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German Industry  Demands Grexit
World Economy

German Industry Demands Grexit

Europe's biggest economy is growing increasingly impatient with Athens. Some industry leaders are now calling on creditors to cut their losses, and let Greece drop out of the eurozone.

Representatives of some of Germany's leading companies are running out of patience with the Greek government, saying that the protracted negotiations are threatening the economic stability of the entire eurozone, DW reported.

"The current situation cannot go on," Marijn Dekkers, head of German multinational pharmaceutical giant Bayer, told German daily Bild on Friday. "A decision has to be made that's going to be sustainable for years to come."

Others said they only see one viable solution to the current impasse.

"Enough is enough. Greece has received–and rejected–too many offers of assistance," Anton Borner, President of the Federation of German Wholesale, Foreign Trade and Services (BGA), told German weekly news magazine Focus in an interview on Friday.

"Europe cannot afford to reward sloppy policies." Borner said he worried that caving to the radical-leftist Greek government's demands could have catastrophic ripple effects throughout the eurozone.

"Preventing a Grexit at all costs is detrimental, because it sets a bad precedent. If Europe continues to reward anyone who doesn't play by the rules, then the next thing we'll see is that Spain will elect protest parties such as Podemos."

Instead, Borner said, EU leaders should cut their losses and let Greece default, exit the eurozone and return to its old currency, the drachma–even if it meant inflicting pain on German-Greco trade relations in the short-term.

 

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