Saturday, April 12, 2014

Greece Stands No Chance if it Stays on the Euro?

"Simply put, Greece doesn't stand a chance if it stays on the euro with no control over its monetary policy. Greece needs a cheaper currency to help compete with its neighbors so it can grow organically, much like it was able to do when it was on the drachma. It cannot do that if its monetary policy is being conducted in Frankfurt and its currency remains so expensive relative to the U.S. dollar and especially to the Turkish lira, its major economic rival in pretty much everything from tourism to olive production".

Full article is here.

1 comment:

  1. From the small excerpt I thought the text might be biased against Germany. But mentioning Frankfurt was only a modern Journalists gag not to write ECB.

    No doubt that an own local currency in parallel with the Euro would help not only Greece but also other southern countries.