A group of 50 finance and politics experts, such as economists, former Prime Ministers and Members of the European Parliament, are sending a strong message to the international political representatives for supporting Greece and not letting it fall into collapse and decadence, according to a Spiegel article.
The article points out that – despite the prevailing opinion of the European North that see Greece outside the Eurozone and maybe the EU as well – a group of 50 famous Europeans are rejecting that probability and call European leaders to prevent that dramatic development. Their message, which was published online, was also signed by former German Finance Minister Hans Eichel, former Italian Prime Minister Juliano Amato and German economist Peter Bofinger.
According to the article, an increasing number of people are expressing the opinion that a possible “Grexit” from the common currency would not notably harm the Eurozone.
“We, on the contrary, believe that Greece’s possible Euro exit would bring a political and financial disaster,” claim the European economists and politicians, adding that the rescue mechanisms do not provide secure protection.
“A possible Euro exit of Greece could cause the collapse of the whole Eurozone, thus leading to a deepening recession and resulting in a new international financial crisis,” note the group of 50, asking from European leaders to give Greece more time along with the chance to return to growth within the Eurozone. They also repeat what is already known, that austerity measures are ineffective and that a financial compromising solution should be found offering Greece space to pay off its loans to the IMF and the European partners.
Most of the ones writing the Spiegel article are members of “The European Council on Foreign Relations” think tank (ECFR), which George Soros is a member of despite his not co-signing the article.
Original German text: “Der Spiegel“