The LBJ School of Public Affairs of the Universtiy of Texas hosted a two-day conference on the fate of the eurozone on November 4 and 5. Political leaders and policy experts were asked to examine whether “Can the Eurozone Be Saved?” and what alternative policies could keep the Eurozone intact.
Taking the podium, Alexis Tsipras layed out a possible scenario of how the economic dynamics within the Eurozone will play out, should his party SYRIZA come to power: “Our future government, the SYRIZA government will not be alone. It is not going to be a negotiation between Greece and Germany, it is going to be a clash of the forces of growth and employment on one side and the force of austerity and merkelism in Europe on the other side”.
“The eurozone may have been a mistake. Its treaties and charters are flawed and should change fundamentally. Some say that certain countires should perhaps not have joined. we could debate these matters, but i prefer to let the historians do that. they do not matter today. today the ez exists, we have an economic union and a common currency and the immediate alternatives are worse.
An exit would not benefit any crisis state. On the contrary it could trigger grave new problems, the management of an unstable new money, bank runs, inflation, flight of capital and flight of people. For this reason alone Greece should not exit the eurozone. But there is a second reason: An exit by Greece would be a disaster for Europe. This is something that deep down everybody knows. For the moment one country leaves the markets and the speculators will start asking who is next. They will be saying to each other as you say in Texas 'game on'. it's a process that once started can not be stopped. no matter how small the departing country may be, no matter whether it leaves voluntarily or is pushed out”.
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