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Farage: Greece needs its currency back
Date 22/07/2011 09:07  Author webmaster  Hits 3604  Language Global
Responding to last night's crisis summit statement by Eurozone leaders and EU institutions, UKIP leader Nigel Farage said:

"The expansion of the role of the EFSF ultimately means that the European taxpayer will be left holding depreciatating bonds from countries such as Greece and Portugal.

"Lower interest rates and longer maturities will not cure the Euro crisis in the long term. What is happening here is half way to a Greek default.

"Greece is bust. What Greece needs to do is to fully default, take back its own currency, devalue to boost tourism and services - basically grow its economcy again.

"The basic problem is the ill-thought out structure of the Euro.  I find George Osborne's call for more eurozone integration truly laughable. The creation of the eurozone is the problem. It can not be solved by more of the same.

"We need the breakup of the Eurozone otherwise the Med countries will be strangled in Euro debt - and all to save German and French bankers who hold 69% of Greek bonds," Farage concluded.

UK Chancellor George Osborne has today announced that, "I think we have to accept that greater eurozone integration is necessary to make the single currency work and that is very much in our national interest…We should be prepared to let that happen."