Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Eurozone may have to expel Greece: Poll
Published in The Saudi Gazette on 15 - 02 - 2010

A majority of Germans want debt-ridden Greece to be thrown out of the eurozone if necessary and more than two-thirds oppose handing Athens billions of euros in credit, a poll published on Sunday showed.
Vocal opposition to aid for Greece from members of Chancellor Angela Merkel's coalition also grew at the weekend with several senior politicians expressing scepticism, especially as Germany's own recovery is fragile.
The Emnid poll for Bild am Sonntag newspaper showed 53 percent of Germans asked said the European Union should, if necessary, expel Greece from the euro zone.
Athens has struggled to convince investors it is tackling its debt crisis and markets are nervous about a default.
EU leaders discussed the issue last week and offered words of support but failed to outline concrete steps, further unsettling markets. Euro zone finance ministers are expected to discuss Greece again on Monday and Tuesday.
Merkel has adopted a cautious stance on support, saying while Greece will not be left on its own, it is up to Athens to sort out its own problems.
The poll also showed 67 percent of Germans did not want Germany and other EU states to give billions of euros in credit to Greece.
“If we start now, where do we stop?” Michael Fuchs, deputy head of Merkel's conservatives in parliament, told Welt am Sonntag newspaper.
“I can't explain to people on unemployment benefit that they won't get a cent more but Greeks can draw a pension at 63.”
In her first term, Merkel raised Germany's retirement age to 67 from 65 in an effort to rein in the deficit to meet EU goals.
Merkel's coalition partners, the pro-business Free Democrats (FDP) are even more resistant to helping Greece.
“Solving this problem cannot be about aid for Greece,” FDP budget expert Otto Fricke told Welt am Sonntag. “If anything, it's about keeping any damage away from German tax payers.”
Germany suffered its sharpest post-war recession last year and the upturn in Europe's biggest economy stalled in the fourth quarter, data showed on Friday. Such data fuels economists' warnings about helping Greece.
Former European Central Bank chief economist Otmar Issing, who has played a leading role in advising Berlin during the credit crisis, said financial support for Greece from euro zone countries would be misguided.
“That is the way to the whole building subsiding,” Issing told Welt am Sonntag, adding Greece had to take further steps itself, pointing in particular to the generous pension system. Harvard University economist Kenneth Rogoff even warned Germany could face similar problems to Greece. “Germany's public finances are not on a sustainable path,” Rogoff told Welt am Sonntag. “There will come a time when Germany will have its own Greece problem ... it won't be as bad as in Greece, but it will be painful,” said Rogoff.
Germany's budget deficit is forecast to grow to 5.5 percent of gross domestic product in 2010 and Merkel has vowed to consolidate the deficit as soon as the recovery allows.
However Rogoff, a former International Monetary Fund chief economist, said helping Greece was unavoidable.
“As long as Germany isn't ready to kick Greece out of the euro zone, it must help,” said Rogoff who also said an option would be for the Greek government to secure bridging credit.


Clic here to read the story from its source.