Handelsblatt auf Englisch
Europe Braced for Grexit Chaos

Greece is not the only euro zone country with large debts and a population tired of austerity. Voters in countries like Portugal and Italy will be watching to see how it fares.
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The sight of a smartly dressed Greek man crying, slumped to the floor in despair after trudging between four banks trying to withdraw a pension on behalf of his wife, has become the symbol of the country’s despair.

It has also, in many ways, become a warning to many other countries in the euro zone: follow the path Greece has taken and your pensioners too will wait anxious and exhausted outside banks trying to access their money.

The first question on everyone’s minds is: what will happen to Greece? Will it have its debts restructured, will it leave the euro? The second question is: what happens then to other countries in Europe, in particular Portugal and Italy, which also have large debts, sluggish growth and unstable politics.

Any choice that European leaders make this week will have consequences for the euro, and the politics of E.U. member states.

“There is a possibility of political contagion, especially if the European Central Bank and the IMF come back to the table and recognize the new Greek mandate. It will be natural for other anti-austerity movements to say, well why can’t we get the same terms,” James Wood-Collins, chief executive of London-based Record Currency Management, told Handelsblatt Global Edition.

“The alternative scenario is that Greece trickles out of the euro. The interesting point to look for is if there is a chain of circumstances that dispels the idea that joining the euro zone is irreversible.”

To read more, go to Handelsblatt Global Edition

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  • After reading this article it seems that remaining in the Euro zone Greece can accomplish more chnages in the European Union than in the case of a Grexit it could do. If Greece - as the USA perhaps want the EU to do - remains in the Euro zone, the EU could move towards the USA system of living on debts. In this case the Euro would kept low forever.

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