EU Commissioner‎ Damanaki States: “Greece Must Sacrifice or Leave Euro”

By on May 25, 2011 in News, Politics

Greece must make sacrifices to overcome its debt crisis or face the risk of leaving the eurozone and return to the drachma, the European Commission’s Greek representative warned Wednesday.
“The greatest (achievement) of post-war Greece — the euro and the country’s European course — are in danger,” fisheries commissioner Maria Damanaki said in a statement.
“The scenario of Greece distancing itself from the euro is on the table,” the veteran Greek socialist said, stating that she was “forced to speak openly.”
“We either agree with our creditors on a programme of tough sacrifices that brings results, and assume the responsibilities for our past, or we return to the drachma. The rest is secondary under today’s conditions,” she said.
The Greek government and Luxembourg Prime Minister Jean-Claude Juncker, the head of the group of eurozone Finance Ministers, strongly denied rumors earlier this month that Athens was considering abandoning the euro.
(source: afp)



  • jramlop

    ¿Leave the euro? It’s a political suicide (and a bad business) both for Greece and the EU.
    If Greece returned to dracma debts would still be nominated in euros, but the dracma would certainly drop two digits against the euro, so the debt would be higher. If the EU allows some of their members leaving the euro Ireland and Portugal would suffer again more pressure and, finally, Spain and Italy would probably fall. The “advantages” of the recipe (such as gaining monetary autonomy) are not big enough to justify it.

  • JS

    They should let China or Russia buy out the debt in exchange for a naval base with a 100 years lease.  Then maybe the “west” will start to see the strategic benefits of Hellas instead of wasting years destabilizing Greece with western created problems like Cyprus, Turkish airspace/naval incursions, Macedonian name theft etc.  With all the stuff going in North Africa and Mid-East being able to use Greek bases is major asset.