Armageddon - for Greece, the euro zone and the EU?

27 July 2012
Janis A. Emmanouilidis (Director of Studies) and Fabian Zuleeg (Chief Executive and Chief Economist)

The voices calling for Greece to exit the euro zone have become louder, including among prominent members of the German government. However, Europe needs Greece to stay in the euro: not only because it is economically the least costly and least risky option, but also because it is the only way to sustain the real achievements of the European integration process: a European Union which safeguards not only the prosperity of the economically strongest, but also peace, prosperity and democracy for all its citizens.