IVAM Executive Panel: Greek bankruptcy will put a strain on Europe – Grexit” a better solution

Leading representatives of the German high-tech industry think that the national bankruptcy that Greece is facing after the failure of negotiations with its debtors and the EU is the worst possible solution for the Greek debt crisis.
 
A few days before the term of payment to the International Monetary Fund (IMF) and the financial rescue package for Greece expire, the IVAM Microtechnology Network has asked selected executives in the microtechnology industry what they consider to be the worst or the best possible outcome of the crisis.
 
Half the participants in the IVAM Executive Panel survey think that a national bankruptcy would put the most strain on Europe. The Greek bankruptcy would have an adverse effect on the further development of the euro as well as on the European economy.
 
According to the industry experts, a withdrawal of Greece from the euro zone would be a more sensible way out of the dilemma from an economic perspective. 42% of respondents consider the “grexit” to be the best possible outcome of the Greek debt crisis.
 
The exit from the euro – which may be a possible after-effect of an insolvency – would open up new perspectives in particular for Greece. An individual currency can be revalued according to economic dynamics, which might lead to a revival of the economy and possibly to value-adding establishment of new industry. This is urgently needed in order to increase the gross domestic product and avoid a further rise of the country’s debts.
 
Just like the negotiating partners of Greece, the high-tech industry executives more or less dismiss the possibility to extend the rescue program, which over the years has not brought Greece any closer to solving the debt crisis but puts an increasing burden on the capital markets. A debt cut, however, appears to be an acceptable solution that would not put too much strain on Europe.