The issuance of a type of Eurobond is the only way to resolve the debt crisis in the Eurozone, President Prokopis Pavlopoulos said during a ceremony to proclaim him an honorary Doctor at the University of Patras on Sunday.
“Only the issuing of some form of Eurobond could tackle the acute debt crisis in the Eurozone,” Pavlopoulos said in a speech in which he analysed the limits of the European Central Bank’s bond purchase program, following the recent rulings of the European Court of Justice and Germany’s Federal Constitutional Court.
He said the limited range of quantitative easing is poles apart from even a rudimentary form of Eurobonds which seems increasingly necessary to defend the euro zone ahead of major challenges which threaten it.
“In simple terms, it is obvious to the naked eye that it is unrealistic to expect that in this form, QE is able to effectively address the existing and constantly increasing debt crisis within the Eurozone and its multiple negative implications.
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