German Finance Minister Wolfgang Schauble at the start of a special Eurogroup finance ministers meeting on the Greek crisis, at the European Council headquarters in Brussels, Belgium, 12 July 2015. Eurozone Finance Ministers set 12 July 2015 as the deadline to reach an agreement saving Greece from bankruptcy, amid warnings that failure to strike a deal by then could lead the country to crash out of the eurozone.
According to the German newspaper, Handelsblatt, a number of German economists disagree with the Finance Minister, Wolfang Schauble, and his plan for a Greek “time out” from the Eurozone. Peter Bofinger, the only Keynsian of the German Council of Economic Council, has stated that “time out” for Greece would lead to a hyperinflated drachma. Michael Hüther, the director of the the Institut der deutschen Wirtschaft – a think tank – and formerly the chief economist of DekaBank has said that going ...
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