Italian Anti-Austerity Leader Says Italy and Greece Should Leave Euro

Sooner or later, debt-stricken Greece will have to “confront an exit from the euro,” Beppe Grillo, the outspoken leader of Italy’s anti-austerity 5-Star Movement, told CNBC — and Italy should follow suit.

Former comedian Grillo’s anti-euro movement has gained traction among Italy’s disaffected voters over the past few years. It has been watching the Greek debt crisis closely, as it could set a precedent for a country leaving the single currency union.

Greece has effectively defaulted on a debt to one of its major creditors, the International Monetary Fund (IMF), and without further aid could soon default on payments due to the institution keeping Greek banks afloat right now: the European Central Bank (ECB).

“How does Greece come out of this? In the long term, they will have to confront an exit from the euro,” Grillo said on Monday.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza