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Keskisuomalainen - Finland | Tuesday, June 30, 2015

Grexit inevitable

Leaving the monetary union could help Greece in the long term even if the Greeks suffer inititally, the liberal daily Keskisuomalainen writes: "If the financing [by the creditors] ends after a no vote in the referendum on Sunday, Athens will be left to its own devices. … Greece will probably leave the Eurozone one way or another. If it has its own currency it can devalue it and thus slowly regain competitiveness. In practice, having one's own currency results in a rapid and efficient impoverishment of the citizens, because the wages currently paid to the Greeks in euros are too high in proportion to the country's output, and the taxes are too low."

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