Forex trading

According to German news sources, Greece is contemplating on leaving to Euro to help prop up its ailing economy.  Going by what forex trading experts have said, Greece dumping the Euro in favour of its own currency may very well be the antidote to its economic woes.  By returning to its old currency, Greece would have the opportunity to lower its interest rates and boost tourism and exports.

Top European finance officials based in Luxembourg had been holding an emergency crisis meeting where they strongly denied claims that Greece would be turning its back on the Euro.  Spiegel Online, a German news outfit on the other believes that one of the agendas in the said meeting is the possibility of Greece’s returning to its original currency.  Despite the denials of Eurozone finance ministers, Spiegel Online, stands by its statement and says that it has documentary evidence that would prove its claim.  One piece of evidence that it has is a classified German Finance Ministry document that details Germany’s position against Greek’s planned move to abandon the Euro.

In the said document, Berlin expressed its strong opposition to the planned action of Greece as it would result to a drastic devaluation of the latter’s currency and may even in fact lead to bankruptcy.  Last year, Greece exercised strict austerity measures in order to qualify for a $140 billion bailout package from the International Monetary Fund (IMF) and fellow Eurozone members.  This loan was intended to help the country finance its groaning budget deficit.  The Greek public on the other hand were not in agreement with this action and as a response staged mass street demonstrations.

Ireland, a country that was able to dramatically transform its economy in just over five years and Portugal, a nation hobbled with high interest rates, are both requesting the Eurozone community for a bailout package.  Spain whose economy is in dire straits due to chronic unemployment and a recent real estate slump, expressed confidence that it would in the short term avoid falling prey to the eurozone debt crisis. 

In response to the economic turmoil happening all over Europe, leaders of the EU at a summit in Brussels last March vowed to restructure the zone’s finance architecture in order to avert debt crises that may happen in the future.