Monday, November 14, 2011

No option left for Greece

Greece Keeping Euro Is Only Choice: Papademos

Greek Prime Minister Lucas Papademos, charged with securing international financing to avert a collapse of the economy, said keeping the euro is the only way forward for the country.
“Our membership of the euro is a guarantee of monetary stability and creates the right conditions for sustainable growth,” Papademos told lawmakers late yesterday at the start of a three-day debate on a confidence motion in his new government. “Our membership of the euro is the only choice.”
Papademos formed a government on Nov. 11 after four days of political wrangling. It must implement budget measures and decisions related to an Oct. 26 European bailout amounting to 130 billion euros ($177 billion), as well as manage a voluntary debt swap, by the end of February.
Comment: It has been clear from the beginning that there is no way for Greece than to keep the euro. It is a bad choice, yet the rest is even worse.

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