Expert comment: Andrew Tyrie ‘calls for Greece to quit euro’

Dr Fragkiskos Filippaios, a University of Kent expert in international business and the Greek economy, comments on Tory MP Andrew Tyrie’s suggestion that Greece should leave the euro.

Financial Times – ‘Senior Tory MP calls for Greece to quit euro
The Independent – ‘We must prepare for Greek exit, says Andrew Tyrie

“Greece should not leave the Euro: Greece provides the best opportunity to other members of the Eurozone to convince international markets that the single currency, despite its many problems, is here to stay. If Greece leaves the common currency, then all possible scenarios are open. There is no guarantee that Spain, Italy and Portugal will not follow reducing considerably the size of the single currency area. This will have two effects: Firstly, it will leave the single currency area with a very strong currency and thus hurting primarily German exports to the rest of the world. Secondly, it will reduce significantly the size of European markets that Germany currently has access to. This will lead to a significant effect in the growth potential of the German economy and consequently to the rest of the world. High inflation rates, further recession and uncertainty will be the main outcomes of a potential Eurozone disintegration. Eurozone members need to make a decision on the future of European integration. Keeping Greece within the Eurozone at this point indicates the strong commitment to move European integration forward.”

Dr Filippaios, of the University’s Kent Business School (KBS), has worked as a consultant for the Ministry of Development in Greece and published in internationally recognised academic journals. Currently, he contributes to KBS’ undergraduate, postgraduate and executive teaching as well as to the design of new programmes. He also acts as a reviewer for various international journals, is an Association of MBAs Accreditation panel member and also an active member of the Academy of International Business and the European and International Business Academy.

For Dr Fragkiskos Filippaios‘ previous expert comment, ‘Will Greece leave the Euro?’ click here.

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