Economy

xchrom

(108,903 posts)

10. Krugman's Advice to Cyprus: 'Leave the Euro. Now.'

Reply to Tansy_Gold (Original post)

Wed Mar 27, 2013, 09:30 AM

Mar 2013

http://www.commondreams.org/headline/2013/03/27

Students take part in an anti-Troika protest outside the Presidential palace in Nicosia March 26, 2013. (Photo: Reuters/Yorgos Karahalis)

Asked to put aside the obstacles of political reality or feasibility and simply offer his unadulterated advice to the nation of Cyprus, Nobel-winning economist Paul Krugman spoke bluntly and plainly by agreeing to say what he would do if it was up to him.

"Cyprus should leave the euro. Now," Krugman said on Tuesday.

As the banks in Cyprus remain closed and public opposition to the bailout deal being orchestrated grows, Krugman explained why he (and many others) support the idea of an exit.

"The reason is straightforward," He continued. "Staying in the euro means an incredibly severe depression, which will last for many years while Cyprus tries to build a new export sector. Leaving the euro, and letting the new currency fall sharply, would greatly accelerate that rebuilding."

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STOCK MARKET WATCH -- Wednesday, 27 March 2013 [View all] Tansy_Gold Mar 2013 OP

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NOT on my life! Demeter Mar 2013 #51

**sigh** amandabeech Mar 2013 #52

I agree, and that's too bad. I remember a posting on the old site, jtuck004 Mar 2013 #53

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I long for the reasonable sanity in the old DU2. We must learn to..... Hotler Mar 2013 #16

It's the appalling ignorance Demeter Mar 2013 #18

Beyond appalling Tansy_Gold Mar 2013 #49

Krugman's Advice to Cyprus: 'Leave the Euro. Now.' xchrom Mar 2013 #10

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Even-handedness of Krugman is more like Tansy_Gold Mar 2013 #50

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