Greek Prime Minister Antonis Samaras faces an election test (photo: dpa)

Greek economic crisis could be catalyst for change in Europe

The latest economic crisis in Greece has led to a snap general election being called on January 25 as a vote of confidence in the current government. A new left-wing, anti-European Union government may seize power and this could lead to change in the eurozone and its bailout procedures.

<i>Greek public debt is clearly unsustainable, even though the Greek economy has stabilised during 2014 and shown timid signs of improvement. Recovery is insufficient to bring its debt under control. The options are therefore limited - a new bailout, a default without leaving the euro, or a return to the dracma and, possibly, debt-monetisation. The EU authorities are hesitant to engage in yet an...

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Professor Enrico Colombatto
The Greek difficulties and the EU reaction, or lack of it, could open a new era for the euro
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