Politics World

Greece should leave the euro area (expert)

The best solution for Greece, a country on the verge of default, would be to leave the euro area, said CEO of Commerzbank AG, Klaus Peter Müller, in an interview with television channel Deutsches Fernsehen Anleger (DAF).

“The markets include the departure of Greece does not mean it is necessarily followed by other countries in difficulty. Therefore, it will not fear a contagion trends pessimistic,” he said.

According to the banker, Greece needs a massive devaluation it will not perform within the euro area. It would be preferable that the country leaves the area, the default of Greece is inevitable.

Athens is currently negotiating with private creditors the cancellation of about 100 billion euros of debt. It also leads with the “troika” of international creditors (European Commission, European Central Bank and IMF) negotiations on the grant of a new aid package totaling 130 billion euros in exchange for a program fiscal austerity.

The German finance minister, Wolfgang Schäuble  indicated that the “troika” could not guarantee that assistance as Greece has not adopted the necessary measures to clean up its economy and finances.

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