27 октября 2012 13:10

Eurozone divorce would 'kill the kids': Polish central banker

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Poland's Central Bank Governor Marek Belka. ©REUTERS Poland's Central Bank Governor Marek Belka. ©REUTERS

The debt-ravaged eurozone is in trouble but every effort must be made to keep this currency marriage intact because a divorce would end up "killing the kids, AFP reports according to the "Poland's central bank (NBP) chief Marek Belka. "So we might say: let's just forget about the euro, let it fall apart. If it was all just a huge mistake, let's fix that. This is of course nonsense, because it assumes you can turn back the clock. You can't do that, but you have to bear the consequences," the former director of the International Monetary Fund's European department told Poland's TVN CNBC financial news channel. "Putting it bluntly, when you're getting divorced and you've got children, too bad, but you can't kill the kids," added the one-time Polish finance minister. "That's a message to all those who are crossing their fingers for the eurozone to fall apart. It's as if you'd be killing the kids in a divorce," he said. A nation of 38.2 million, Poland pledged to enter the eurozone as part of its 2004 EU entry deal, but without a fixed deadline for accession, Warsaw is now insisting that it will wait for the 17-member single currency bloc to put its house in order before it decides to move in. Polish leaders have also vowed to meet Maastricht Treaty marco-economic criteria by 2015. Those rules include public deficits that do not exceed 3.0 percent of gross domestic product, tame inflation and a national debt equivalent to no more than 60 percent of GDP. On Wednesday, the EU statistics agency Eurostat said that at the end of the second quarter, overall government debt in the eurozone stood at 90.0 percent of GDP, up from 88.2 percent at the end of the first three months of the year.


The debt-ravaged eurozone is in trouble but every effort must be made to keep this currency marriage intact because a divorce would end up "killing the kids, AFP reports according to the "Poland's central bank (NBP) chief Marek Belka. "So we might say: let's just forget about the euro, let it fall apart. If it was all just a huge mistake, let's fix that. This is of course nonsense, because it assumes you can turn back the clock. You can't do that, but you have to bear the consequences," the former director of the International Monetary Fund's European department told Poland's TVN CNBC financial news channel. "Putting it bluntly, when you're getting divorced and you've got children, too bad, but you can't kill the kids," added the one-time Polish finance minister. "That's a message to all those who are crossing their fingers for the eurozone to fall apart. It's as if you'd be killing the kids in a divorce," he said. A nation of 38.2 million, Poland pledged to enter the eurozone as part of its 2004 EU entry deal, but without a fixed deadline for accession, Warsaw is now insisting that it will wait for the 17-member single currency bloc to put its house in order before it decides to move in. Polish leaders have also vowed to meet Maastricht Treaty marco-economic criteria by 2015. Those rules include public deficits that do not exceed 3.0 percent of gross domestic product, tame inflation and a national debt equivalent to no more than 60 percent of GDP. On Wednesday, the EU statistics agency Eurostat said that at the end of the second quarter, overall government debt in the eurozone stood at 90.0 percent of GDP, up from 88.2 percent at the end of the first three months of the year.
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