Conference in Montreal: “Navigating Challenging Waters: Canada, Europe and Greece 2012 and Beyond”

It is not possible that Europe can mutilate Greece without Western societies undergoing upheavals, stated Dr. Kimon Valaskakis at the mini seminar concerning predictions about the world’s economy, convened due to the Greek debt crisis.

On May 24, Scotiabank and the Consulate General of Greece organized the conference, titled “Navigating challenging waters: Canada, Europe and Greece 2012 and beyond,” in order to discuss several aspects and repercussions of Greece’s financial crisis.

The welcoming remarks were made by Orest Lysymanko, branch manager of Tour Scotia, while one of the main guest speakers was Dr. Kimon Valaskakis, founder and president of the New School of Athens (NSOA), former Canadian Ambassador to the OECD and Professor at the University of Montreal. Daniel Racette, director of the Investment Management Services of the Quebec region and Mr. Orestis Thanos Kafopoulos, Consul General of Greece in Montreal, were the other two speakers, who explained what Greece’s exit from the Eurozone could mean for the rest of the world.

Mr. Kafopoulos summarized the chronicle of the crisis in his speech, expressing his belief that Greece will remain in the Eurozone, no matter what goverment emerges from the upcoming elections.

Professor Valaskakis explained that Greece was the first ‘ill’ link of a spreading disease, leading to symptoms such as recession, debts and unemployment, from which Portugal, Spain, Italy and other Member States are suffering.

He also said that there are four possible plans for Greece: 1) Greece goes bankrupt and exits the Eurozone, 2) Greece goes bankrupt and pays its debt (consequently, remains in the Eurozone), 3) Greece goes bankrupt and never pays the debt off and 4) Greece goes bankrupt but never exits the Eurozone because there is no such mechanism written into the Maastricht treaty predicting such a development!

The last plan is a choice that Greece has but the country’s media never talk about.  Professor Valaskakis’ point is an interesting thought for the media outlets to consider.