Greece's Venizelos says election could decide euro membership-report

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Greece's Venizelos says election could decide euro membership-report

LONDON May 1 (Reuters) - Greece's Evangelos Venizelos, who will lead the ruling Socialists into the May 6 election, said in a newspaper interview on Tuesday that euro membership is not a certainty regardless of the outcome.

"There are certain misconceptions that worry me: for instance, the misconception that whatever happens we are not going to leave the euro," Venizelos is quoted as saying in the Guardian.

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May 01, 2012

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4 readers comments


1. Nicholas Kostopoulos wrote on May 01, 2012 11:27 AM	If Greece stays in the ECC, it will mean severe hardships for the foreseeable future, and if they leave maybe the same thing. It is hard to say whats right. We know what we have been, which was bad. I would venture to try the unknown and leave providence to figure if we did right. It seems iconic that Germany who lost the Second World War, is now the winner in the economic war. The Greeks must think of themselves first, and the hell with Europe and Germany which is one and the same.

2. Philip Vorgias wrote on May 01, 2012 12:05 PM	Dropping from the EUROZONE-which is what you mean, Nicholas-would be a big mistake. It would compound the issues Greece faces, not resolve them. Greece needs to resolve it's economic issues while using a reliable currency-the EURO-as it's medium of exchange. Not got back to an unreliable currency and try and depreciate it's way out of the crisis. Argentina has been trying to do that for decades and has failed. You can't currency-debase your way out of a crisis of economic competitiveness, you have to go after systemic issues.

3. Nicholas Kostopoulos wrote on May 01, 2012 1:11 PM	Philip I'm not completely clear as to why you pick the Euro. It seems it is a very unstable currency due to the potential defaults from so many nations. If anything shouldn't Greece chose the Canadian Dollar or some other currency as it own benchmark which is much more stable than our own dollar. This doesn't mean you have to get out of the ECC, but can begin what Great Britian has down with its keeping its own currency. While you're completely right about Argentina, there must be a better way out of this crisis that nobody has thought of?

4. Philip Vorgias wrote on May 01, 2012 11:54 PM	The EURO despite it's problems is in far better shape than the Canadian Dollar or even the US Dollar, Nicholas. Look at the exchange values on the FOREX, that's your best basis for comparison. As for the Pound Sterling and Britain, look at the history over the last decade-most Brits would be FAR happier to have been paid their salary in EUROS than in Pounds! Not even close. If there is a better way out of this debt crisis I'm willing to consider it, but thus far nobody has come up with it. At the end of the day people or nations have to own up to their debts. Greece has had a massive write-down on their debt, so they can't complain that the TROIKA didn't meet them halfway.
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