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Debt crisis: Greece must remain in eurozone, minister warns
Greece must remain in the euro to survive according to its finance minister, as the countrys leader prepares for a week of crucial meetings with eurozone leaders which could ultimately determine its fate. Greece must remain in the euro to survive according to its finance minister, as the countrys leader prepares for a week of crucial meetings with eurozone leaders which could ultimately determine its fate. Yannis Stournaras said the country must press ahead with the spending cuts demanded by its fellow eurozone members because its membership of the single currency was essential. We have to stay alive and remain under the umbrella of the euro, because that is the only choice that can protect us from a poverty that we have not experienced, Mr Stournaras said yesterday. If we dont take the measures ... then our stay in the euro is threatened. We have the most expensive welfare state in the eurozone. We can no longer maintain it with borrowed money. However, Greece is likely to face more pressure on meeting its targets according to German reports that it will need 14bn of spending cuts over the next two years to meet the demands made by its international lenders, 2.5bn more than originally thought. The bigger financing gap was the result of setbacks to privatisation plans and an economy even weaker than expected. Posted by: lotp. 2012-08-20 |
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