Sept 27, 2010
A currency expert protesting against Greece’s bailout says the bailout mechanism violates the provisions of the Treaty on European Union, and it may be a better option to stop the euro experiment instead. The European ministers recently agreed on a 110-billion euro rescue package for Greece, hoping this would prevent a default and stop the currency’s crisis from spreading through the rest of the bloc, and Germany has been opposed to the idea from the very beginning. Dr. Wilhelm Hankel is one of the currency experts who filed a lawsuit in the German constitutional court against Greece’s bailout. “The whole idea is illegal, because we have the treaty for the European community, and bailout is completely forbidden for a very simple reason: a country which can count on being bailed out will not follow the financial and monetary discipline, so no bailout is a precondition for a stable euro,” Hankel said.
This article was posted: Monday, September 27, 2010 at 3:27 am