Greece Better Off Outside Euro Zone, Nobel Prized Economist Says



Paul KrugmanIt would be better for Greece to leave the euro zone, said Nobel Prize winner economist Paul Krugman while in Athens.

The renowned economist, who is also a New York Times columnist, is one of the panelists in the Athens Democracy Forum, held in Greece’s capital.

Replying to a pertinent question by journalist Alexis Papachelas, Krugman said that the political commitment of the elites of European countries to maintain euro zone integrity is such “that nothing would persuade them to proceed to its dissolution”.

The American economist said that Alexis Tsipras showed that he is not willing to pull Greece out of the common currency bloc. Since he never took that risk, the Greek premier has no negotiating power against Greece’s creditors.

Krugman said that in order to achieve a good agreement within the euro zone, “Greece should have been prepared, in extremis, to leave, but it was not.”