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European Central Bank

Why Greeks should dump the euro

Why Greeks should dump the euro

By electing left-wing Syriza party leader Alexis Tsipras to be premier, Greeks voted to end the draconian economic measures imposed by Germany and other international lenders. After the dust settles, German Chancellor Angela Merkel will either backpedal on the austerity imposed on Athens or accept Greece's exit from the euro. When the single currency was established in 1999, prices, bank accounts and debts in each member state were translated from domestic currencies into euros at prevailing exchange rates. Prices for most products that were traded within the Eurozone reasonably reflected differences in productive efficiency and wages among its members. However, owing to differences...