Germany Freaked out as Greece 'could ditch the Euro for US dollar

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Germany Freaked out as Greece 'could ditch the Euro for US dollar

GREECE, a member of the European Union, could be poised to humiliate Brussels by ditching the EU currency and instead use the U.S dollar, Donald Trump’s appointed as European Union ambassador has claimed.

Professor Ted Malloch said that the senior Greek economists have asked about the possibility of gaining the greenback if the country stumbles out of this single currency.

He claimed that Athens is so lonely it is ready to tie itself to the U.S dollar in similar Puerto Rico terms if it means having the ability to quit the euro zone.

Prof Malloch also said that German leaders one of them being Angela Merkel were freaked out at the disgusting possibility to lose Greece to the rival currency that would be a devastating ditch to the European Union project.

Testing Greece temporarily to U.S.D would be a way for the Athens’ authorities to probably ensure that its euro does not completely sink if it abandons the euro zone, in the same way as would occur with the reissued drachma.

Critics, however, may argue that the country would be escaping from the frying pan, into fire itself, as it would be simply trading a currency it has got no control over the other.

Greek broadcaster, Prof Malloch, in an interview said that it would be best for the citizens of the country if indeed it quits the eurozone. He also added that the situation at hand is simply unsustainable.

Prof Malloch told Skai TV that he knows some of the Greek economists who have even gone a mile to leading think tanks to have a discussion of this topic and the dollar issue questions in the US.

“Such a topic scares the Germans since they really do not want to hear ideas of the same.” He said.

On the debt crisis going on, Prof Malloch added that Greece might have the responsibility of severing ties and also do Grexit and then exit the euro. He also continued that it wants debt restructuring and it really needs the debt relief, I know European people do not want to hear such.

According to him, they need to decrease the debt which is overhanging meaning that sincerely something that individuals in Germany and other places have not been having the ability to accept, meaning a haircut to lenders and also to Germany banks and definitely, at least in his perspective, going back to the drachma. Hence the problem is how and who will do the managing of that transition, to escape all the instability and chaos.

World leaders are stuck in the frantic talks consuming Greece’s finances and yet again in this month, the country is almost running out of money unless a new bailout package to be agreed.

Agreements of the previous sessions have insisted Greece to agree to devastating austerity measures that have gutted its economy, also they have been seriously propped up with the German currency.

Indeed Greece’s debt has currently got so huge, including the issue of weariness is being so high on both of the sides of the talks, in that there now exist fears that a deal will not be accomplished as promised, making the country crash out of the currency.

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