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Eurozone exit could send Greece back to 1950's

Hellenic Federation of Enterprises (SEV) president Dimitris Daskalopoulos warned this week that if Greece proves to be "unable, or too weak to keep up with the hard European core, they eventually will be forced to leave the Eurozone"

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Eurozone exit could send Greece back to 1950's

Hellenic Federation of Enterprises president Dimitris Daskalopoulos.

11 Sep 2011

Hellenic Federation of Enterprises (SEV) president Dimitris Daskalopoulos warned this week that if Greece proves to be "unable, or too weak to keep up with the hard European core, they eventually will be forced to leave the Eurozone".

Speaking at an event entitled Greece Ten Years Ahead hosted by management consulting firm McKinsley and Co, Daskalopoulos added that if this happens, "the country will return to the 50s, poverty will be the rule and the people will be condemned to live in one of the poorest countries. All acquisitions won over the past decades and future prospects for the new generations will be lost. This is a nightmare scenario that will have to be prevented."

He said that it is not a coincidence that our partners, international organisations and global markets foresee a decade of low growth, high unemployment and social distress for Greece, adding that "by forecasting annual growth rate under 1.5 per cent they condemn us to the economic fringes of Europe, if not forcing us to exit the Eurozone".

Daskalopoulos stressed that the only way to salvage the country is to implement strict fiscal discipline; curb consumer extravagance; focus on production oriented economy, extroversion and investments and ensure survival through a long phase of intensive economic growth.

Source Athens News

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