Question: Should Germany\r\nbail Greece out? 


Ernst Weizsäcker:\r\nIn some way by deciding 10 years ago on the introduction of the common\r\ncurrency, the Euro, Germany has made a commitment of bailing out, be it\r\nindirectly through the International Monetary Fund, or more directly through\r\nthe European Bank.  But, I once\r\ncalculated the amount of the Greek deficit compared with the Gross National\r\nProduct of Europe, and this is less than 1/2 percent.  So, I would call it alarmist to say this 1/2 percent of the\r\nEuropean, of the Euro’s own GDP lets the Euro collapse.  This is absurd.  If you compare that with financial\r\nrisks incurred by the American state in certain war adventures or in the\r\nfinancial crisis, or wherever, those are much higher percentages leading indeed\r\nto a weak dollar, that’s correct, but the European industry is only happy if\r\nthe overvaluing of the Euro finally finds an end.  So, I am not in a state of alarm.

Recorded on April 9, 2010 


It’s alarmist to say that one-half of a percent of the euro's G.D.P. could cause the collapse of the currency.

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