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Greece may Go Bankrupt If Loans from EU and IMF do not Come, Says Greek Academician |
12 June 2012The head of the Political Science and Economy Department of the Greek Panteion University, Andreas Antoniades, on Tuesday said that "unless loans came from the European Union (EU) and the International Monetary Fund (IMF), Greece would go bankrupt and would have to print its own currency to pay the salaries of public servants and other individuals.
Speaking to the Anadolu Agency (AA), Antoniades said that no EU agreement contained clauses on exiting from the Euro Zone.
As such, Antoniades said that an official exit from the Euro Zone was not possible.
If individuals rush to banks and withdraw their money from Greek banks following the general elections and Greece can not receive loans from the EU and the IMF, then the Greek government may have to print its own currency in order to pay salaries, Antoniades stated.
There is such a danger in Greece, although it is not likely to happen, Antoniades indicated.
While certain analysts talk about the possibility of Greece exiting the Euro Zone, it is more likely that Greece will stay in the Euro Zone as the Euro is the most important project of the EU, Antoniades also said.
Meanwhile, a financial analyst Manos Hatzidakis said that the June 17 elections in Greece carried vital importance for the economy and market of Greece.
On the other hand, a financial analyst with Merit Securities, Nikos Christodoulou, said that there was a 50 percent chance for Greece to exit the Euro Zone following Sunday's elections. |
12 June 2012
Anadolu Agency
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