07-01-2015, 10:42 PM
The creation of the euro has been an error of historic dimensions and done great harm to the EU, which in its first 40 years had brought economic prosperity to the citizens of the Continent. Then the less well-off countries benefited from the lowering of tariffs and the increase in internal trade. After the creation of the euro, however, economic growth slowed markedly. Poorer countries fared worse than the more prosperous countries, like Germany, which benefited from the new, weaker currency.
The euro was doomed from the start - Telegraph
German Finance Minister Wolfgang Schaeuble told lawmakers in Berlin that Greece would stay in the euro for the time being if Greek voters reject austerity in a referendum scheduled this week, according to three people present.
Greece Can Stay in Euro Even With ‘No’ Vote, Schaeuble Tells Lawmakers - Bloomberg Business
The story is no different for Greece in 2015 when the servicing costs are projected to be €23.4 billion. That's lower than five of Greece's euro area counterparts. In theory, it would seem that Greek debt is perfectly sustainable -- at least, in relation to quite a few other countries.
In Theory, Greece Is Fine - Bloomberg Business
Treasury sources conceded that Greece could request help from a balance of payments support system available to all 28 EU members to relieve its public finances. Britain pays into the scheme, which has previously been used by Hungary, Latvia and Romania.
George Osborne spearheads assault to stop Greece 'suicide’ - Telegraph
On July 13, another €465 million is due to the IMF. Most crucially, on July 20 it must find €3.5 billion to pay the European Central Bank. Failure to do so would be likely to result in €88 billion of emergency loans to Greek banks being withdrawn, resulting in collapse and 'Grexit', the exit of Greece from the euro.
George Osborne spearheads assault to stop Greece 'suicide’ - Telegraph