Home / Business / German Finance Minister Predicts serious “Grexit” Threat if Greece doesn’t fix Debt Burden

German Finance Minister Predicts serious “Grexit” Threat if Greece doesn’t fix Debt Burden

If you have never experience the world “Grexit,” you’re not alone. By definition, it means:

Definition: If you haven’t seen this word, Grexit, for very long, you’re not alone. It’s a relatively newly-coined term created by Citigroup’s Ebrahim Rahbari and first published in an informational paper authored by him and Citi Chief Economist Willem Buiter. It combines “Greek” or “Greece” with the word “exit” and refers to the possibility of Greece leaving the Eurozone. The word has been picked up by media worldwide and it may well worm its way into the official lexicon. And it certainly has Greek roots beyond the obvious “Gr” – the word “exit” itself comes from the Greek “exodos”, meaning “going out”. You’ll see “exodus” marking the way out of Greek buildings. But the meaning here is very different.

In recent months, countries like Germany have been torn between the hardball economic necessity of future uncertainty in the European Union markets, as well as the wavering policy making of a failing Chancellor Angela Merkel over the last year with the refugee crisis, terrorist attacks like the lorry that crashed into the Christmas Market killing 12 and wounding 48, not to mention the series of attacks during the summer months, and now, a shift in policy from neighboring states like France with what could be a new Populist leader like Trump, Marie Le Pen….

After the Brexit vote to once again establish financial autonomy of the British Pound, the European Markets are shakier than ever in anticipation of who is going to go next… German Financial Minister Wolfgang Schauble has assured that he was very confident ‘‘Greece is on the right economic path.’‘

Although Greece has become a major burden for the European Union, the German Finance Minister had made these comments in light of an upcoming meeting between European Financial Leaders to discuss the dilemma of the Greece Debt Burden… Citizens of Athens, Greece claim that the taxes have become so inflated that it is nearly impossible to live and survive…. Finance Minister Schauble held firm on the debt burden, “Greece has to carry out reforms. If Greece carries out the reforms, there won’t be any problems… If they don’t, but let me stress that Greece is, then there will be problems,” Schauble said.

Schauble foresees problems if Greece doesn’t foot its own bill, a conflict that is sewing discord between Eurozone partners like it did at Brexit.

“No restaurant can survive in the current economic climate, even with my knowledge and experience. No restaurant can make it under this tax system,’‘ restaurant owner Yannis Kouzoupis said.

The International Monetary Fund (IMF) has advised that the Eurozone countries assist in the debt burden of Greece… Germany, as well as many of the stronger units in the EU, are resisting in Greece’s Debt Forgiveness unless the IMF contributes… Chancellor Merkel and Fund’s Director Christine Largarde are set to meet this Wednesday.

 

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