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GreekReporter.comGreek NewsEconomyTheo Waigel: Greece Has Run Half the Marathon

Theo Waigel: Greece Has Run Half the Marathon

imagesTheodor “Theo” Waigel, former Federal Minister of Finance of Germany, considered “father of the euro”, described Greece’s case as a marathon the country has run the first half of.

“Highly indebted countries mark progress. That is true mainly of Ireland but for Portugal as well. Even Greece has taken, after the overcoming of the governmental crisis, important steps towards the right destination. However, in Greece’s case we have to do with a marathon- the first half of which has been traveled, but the second half is really very hard,” Waigel stated in his interview to the online edition of the Focus magazine.

The German former finance minister also underlined that maybe the Eurozone has not yet overcome the crisis, but there is now light at the end of the tunnel.

Waigel argues that Germany should not leave the Eurozone, as this would lead to terrible consequences both financially and politically leading Germany to isolation. He supports, however,  that if a country wants to leave the Monetary Union voluntarily, this is possible, despite the fact that this is not provided by the Treaties and he asks for a state bankruptcy case to be established, but only after the crisis is overcome.

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