Daimler’s Chief Executive Dieter Zetsche, in an interview with Reuters said that is against the ideea of keeping Greece in the euro zone at all costs and considers that the Euro currency will be capable to survive even if Greece is forced to exit and return to Drachma.
“It depends on how you define the word, but I wouldn’t consider one link splitting off from the rest as a ’break-up’ of the euro zone,” Chief Executive Dieter Zetsche told Reuters.
“Creating one bailout fund after the other won’t help if Greece economically cannot return to the level of the rest of Europe over the next 10 to 20 years.”
The report comes shortly after the CEO of Commerzbank Martin Blessing said Greece should declare insolvency and restructure its debt to calm down financial markets.
“It has to become clear that states have only two options: Either they service their debt as agreed or they declare insolvency with all the tough consequences”, the newspaper quoted Blessing as saying.
That’s possible if the troika of international inspectors–the European Union, the International Monetary Fund and the European Central Bank–doesn’t pay out the next tranche of aid, he added.
In addition, Blessing said Europe can’t afford to bail out countries such as Italy, which needs to salvage itself.
Italy needs drastic political measures,” Blessing told reporters in a speech at the Hamburg club for business journalists last night. “Italy must rescue itself.”
New car sales in Greece declined again in October to 5,023 vehicles – down 35.7 percent from 7,807 in October 2010. It is the lowest month since 1985, The Association of Motor Vehicle Importers said.
Greece has been surviving since May 2010 on a first euro110 billion ($152 billion) bailout.