by Malcolm Curtis |swissinfo.ch |December 2, 2011
Greece and other “peripheral” countries will likely abandon the eurozone in a bid to salvage their economies, says American political scientist Francis Fukuyama.
“The current path, it seems to me, is just not sustainable,” the influential academic and writer told a media conference at the Geneva Press Club on Wednesday. “Either the EU will deepen into a fiscal union or it will start breaking up, or at least the monetary part of it will break up.”
His comments came on a day when six major central banks — including the Swiss National Bank — announced coordinated measures to ease the risk of a credit crunch linked to the debt crisis in the eurozone. The European financial system has come under intense pressure over the high debt of governments in Greece and other countries, such as Spain and Italy.
“It’s more likely that Greece and some of these other peripheral countries are… going to wake up to the fact that they don’t have a way to grow unless they get out of the euro,” said Fukuyama. “And so they’re going to leave.”
To read more, check the swissinfo.ch website.