Economics: Where does Greece go from here?

Weeks of protests continue over the Greek Government's austerity measures (photo: dpa)
Weeks of protests continue over the Greek Government's austerity measures (photo: dpa)

GIS expert Professor Dr Christoph Schaltegger, an economist, author and academic who specialises in the economics of Europe, takes a look at Greece's present position in the eurozone in this Question and Answer session.

What future does Greece face if it remains in the eurozone – given its level of debt?

To solve the problem of excessive indebtedness, Greece has first to strengthen its growth potential considerably – with or without a sovereign default. That means internal devaluation by wage cuts, public spending cuts, cuts in social security spending and deregulation. Second, austerity measures to cut the public sector are needed in order to meet the requirements of fiscal...

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