Euro’s sur­vival.

Kathimerini English - - NEWS -

The chief ex­ec­u­tive of­fi­cer of Nor­way’s $570 bil­lion sov­er­eign wealth fund said the Euro­pean Mon­e­tary Union, which con­sists of 17 coun­tries shar­ing the euro cur­rency, will sur­vive amid in­creas­ing doubts that Greece will avoid be­com­ing the first mem­ber to de­fault on its debts. “Some peo­ple are say­ing Europe is fac­ing a choice, there is fis­cal union or there is a breakup of the euro,” Yngve Slyn­gstad, the head of the Oslo-based fund, said yes­ter­day in an in­ter­view. “I don’t think that’s nec­es­sar­ily true for the union. It may be true for one sin­gle mem­ber for the mo­ment.” Greece’s plight has put the euro through its tough­est test since its in­cep­tion 12 years ago. The cur­rency, which Ger­man Chan­cel­lor An­gela Merkel in Jan­uary called the “em­bod­i­ment” of Europe, may not sur­vive the re­gion’s debt cri­sis as tax­pay­ers in Ger­many balk at the prospect of bail­ing out gov­ern­ments that failed to com­ply with fis­cal rules, the Cen­ter for Eco­nom­ics and Busi­ness Re­search said yes­ter­day. “We have pro­por­tion­ally a much higher stake in Europe than in the rest of the world,” Slyn­gstad said. “There are not a lot of mar­ket par­tic­i­pants who ex­pect the euro to break up and we don’t ex­pect that ei­ther.” (Bloomberg)

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