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Economy

Germany’s Merkel Suggests Greece Could Be Dumped From Eurozone

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By Douglas A. McIntyre Published
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There has been a great deal of speculation that Greece might resign its spot in the Eurozone so that it can use its own currency as a way to handle its debts or perhaps default on it sovereign obligations altogether. Germany’s chief Merkel hinted that Greece may not have that chance. The 16-member consortium may elect to expel Greece. She was vague in her statement “Members of the group must have the option of removing one of its members from the club if a country persistently breaks its fiscal rules, German Chancellor Angela Merkel “said Wednesday according to Expatica

Some economists believe that Greece has absolutely no chance of reducing its deficit enough to meet Eurozone standards. Harvard economist Martin Feldstein told Bloomberg, “The idea that Greece can go from a 12 percent deficit now to a 3 percent deficit two years from now seems fantasy.”

So, there may be a race between Greece and the Eurozone about who dumps whom first.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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