Angela Merkel at her New Year’s speech. Photo: AP
The German government believes that the eurozone is now strong enough to to survive a trip to Greece. This writes the weekly Der Spiegel based on anonymous government sources. Especially the improved position of Portugal and Italy would thereby be decisive.
Both Chancellor Angela Merkel and Wolfgang Schauble, German finance minister, would be convinced that the euro has made since the height of the euro crisis in 2012 sufficient reforms to cope with such a departure from Greece.
“The danger that such a trip will have an effect on the rest of the euro area is limited, as Portugal and Ireland are considered to be cured,” said an anonymous source within the German Government to Der Spiegel. Moreover, the euro zone, according to the Germans with the European rescue fund ESM an effective emergency mechanism and the major banks will be saved by the new banking union.
It is still unclear how a euro area Member State euro backs can times and a member of the European Union can continue. According to a senior currency expert “good lawyers, however, will there be to find a solution.
The German government responded not currently on the message. However, generally it is expected that Merkel will insist on the removal of Greece from the eurozone as the leftist SYRIZA would put an end to austerity policies after the elections of January 25th. The party of Alexis Tsipras has good chances to win the elections at the expense of the Conservatives sitting prime minister Antonis Samaras.
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