Alan Greenspan, the former chair of the U.S. Federal Reserve, told BBC on Sunday that it is “just matter of time” before Greece leaves the eurozone because of its struggling economy, according to Buzzfeed.
Greenspan has said he’s doubtful of the new anti-austerity government of Prime Minister Alexis Tsipras will be able to renegotiate the terms of its bailout with European creditors because “all the cards are being held by the members of eurozone.”
“I don’t think it will be resolved without Greece leaving the eurozone,” Greenspan said.
“I believe [Greece] will eventually leave. I don’t think it helps them or the rest of the eurozone — it’s just a matter of time before everyone recognizes that parting is the best strategy.
“The problem is that there there is no way that I can conceive of the euro of continuing, unless and until all of the members of eurozone become politically integrated — actually even just fiscally integrated won’t do it.”
Prime Minister Alexis Tsipras commented, “We need an honest negotiation with our partners that does not condemn the greek economy and society to unending recession.”
“We aim to work with our partners in Europe to achieve these goals. What we will not negotiate is the history and the dignity of our people”
Tsipras emphasized, “Greece wants to service its debt, which is now over 180% of GDP. It’s impossible to service as long as our partners insist on austerity.”
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