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European Summit should confirm that all Eurozone countries will stay the Euro

Capital Vision Speech

At a conference “Capital + Vision” on the topic of “The development of the Greek economy : when and how?” , held in Athens on Sept.29, former European Commissioner Anna Diamantopoulou, proposed a particular initiative by the European Council. She said:

The crisis of public dept soon turned into a threat of exclusion of Greece from the euro and lead to o question of existence for the Eurozone.

The European leadership faced with the dilemma “unification or break up”, seems to have decided on “economic and political unity” , after all the recent decisions at European level.

We need to put an end to all threats and statements, at different levels, on the exclusion of Greece from the euro. As long as this scaremorgening is continued, there is no chance for economic recovery, no chance for development, even if all the upcoming austerity measures are imposed and fully accepted.

It will be impossible to attract foreign investment, non feasible any small or major internal investment. There will hardly be any interest for the return of money deposits to the greek Banks,

It is necessary, I believe, that the Greek government – with the support of all Greek political parties and the European parties to which they belong – should ask that the Conclusions of the upcoming European Summit confirm its will to defend the cohesion of the Eurozone and its integrity, that is confirm that all eurozone countries will stay with the euro , according to the EU treaties and the interests of the people of the European Monetary Union. In simple terms, the European Council should make absolutely clear to all concerned that no country will leave the Euro…”

After fully analyzing the overall situation in the Greek economy and making her proposals on what she considers necessary for the greek government to do,   Ms Diamantopoulou added in her closing statement on the particular issue:

Growth about which everyone talks in Greece and Europe, needs a “proper climate” and “money”. To attract private capital and eventually public borrowing we need to achieve a “climate” of stability both in terms of internal political conditions in Greece and in terms of our currency.

No one does business if he is not sure which currency he will be dealing in. To put now, an end to all the uncertainty on the Euro and its future, the European Summit must affirm in an unequivocal and convincing manner that there is no way back to the Drachma, the Deutschmark or the Italian Lira. Bargaining on the Greek adjustment program, perished before seeing daylight and the extension of its implementation is irrelevant without a firm decision on the support of the Euro.

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Anna Diamantopoulou, 2012. Content is distributed with a CC A-NC-ND-Gr-3.0 licence

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