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It’s alarmist to say that one-half of a percent of the euro’s G.D.P. could cause the collapse of the currency.


Question: Should Germanyrnbail Greece out? 


Ernst Weizsäcker:rnIn some way by deciding 10 years ago on the introduction of the commonrncurrency, the Euro, Germany has made a commitment of bailing out, be itrnindirectly through the International Monetary Fund, or more directly throughrnthe European Bank.  But, I oncerncalculated the amount of the Greek deficit compared with the Gross NationalrnProduct of Europe, and this is less than 1/2 percent.  So, I would call it alarmist to say this 1/2 percent of thernEuropean, of the Euro’s own GDP lets the Euro collapse.  This is absurd.  If you compare that with financialrnrisks incurred by the American state in certain war adventures or in thernfinancial crisis, or wherever, those are much higher percentages leading indeedrnto a weak dollar, that’s correct, but the European industry is only happy ifrnthe overvaluing of the Euro finally finds an end.  So, I am not in a state of alarm.

Recorded on April 9, 2010