proven to be ineffective in accomplishing the kind of change Syriza promised during its campaign. And the last five years have been disastrous for the people of Greece.The first step in breaking free will require engaging the popular movements and labor contingents that made Syriza's election possible. Public general assemblies can serve as a means of democratizing the conversation and building solidarity across the Greek landscape. While profound hardships are inevitable perhaps even worse than what the Greek people are currently facing one should note that they already exist. Instead of relying on media conjecture and fear mongering on the part of political opponents, Syriza should look to unleash a massive awareness campaign that aims to educate the public as to what they can expect as fallout from the break...." see full article


920 days ago | foreignpolicy
Greece Is One Step Closer to Getting Kicked Out of the Eurozone
"...With the delay of the payment, the cash-strapped Greek government now must pay the three creditors a payment of $1.7 billion by June 30. If it doesn't deliver, the loan agreement with the IMF and European Union will expire, and Greece would soon run out of cash.That could lead to the so-called Grexit Europe kicking Greece out of its monetary union, an event once thought to be catastrophic for the world economy. A 2012 analysis by the Bertelsmann Foundation found the Grexit would send the global economy into a deep recession...." see full article


920 days ago | theweek
Greece delays IMF payment, sparking fears of a eurozone exit - The Week Magazine
"...The background here is the breakdown in negotiations between Greece and its European creditors. When the financial crisis hit, Greece was unable to pay its creditors, and so accepted vicious austerity packages in return for a rescue from the IMF and the European Central Bank. This crushed the Greek economy, pushing unemployment over 25 percent and eventually leading to the election of the Syriza Party on an anti-austerity platform.Now the Europeans are demanding further austerity in return for not kicking Greece out of the eurozone, while Syriza is demanding much less austerity so the Greek economy may recover. If they can't come to some arrangement, there may have to be new elections or even an exit from the eurozone..." see full article


920 days ago | business.financialpost
Greece must stop hoping for a miracle and leave the eurozone already
"...It's time for Greece to put itself out of its misery. It must stop hoping for a miracle, default on its debts and exit the euro. In the short term, this would probably precipitate another cataclysmic relapse into recession for Greece's long-suffering people. But it is the only way out of the current logjam and has become a necessary, albeit not sufficient, condition for the country to make an eventual recovery.Ideally, the Greek government would choose to press the Grexit button itself. But if it decides instead to cling on indefinitely, the rest of the eurozone should find a way of forcing it out of the single currency as soon as possible. That would go against the EU's imperialistic mindset, for sure, and would violate the infamous acquis communautaire rule: the view that EU integration should never be allowed to be reversed in any area and in any country. But it's the only way to end the current nonsense, and the only hope for a country that has been suffering horrendously for years...." see full article


921 days ago | blogs.wsj
Greece, Lagarde and the Now-Unstoppable Ride to Austerity
"...This leads to the second problem. A banking panic and capital controls would weigh heavily on the economy. Growth would take another hit by some estimates the Greek economy would shrink by another fifth or so if it ends up being forced out of the euro. Falling GDP would mean falling government revenues which would force it to cut spending and raise taxes. In other words, austerity. Except this austerity would be even worse than the creditor-imposed belt tightening.True, Greece could well eventually do better outside of the euro's straitjacket than within it. But economic carnage lies between here and there, the scale of which no government other than a dictatorship could survive.If, then, all roads lead to austerity, Syriza would do better to stay in the eurozone than try to operate outside of it. Which is maybe what Mrs. Lagarde was hinting at in a roundabout way...." see full article


921 days ago | telegraph.c
Europe must make up its mind - does it want Greece in or out?
"...Greece is a small country, accounting for little more than 2pc of eurozone GDP; in the scale of things it scarcely seems to matter if it goes or stays. The departure of a major economy from the EU as a whole, on the other hand, would tear at the heart of the European project much more profoundly.This is not to argue that a Greek exit would be an economic non-event. It would be most unwise to underestimate the financial and economic contagion from such an outcome. A possible foretaste of what is to come was seen this week in a significant widening of bond market spreads across the eurozone.Nevertheless, financial firewalls have been significantly strengthened since the last Greek bailout, and the immediate fallout from default is therefore likely to be a great deal less toxic than it might have been only a few years back. What's more, the vast bulk (more than 80pc) of Greek public debt is now in official hands bilateral loans from other eurozone countries, the IMF and the European Central Bank...." see full article


921 days ago | bbc
Eurozone still in denial - BBC News
"...Whatever the human temptation to say to the Greeks they shouldn't have borrowed the money and have to pay it back, it also defies precedent to argue that a country with such a relatively small and weak private sector will ever have the capacity to pay it back.Which implies that the only rational conversation for Greece's creditors to have with Greece is the one they refuse to have - which is on the scale of a write-off necessary to take the country off an inevitable road to dangerous penury...." see full article


921 days ago | wsj
Richard Barwell: A Eurozone Without Greece - WSJ
"...The 24-hour news cycle is causing a cacophony of speculation about Greece leaving the euro, the so-called Grexit. Amid all the arguments about whether Greece will or should exit, there has been a lot less thought given to what would happen if Greece does return to the drachma. It's time to think more seriously about this possibility...." see full article


921 days ago | sputniknews
Grexit to Have Positive Effect on Greece, Eurozone - German MEP - Sputnik International
"...Greece was particularly hard-hit by the aftereffects of the 2008 economic crisis, quickly going into a multibillion debt by accepting large loans offered by the International Monetary Fund (IMF), the European Union and the European Central Bank.The country must repay almost $1.6 billion to the IMF in June alone. However, according to the country's Interior Minister, Nikos Voutsis, Athens has no money to make the next IMF repayment...." see full article


922 days ago | theguardian
Europe cannot wait any longer: France and Germany must drive ahead - The Guardian

"...From one border of the European Union, Greece, to the other, the United Kingdom, the European ideal is being challenged. It is no surprise, since the terrible crisis of the recent years has highlighted two key weaknesses of Europe's architecture. The first is the end of economic convergence between EU and, in particular, eurozone countries. This is not a theoretical matter: unemployment is the daily reality of millions, especially for young people. The second is about political tensions: within the member states, where anti-European forces are on the rise; and within the union itself. The Greek and British cases, for all their differences, show that European general interest and national interests are increasingly seen as drifting apart from each other.In this context and 10 years after the French no to the constitutional referendum, now is the time to reopen the economic and political debate, and to fix the eurozone as part of a greater deal for a union in which all member states find their place. In the coming days we hope a solution will be found to address the urgent difficulties regarding Greece. But we also need to think further and to make proposals for the future of Europe as a whole...." see full article


922 days ago | business.financialpost
Greece must stop hoping for a miracle and leave the eurozone already - Financial Post
"...It's time for Greece to put itself out of its misery. It must stop hoping for a miracle, default on its debts and exit the euro. In the short term, this would probably precipitate another cataclysmic relapse into recession for Greece's long-suffering people. But it is the only way out of the current logjam and has become a necessary, albeit not sufficient, condition for the country to make an eventual recovery.Ideally, the Greek government would choose to press the Grexit button itself. But if it decides instead to cling on indefinitely, the rest of the eurozone should find a way of forcing it out of the single currency as soon as possible. That would go against the EU's imperialistic mindset, for sure, and would violate the infamous acquis communautaire rule: the view that EU integration should never be allowed to be reversed in any area and in any country. But it's the only way to end the current nonsense, and the only hope for a country that has been suffering horrendously for years...." see full article


923 days ago | afr
John Nash's game theory doesn't bode well for Greece and eurozone - The Australian Financial Review
"...There is little trust between Greece and its creditors (in this case, the European Central Bank, the European Union, and the IMF).The sides haven't defined a common understanding of the problem, even less a solution.The process for ensuring that policy and financing commitments are met is patchy and often controversial, in part because of political undertones: The Greek government doesn't want to be perceived as subservient to other European nations, and those countries don't want be viewed as financial hostages to the inadequacy of Greek policies. And the functioning of the coalition of creditors (once known as the Troika) is far from smooth.Thoughtful economists such as the Nobel laureate Michael Spence have extended this concept of a co-operative game being played unco-operatively to the broader dysfunctions influencing the global economy. This type of game points to costs that far exceed simply suboptimal outcomes; it also entails the possibility of collateral damage and unintended consequences...." see full article



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