"Go back to the drachma"!

Some of the top European economic analysts are assessing that Greece might need to return to the drachma, while at the same time it should move to an arrangement with its creditors for a "haircut" of at least 30%!

The European Economic Advisory Group (EEAG) estimates that the only viable option for Greece is to restructure its debts, but even this does not preclude the fact that our country will need another rescue package after the end of this fiscal year, in 2013.

The same experts estimate that the EEAG report published today in Der Spiegel and Süddeutsche Zeitung, that Greece is unlikely to be able to refinance its obligations at the end of the current support package and return to the markets, therefore being forced to slash its debts by early 2014 at the latest.

The same report/ assessment includes an opinion by Mr. Thomas Mirow, a senior European Bank for Reconstruction and Development representative, according to which the restructuring of the Greek debt is inevitable.