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Greenspan on Greece

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    Greece's departure from Eurozone is 'inevitable', Alan Greenspan says
    Alan Greenspan, the former head of the US Federal Reserve, says it is only a 'matter of time' before Greece is fored out of the Eurozone



    Alan Greenspan says it is inevitable Greece will leave leave the Eurozone Photo: Reuters

    By Steven Swinford, Deputy Political Editor

    3:09PM GMT 08 Feb 2015

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    Greece will be forced to leave the Eurozone because the rest of Europe will be unwilling to put up more loans to bolster its struggling economy, the former head of the US Federal Reserve has warned.

    Alan Greenspan, chairman of the Federal Reserve between 1987 and 20006, said that it is "just a matter of time" before "everyone" recognises that it is time for Greece to leave the Eurozone.

    He told BBC Radio 4's the World This Weekend: "I believe [Greece] will eventually leave. I don't think it helps them or the rest of the eurozone – it is just a matter of time before everyone recognises that parting is the best strategy.

    "The problem is that there there is no way that I can conceive of the euro of continuing, unless and until all of the members of eurozone become politically integrated – actually even just fiscally integrated won't do it.

    "Greece is in the position that if they don't get additional loans then they will default and leave the Euro. At this stage I don't see any people who are willing to put up the funds having been disappointed so often.

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    "It's not their decision. All the cards are being held by the members of the Eurozone."

    He said that he does not believe that the Eurozone can stay together without greater politicial union. "I would say short of a political union I find it very difficult to forsee the Euro holding together in its current form," he said.
 
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