Grexit May Be Better for Greece: Euro Architect

Leaving the euro might help struggling Greece, according to Otmar Issing, the former European Central Bank (ECB) board member and chief economist who is known as one of the euro currency’s architects.

“The euro is irreversible – but if it is irreversible for every country has become an open question,” Issing told CNBC on Tuesday.
Issing raised eyebrows earlier this summer when he said that the euro’s irreversibility was an “illusion,” contradicting current ECB members who have insisted that there is no going back from the single currency.

However, economists and politicians away from the ECB have questioned whether highly indebted Greece can remain in the euro zone and whether it might in fact do better economically outside the currency union.

“For Greece, there are very good arguments that it would do well outside the euro area for some time to come, but it all depends on the Greek government’s reactions” Issing told CNBC.


Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.