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http://www.spiegel.de/international/business/0,1518,809341,00.html
"The debt-ridden countries don't just have to reduce their debts. They also have to revamp their economies," Reitzle says.
SPIEGEL: Mr. Reitzle, 2012 is viewed as a watershed year for the euro. Do you fear that the European common currency will break apart?
Reitzle: The euro will not break apart -- and certainly not in 2012, because all politicians are determined to keep the euro zone together. Greece, however, is a different story. The country is incapable of structuring itself in such a way that it can remain in the monetary union.
SPIEGEL: So Greece has to leave the euro zone?
Reitzle: Yes, in the medium term Greece must leave. And the country's debts will ultimately have to be written off at 100 percent, not at 50 or 70. In addition, we will have to pay even more money as long as Greece is in the euro zone, because it is not capable of making ends meet on its own. All in all, this is a €500-billion ($635-billion) problem.
"The debt-ridden countries don't just have to reduce their debts. They also have to revamp their economies," Reitzle says.
SPIEGEL: Mr. Reitzle, 2012 is viewed as a watershed year for the euro. Do you fear that the European common currency will break apart?
Reitzle: The euro will not break apart -- and certainly not in 2012, because all politicians are determined to keep the euro zone together. Greece, however, is a different story. The country is incapable of structuring itself in such a way that it can remain in the monetary union.
SPIEGEL: So Greece has to leave the euro zone?
Reitzle: Yes, in the medium term Greece must leave. And the country's debts will ultimately have to be written off at 100 percent, not at 50 or 70. In addition, we will have to pay even more money as long as Greece is in the euro zone, because it is not capable of making ends meet on its own. All in all, this is a €500-billion ($635-billion) problem.
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