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The Wall Street Journal - U.S. | Monday, June 29, 2015

Global perspectives: Return to drachma not an option

The creditors must not give in to Athens now, the liberal daily Wall Street Journal urges, reminding the Tsipras government of the consequences of leaving the Eurozone: "Optimists claim a return to a cheaper drachma would be good for tourism, but that would come with a huge decline in living standards. Greeks who owe debt in euros but suddenly earned income in drachmas would be crushed. Another deep recession would be inevitable. ... Appeasing Syriza's demands could spread political contagion to Spain, Portugal and other countries that might think they too can avoid reform and still be rescued. A last-minute reprieve is possible, but if not the Greeks will have committed suicide by ignoring economic reality."

» To the complete press review of Tuesday, June 30, 2015

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