The difficulties in the negotiations between Greece and the Eurogroup may result in a non-agreement, which in turn would have dire financial and political consequences for the Greek people and Europe, according to an article published in the Financial Times.
The article, which was signed by 18 prominent economists, including Nobel laureates Joseph Stiglitz and Christos Pissaridis, argues that the necessary compromises are needed in order to avoid a Grexit, which could trigger a collapse of the European foundation.
According to the economists, the inability of Greece coming to an agreement with its creditors would not only threaten the Eurozone, but the European Union as a whole.
As such, the economists support relaxing the Greek fiscal targets, such as reducing the primary surplus goals, restructuring the debt, introducing a growth clause and promoting reforms such as tackling corruption.
