July 17, 2015 - Yesterday, TG1 aired an interview with SEP Senior Fellow Jean-Paul Fitoussi, in which he discusses that approval of the bailout plan for Greece. Below is a rough translation:
TG1: The new measures imposed by Europe on Greece—are they useful for solving the problem, or do you think they were excessive?
J. Fitoussi: They were worse than before, and therefore they were excessive.
TG1: Finance Minister Schäuble insists that it would be better to have a Grexit.
J. Fitoussi: Or perhaps a Ger-xit...? I would prefer it. Look, he can say whatever he thinks. But there was something very important in play, which was the survival of Europe. Because if we talk of Grexit—it means that when a country that was once part of the group is in difficulty, Europe will throw them out. Then what use is the European Union?
TG1: It is perhaps also a signal for other countries with high levels of debt—
J. Fitoussi: For everyone! It’s saying that when you are in trouble, we won’t help you. We’ll throw you out.
- The full interview (in Italian) is available from TG1.