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University of Balamand > News > Archive > Greece's Future in the Eurozone


Greece's Future in the Eurozone

The Economics and Capital Markets Research Center at the Faculty of Business and Management, University of Balamand, organized a talk about "Greece's Future in the Eurozone” By Professor Theodore Katsanevas.

Professor Katsanevas discussed the present economic crisis in Greece based on his book “The Modern Greek Tragedy and the Necessary Grexit”. 

He argued that the joining of Greece to the Euro Zone in January 2002 was supposed to protect and develop its economy, however the opposite occurred.

He highlighted the eight years of economic catastrophe that Greece faced from 2008 to 2016 with thousands of businesses cutting down which was something they had never experienced in over 100 years. This was supported by a histogram showing the average yearly growth in Greece, in which the statistics showed that the euro was a total failure for them. 

He also stated that “even if we accept that part of the blame for the present deadlock is due to the viciousness of the political system, we must remember that the same political system existed also in the past in the Drachma years”.

He argued that the Greek tragedy is due to the strict policies imposed by Berlin stressing that “loans lead to more loans and dependency, adding that recession leads to more recession”.

In his opinion, the solution is to exit the euro zone and for the Greek government to follow strict movement and to adopt money supply regulations to avoid hyperinflation. 

Professor Katsanevas concluded by restating that Euro was created to ensure the development and to bring greater solidarity in Europe in addition to being a form of support for Greece, however, the exact opposite happened and it is time to think about its abolition.

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