The Euro Debacle
Images left to right: Maria Draghi, President of the European Central Bank Joseph Stiglitz, Nobel laureate and professor, Columbia University, New York Germany's Finance Minister Wolfgang Schäumble "Rules Out Greek Debt Cut as Violation of EU Rules," Bloomberg February 29, 2017 Alexis Tsipras, Prime Minister of Greece "lays the blame on Brussels for crippling Greek economy" (EXPRESS September 12, 2016 Jeroen Dijsselbloem, newly elected President of the Eurograoup and Dutch Finance Minister "is unlikely to keep his role as Dutch finance minister and could therefore leave the Eurogroup."
Joseph Stiglitz, Nobel economics laureate, predicted in an interview out on October 5, 2016, reported on
Reuters, that Italy and other countries would leave the euro area
in coming years (he might be wrong), and he blamed the euro and German austerity policies for Europe's economic problems. (He might be right.)
"There will still be a euro zone in 10 years, but the question
is, what will it look like?" "The people in Italy are increasingly disappointed in the euro," Stiglitz was quoted as saying. "Italians are starting to realize that
Italy doesn't work in the euro," he added. He said Germany had already accepted that Greece would leave the euro zone, noting that he had advised both Greece and
Portugal in the past to exit the single currency. Now Germans are worried about a shift away from austerity in southern Europe, the loose money policies of the
European Central Bank and the rise of the right-wing "Alternative for Germany" (AfD) party.
"He told Time magazine, in no uncertain terms, that the International Monetary Fund and European Union banking officials should be held 'criminally responsible'
for the mess Greece is in."
Business Insider, June 29, 2015.
See also IICPA's open letter
to ECB, Eurogroup, IMF re "Ä 9.5 Trillion ECB Ė Euro Area Sovereign Debt Swap, 17 July 2015