As the Greek government continues to insist that the worst of a deep recession – now in its seventh year – and a crushing economic crisis are fading, skeptics abound, including the German edition of the Wall Street Journal (WSJ) which wrote that a Greek exit – Grexit – from the Eurozone is still possible.
Greek Prime Minister Antonis Samaras has repeatedly said such talk is not to be believed anymore because Greece expects a primary surplus and even for a return to markets later in the year. Ironically, that’s what could lead Greece to leave the economic union, the paper suggested.
“The key-factor that economists take into account in order to determine whether Greece will stay within the Eurozone or return to the Drachma is the country’s dependence on its creditors. Now that Greece has achieved a primary surplus, returning to the Drachma would be possible,” the paper wrote.
It continued: “If those in favor of Grexit were the majority in Greece, then the best time to return to the Drachma would be the early stages of 2014.”
Such a step, according to the German edition of the WSJ, would invigorate Greece’s economy although most Greeks, despite harsh austerity measures imposed on the orders of international lenders, don’t want to leave the Eurozone, nor do EU officials want it to happen, fearing it could jeopardize the financial bloc.