Wednesday, July 8, 2015

Greek Debt Solution

Here's' an idea:

The powers that be in the Eurozone ( Germany and to a degree France) should say now that the Greek people have spoken, they will (1) grant Greece a reasonable degree of  debt relief, both interest rescheduling and principal write downs, and (2) provide assistance for a transition period to keep the Greek economy going, thereby avoiding catastrophe and relieving the immediate humanitarian threat to  the Greek people.

They would do all of this on the single condition that Greece exits the Euro in a responsible and orderly manner.

Greece then would stay in the EU, but  start afresh with the Drachma rather than the Euro as its currency.  While it won't be easy, at least they'll be on their own and have no one else to blame. They need not make any of the reforms demanded by their creditors.

The Eurozone will be all the stronger without Greece.

The EU won't change.

Simple .