Tuesday, July 19, 2011

Go Euro!

German Free Democratic Party lawmaker Frank Schaeffler said Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble should make the case for a ‘temporary’ exit of Greece from the Eurozone, Handelsblatt has reported.

Schaeffler, criticizing the German government’s handling of the Greek crisis, said Greece should be given the option of temporarily leaving monetary union as this is the only

“sensible way” to make the southern European country’s economy competitive again, according to the German newspaper.

German Chancellor Angela Merkel said that the euro debt crisis CANNOT be solved in one step “tomorrow” and that there won’t be a single “spectacular” step at the July 21st European Union summit in Brussels to deal with the problem. Speaking to reporters today in Hanover, Merkel said the euro region’s problems must be solved “from the core,” which means reducing debt and increasing competitiveness.

Published: 19 July, 2011
written by: Bill Hubard , Chief Economist at Markets.com