The only way for Greece to overcome its debt crisis is to leave the euro zone and return to its national currency, the drachma, said Martin Feldstein, a former economic adviser to Ronald Reagan and professor of economics at Harvard.
"The only way for Greece to do (overcoming the crisis) is to leave the euro and return to the drachma. In this case, Greek exports and tourism become more attractive," he said in an interview to the french newspaper "Le Soir".
He added that "the country should reduce its imports become too expensive, and the Greeks fall back to national goods and services."
"This will boost the Greek economy. There would undoubtedly painful adjustments to make, but after a year or two, Greece could return to growth," said M.Feldstein.
The American economist recognizes, however, that "the scenario of a Greek exit from the euro zone worries Europeans who are afraid of a snowball effect that can cause the end of the single currency.
Greece increasingly difficult to make the efforts required by the "troika" and its creditors (European Commission-ECB-IMF) to eliminate their deficits abysmal and desperately trying to buy time so that the risk of bankruptcy countries continues to threaten the entire euro zone.
A political party in Greece is calling for the country to leave the euro and go back to using the drachma as its national currency, Plan B is a small party with only around 400 members.
"The only way for Greece to do (overcoming the crisis) is to leave the euro and return to the drachma. In this case, Greek exports and tourism become more attractive," he said in an interview to the french newspaper "Le Soir".
He added that "the country should reduce its imports become too expensive, and the Greeks fall back to national goods and services."
"This will boost the Greek economy. There would undoubtedly painful adjustments to make, but after a year or two, Greece could return to growth," said M.Feldstein.
The American economist recognizes, however, that "the scenario of a Greek exit from the euro zone worries Europeans who are afraid of a snowball effect that can cause the end of the single currency.
Greece increasingly difficult to make the efforts required by the "troika" and its creditors (European Commission-ECB-IMF) to eliminate their deficits abysmal and desperately trying to buy time so that the risk of bankruptcy countries continues to threaten the entire euro zone.
Describing the party’s stance on leaving the euro, Plan B founder Alekos Alavanos said: “The experience that we have from all the international recession crises is that no country has managed to come out of recession with an ‘expensive’ currency that’s also used by a great economic power, such as Germany. We need a currency that is competitive to ease exports and boost the internal market.”
“I believe that leaving the euro will give our country the possibility of developing an independent economic policy in favour of the people. The euro is a tight corset that prevents Greece from developing,” said ceramic artist Yannis Stavridis.
Plan B is the second party to launch within a fortnight advocating a return to the drachma.
Reported by batta-el-dou
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