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Greece should quit euro unless “massive” funding given: Czech
Posted By admin On January 9, 2012 @ 4:00 am In Money Watch | Comments Disabled
January 9, 2012
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.
Singer told daily Hospodarske Noviny Europeans should focus on helping banks which may need recapitalisation and on issues that can be resolved, rather than devoting attention for years to Greece which represents just two percent of the European economy.
“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.”
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URLs in this post:
 Reuters: http://www.reuters.com/article/2012/01/08/us-czech-cenbanker-idUSTRE8070RP20120108
 Greece could quit the euro, admits Merkel as global markets are plunged into turmoil: http://www.prisonplanet.com/greece-could-quit-the-euro-admits-merkel-as-global-markets-are-plunged-into-turmoil.html
 Greece hit by new riots as pressure grows to quit euro: http://www.prisonplanet.com/greece-hit-by-new-riots-as-pressure-grows-to-quit-euro.html
 Euro zone agrees bailout for Greece: http://www.prisonplanet.com/euro-zone-agrees-bailout-for-greece.html
 Greece to Leave Euro Zone on June 18: Wealth Manager: http://www.prisonplanet.com/greece-to-leave-euro-zone-on-june-18-wealth-manager.html
 US Companies Brace for an Exit from the Euro by Greece: http://www.prisonplanet.com/us-companies-brace-for-an-exit-from-the-euro-by-greece.html
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