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French President François Hollande said on Monday that "Greece alone" can decide on whether to stay in the euro, writes Anne Penketh, a Guardian correspondent in Paris. Hollande was asked about a German report over the weekend that Chancellor Angela Merkel would let Greece leave the single currency, during an interview on France-Inter radio. But he said that the Greeks were "free to decide their government" in the forthcoming elections, and that "as for Greece remaining in the eurozone it's up to Greece alone to decide." He noted that both Greece and Spain had "paid a heavy price" to keep the European currency, and that there had been a "radical" reaction from fringe parties. But he played down the danger of electing the radical Syriza party in Greece and Podemos in Spain, saying that they could not be compared to the risks from the extreme-right. And if the radicals were elected in either country, he added, they would have to stick to the commitments of previous governments, in particular regarding the management of debt. He added that "the rules governing the euro," should be respected. Hollande used the turmoil in Greece to reaffirm that the EU now needed to ditch its unpopular German-led austerity policies. "Europe can't be identified with austerity, now that the euro has been stabilised," he said. Asked about the divergence between Germany and France on austerity measures, he announced that he would meet Merkel and the President of the European parliament, Martin Schulz, next Sunday to discuss "the future of Europe and Franco-German relations".
French President François Hollande said on Monday that "Greece alone" can decide on whether to stay in the euro, writes Anne Penketh, a Guardian correspondent in Paris.
Hollande was asked about a German report over the weekend that Chancellor Angela Merkel would let Greece leave the single currency, during an interview on France-Inter radio. But he said that the Greeks were "free to decide their government" in the forthcoming elections, and that "as for Greece remaining in the eurozone it's up to Greece alone to decide."
He noted that both Greece and Spain had "paid a heavy price" to keep the European currency, and that there had been a "radical" reaction from fringe parties. But he played down the danger of electing the radical Syriza party in Greece and Podemos in Spain, saying that they could not be compared to the risks from the extreme-right. And if the radicals were elected in either country, he added, they would have to stick to the commitments of previous governments, in particular regarding the management of debt.
He added that "the rules governing the euro," should be respected.
Hollande used the turmoil in Greece to reaffirm that the EU now needed to ditch its unpopular German-led austerity policies. "Europe can't be identified with austerity, now that the euro has been stabilised," he said.
Asked about the divergence between Germany and France on austerity measures, he announced that he would meet Merkel and the President of the European parliament, Martin Schulz, next Sunday to discuss "the future of Europe and Franco-German relations".
The German government has poured more cold water on that Spiegel story that Angela Merkel is ready to see Greece exit the eurozone. Via the wires: German govt spokesman says there is no change in stance of the German govt towards Greece. German finance ministry spokesman, we expect Greece to stick to its commitments. German govt spokesman says Greece has long-term commitments, a new govt will not change that.
The German government has poured more cold water on that Spiegel story that Angela Merkel is ready to see Greece exit the eurozone.
Via the wires:
Gabriel told the Hannoverschen Allgemeinen Zeitung that the German government's goal was to see Greece stay in the Eurozone, but that it also expected Athens to fulfill its promises to the EU. Regardless of who forms the next government, we expect that they stick by the agreements made with the EU. The Eurozone is considerably more stable and robust than it was several years ago, which is why we can no longer be blackmailed.
Gabriel told the Hannoverschen Allgemeinen Zeitung that the German government's goal was to see Greece stay in the Eurozone, but that it also expected Athens to fulfill its promises to the EU.
Regardless of who forms the next government, we expect that they stick by the agreements made with the EU. The Eurozone is considerably more stable and robust than it was several years ago, which is why we can no longer be blackmailed.
Gabriel erwartet Vertragstreue von Griechen / Deutschland / Welt / Politik / Nachrichten - HAZ - Hannoversche Allgemeine
,,Deshalb sind wir übrigens auch nicht erpressbar,
"And btw that's alswo why we can't be blackmailed." The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
Speaking at his party congress on Saturday, Alexis Tsipras, leader of Syriza, vowed to end "unreasonable and catastrophic"austerity. He said a Syriza-led government would write down most of the nominal value of Greece's debt. That's what was done for Germany in 1953, it should be done for Greece in 2015.
Speaking at his party congress on Saturday, Alexis Tsipras, leader of Syriza, vowed to end "unreasonable and catastrophic"austerity.
He said a Syriza-led government would write down most of the nominal value of Greece's debt.
That's what was done for Germany in 1953, it should be done for Greece in 2015.
Just what Merkel and Schäuble needed: a potential Greek PM who can return 'Pacta sunt servanda' straight to sender...
German inflation fell to 0.1% in December, its lowest level in five years, according to figures just released by the Federal Statistics Office. The figure was below economists expectations of a 0.2% increase in prices.
German inflation fell to 0.1% in December, its lowest level in five years, according to figures just released by the Federal Statistics Office.
The figure was below economists expectations of a 0.2% increase in prices.
Eurozone membership is "irrevocable", the European Commission said today (5 December), after media reports about Greece leaving the single currency that triggered strong reactions in Athens. EurActiv Greece reports. Der Spiegel reported this weekend that Berlin considers "Grexit" almost unavoidable if the left-wing Syriza opposition party, which steadily leads all opinion polls, wins Greece's parliamentary elections on 25 January. Commission spokeswoman Annika Breidthardt, told reporters today that, according to the EU treaty law, "euro membership is irrevocable".
Eurozone membership is "irrevocable", the European Commission said today (5 December), after media reports about Greece leaving the single currency that triggered strong reactions in Athens. EurActiv Greece reports.
Der Spiegel reported this weekend that Berlin considers "Grexit" almost unavoidable if the left-wing Syriza opposition party, which steadily leads all opinion polls, wins Greece's parliamentary elections on 25 January.
Commission spokeswoman Annika Breidthardt, told reporters today that, according to the EU treaty law, "euro membership is irrevocable".
Also, while a nation can withdraw, the EU treaties make no provision for the expulsion of a member nation.
(http://en.wikipedia.org/wiki/Withdrawal_from_the_European_Union - since I'm not on my own machine right now I can't quote using Tribext.)
A Grexit ain't gonna happen. At least not within a timeframe that has any immediate relevance. The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
Greece could state that they accept Drachmas, which they would use to pay salaries, and not contravene to the obligation of using the euro. Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
http://ec.europa.eu/economy_finance/euro/cash/legal_tender/index_en.htm
Within the euro area, only the euro has the status of legal tender. This results from the fact that the money used in a monetary system does only have the status of legal tender if it is provided for under the respective monetary law.
Theoretically, I suppose, Greece could issue some kind of scrip à la Wöhrl:
Yet, contractual parties are free to agree to use in transactions other official foreign currencies with legal tender status in the state of issuance, e.g. the Pound Sterling or the US Dollar. The same applies to privately issued money like local exchange trading systems (e.g. voucher-based payment systems in certain communities) or virtual currency schemes (e.g. Bitcoin). Although these are not official currencies and have no legal tender status, parties can agree to use them as private money and without prejudice to the official currency (euro or national currency) being the sole legal tender.
However, it would seem to me that it would be difficult to decouple the value of the scrip from the euro. The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
it would seem to me that it would be difficult to decouple the value of the scrip from the euro.
In principle, maintaining a dual currency system is a major inconvenience. In practice, Gresham's Postulate will usually suffice to keep the hard currency out of general circulation. And even if it does not, operating a dual currency system is a considerably smaller inconvenience than regular major industrial depressions, which is the result of the current mismanagement of the eurosystem.
- Jake Friends come and go. Enemies accumulate.
A country that fails its obligations can be sued in Court by the Commission and get to pay a fine. Happens all the time and have never resulted in country leaving the EU or being expulsed. Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
So if Greece starts using something else, Greece fails its obligations.
After the Troika (which includes the commission and the ECB) failed on their promises for restructuring the debt.
After the ECB, the Commission and the Eurogroup totally ignored that the social protocol talked about social protection and not about destroying it.
After the ECB used a 3% deficit rule that the Italian minister at the time claims were non-binding to bludgeon member states with trade deficits into giving up powers that never belonged to the Troika.
All in all, there are a number of vioaltions and if Greece defends itself with vigor a case before the Court can be interesting. Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
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