THE Greek government has been advised by British economists to leave the euro and default on its €300 billion (£255 billion) debt to save its economy.
Greece’s departure from the euro would prove disastrous for German and French banks, to which it owes billions of euros.
McWilliams called the move “virtually inevitable” and said other members may follow.
“The only question is the timing,” he said. “The other issue is the extent of contagion. Spain would probably be forced to follow suit, and probably Portugal and Italy, though the Italian debt position is less serious.
“Could this be the last weekend of the single currency? Quite possibly, yes.”
Is this the beginning of the end for the EU, a construction that started 50 years ago on the basis of an age-old utopia, but now proves unable to fulfil its promises? The answer, unfortunately, is yes: sooner or later, this will be inevitable, and possibly not without some violent turmoil. Unless it finds the capacity to start again on radically new bases, Europe is a dead political project.
– Etienne Balibar, The Guardian