Foreign Μedia: Α possible grexit is manageable

"Antonis Samaras warns of Euro Exit Risk as Greek Campaign Starts", says Bloomberg agency, commenting the first speech of the Prime Minister for 2015.
"Many European officials believe a Greek exit would be manageable, and in contrast to 2010-2011, we wouldn't see the same cascading effect on countries like Spain or Ireland," said Fredrik Erixon, director of the European Centre for International Political Economy in Brussels.

Tsipras, in a speech on Jan. 3, vowed to restructure the nation's debt and end what he called the "unreasonable and catastrophic" austerity policies. Greece will "write down on most of the nominal value of debt, so that it becomes sustainable," Tsipras said.

An article of the German magazine «Spiegel» says that Merkel and Schäuble can address a possible Greek exit from the eurozone.

The article stresses that the German Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble, can face such a move because of the progress made in the eurozone since the peak of the crisis in 2012.

Simultaneously, the risk of transmission to other countries is limited, since Portugal and Ireland have exited their respective rescue programs and have regain full access to markets, according to Spiegel.

Moreover, ESM (the permanent crisis resolution mechanism for euro area countries), is ready for the states, while banking union aims to ensure the safety of the larger banks, says Spiegel.

But in answer comes the article of the German Die Welt, which stresses that "Whoever believes that an exit of Greece from the euro is indifferent, should be warned: A" Grexit "would not be harmless. The Greeks know it and have strong nerves. A debt haircut becomes possible."

Editor: Katerina Tzavara