Debate Club

Should Greece Leave the Eurozone?

Should Greece Leave the Eurozone?

A debt deal negotiated to rescue Greece from default faces the threat of collapse, with those most responsible for agreeing to the pact's terms ousted in the nation's recent elections and Greek political leaders failing to cobble together a coalition government to replace them. European officials, led by Germany, agreed to bail out Athens in return for budget-tightening and other austerity measures. If Greece reneges and international bailout funds are withdrawn, Greece will begin to run out of money as early as late June and may have to return to its old currency, the drachma, and exit the eurozone. Austerity measures have been wildly unpopular in Greece, where there has been little economic growth and high unemployment in the last couple of years. Most Greeks say they do not want to abandon the euro, but the leader of the anti-austerity Syriza Party declared the bailout deal "null and void" after the May 6 elections in which his party placed second. The failure to form a coalition government has led Greece to call another set of elections for June. Syriza is now polling first, leading many financial analysts and traders to worry that a Greek exit from the eurozone is inevitable. Others are hopeful, however, that new numbers showing the European economy to be flat, and not slipping back into a recession as expected, will convince Greeks to stay in the eurozone, and that European officials may be willing to renegotiate the terms of the original deal to keep it there. A Greek departure from the eurozone would roil the global economy and cause chaos in Greece. However, some argue that a return to the drachma may allow Greece to become more competitive in the long run as it would allow Greece more control over its monetary and trade policy. Should Greece leave the eurozone? Here is the Debate Club's take:


The Arguments

#1
32 Pts
A Return to the Drachma Would Be Difficult, Damaging, and Dangerous

No – A Return to the Drachma Would Be Difficult, Damaging, and Dangerous

Kent Hughes Director of the Program on America and the Global Economy at the Woodrow Wilson Center

#2
26 Pts
If Greece Stays in the Eurozone, It Has No Future

Yes – If Greece Stays in the Eurozone, It Has No Future

John Kallianiotis Professor at the University of Scranton and a Native of Greece

#3
22 Pts
Greece's Influence on the Eurozone Is Ludicrous

Yes – Greece's Influence on the Eurozone Is Ludicrous

Maurice McTigue Vice President of the Mercatus Center at George Mason University

#4
21 Pts
Greece Leaving the Eurozone Would Be a Disaster

No – Greece Leaving the Eurozone Would Be a Disaster

Scheherazade Rehman Professor at George Washington University

#5
13 Pts
Greece Should Never Have Been a Part of the Euro

Yes – Greece Should Never Have Been a Part of the Euro

Eric Langenbacher Visiting Assistant Professor at Georgetown University

#6
11 Pts
Goodbye Euro, Welcome Back Drachma

Yes – Goodbye Euro, Welcome Back Drachma

Edward Harrison Founder of CreditWritedowns.com

#7
3 Pts
Greece Must Reform Its Economy and Stay in the Eurozone

No – Greece Must Reform Its Economy and Stay in the Eurozone

Michael Arghyrou Senior Lecturer at Cardiff Business School

#8
-8 Pts
A Greek Exit From the Euro Would Lead to Chaos

No – A Greek Exit From the Euro Would Lead to Chaos

Alexei Monsarrat Director of the Atlantic Council Global Business & Economics Program

#9
-9 Pts
The Costs of Greece Leaving the Euro Could Be Very High

No – The Costs of Greece Leaving the Euro Could Be Very High

Sabina Dewan Director of Globalization and International Employment at the Center for American Progress


Previous Topics

You Might Also Like


See More