[InTime News]
Greece would have plunged into economic chaos had the country exited the Eurozone during bailout negotiations with lenders in the previous decade, Bank of Greece governor Yannis Stournaras has told SKAI radio in Athens.
The country “would have ended up like Syria had it exited the Eurozone,” Stournaras told the radio station during an interview.
The Bank of Greece governor credited Angela Merkel, the German chancellor at the time, of playing a crucial role in developments that saved Greece.
The country was on the brink and “Merkel played a crucial role in helping save Greece, so I hold her in high regard, though I don’t necessarily agree with everything she says,” Stournaras said.
Asked if it was a mistake by the country’s lenders to not allow Greece to withdraw from a third memorandum, despite Greece having met requirements, the Bank of Greece governor described the decision as a major setback as a condition had been set for debt restructuring and interest rate cuts once the country had achieved a primary surplus.