{"id":1199,"date":"2015-09-07T16:30:39","date_gmt":"2015-09-07T21:30:39","guid":{"rendered":"http:\/\/www.helleniclink.org\/?p=1199"},"modified":"2015-09-07T16:32:28","modified_gmt":"2015-09-07T21:32:28","slug":"bulletin-129","status":"publish","type":"post","link":"https:\/\/helleniclink.org\/?p=1199","title":{"rendered":"Bulletin #129"},"content":{"rendered":"

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Editorial Committee<\/span>: Achilleas Adamantiades,<\/strong> Dimitri Dandolos, Alex Economides, Gerasimos Merianos\u00a0 Panagiotis Siskos, Stella Tsirka;\u00a0\u00a0\u00a0 \u00a0Associate Editor\u00a0: Dean C. Lomis, Acting Editor: Costas Efthymiou<\/strong><\/p>\n

No. 129\u00a0 May-June 2015<\/strong><\/span><\/p>\n

Member Update-<\/span> BULLETIN<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n


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At this time of financial tribulation tormenting the people of Greece, the entire Hellenism, both within and outside its geographical Helladic limits, are similarly suffering and deeply exasperated seeking to extricate themselves from the long ordeal they have been experiencing. They all wish strongly that an effective and permanent solution to the immense national debt is reached so that the country can resume its course towards development and prosperity, and the Greek citizens become free from the shackle put on them by international lenders.<\/p>\n

In this Bulletin, we project the collective expression for concern of 13 outstanding experts, members of the academic community who, with the conviction of their expert knowledge of economic matters, recommend in the following Declaration urgent action they believe will lead to the abatement of the crisis. We are indebted to Prof. Nicholas Economides, one of the 13 signers of the Declaration, for kindly bringing to our attention the ponderous position.<\/p>\n


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Sign the Agreement Now!<\/span><\/strong><\/p>\n

We have reached the end of negotiation that took several months, which was associated with debilitating lack of liquidity for the Greek State and for the private sector, all with enormous uncertainty. If an agreement with the Europeans is not immediately reached, Greece will default, inside or outside the Eurozone. Grexit would be a total disaster, involving collapse of the banking system due to massive withdrawals, high inflation, tremendous loss of purchasing power for the Greek population, shortages of basic goods, and marginalisation of the country. Even a default within the Eurozone would soon lead to Grexit, since it would be extremely difficult for any Greek government to handle it. It would require enormous support from the ECB, which would not be forthcoming. In a short time, the Greek government \u2014 voluntarily or under pressure \u2014 would transition to the new Drachma. Thus, both types of default (inside and outside the Eurozone) will lead to the total disaster associated with the new Drachma.<\/p>\n


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A last-minute agreement will be far from perfect and without the necessary structural reforms. However, it will be much better compared to the chaos of default and Drachma. The Greek government must sign this agreement now!<\/p>\n


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