Alexei Kudrin called the grounds for withdrawal of Greece from the euro zone – RBC

The former head of the Russian Finance Minister Alexei Kudrin

Photo: Nikolai ASMOLOVSKY RBC

The former head of the Russian Finance Minister Alexei Kudrin told the grounds for withdrawal of Greece from the eurozone. In a column for the newspaper “Kommersant”, he suggested that the situation will change only the “unprecedented” decision of the European Union.

«I think the grounds for withdrawal of Greece from the euro zone more, of course, if there is an unprecedented new political and economic decision by the European Union “, – said the economist.

According to the head of the” Committee of Civil Initiatives “, assumptions about Athens leaving the euro zone emerged from him even before the current crisis, when three years ago updated. European support programs for Greece. “I assumed that it will not be the last increase in the support – and debt – and that Greece will in the future probably will be released from the euro area” – said the former minister of finance.

Kudrin noted that “populist own Policy making is clearly alien to Greece in the euro zone. ” In his opinion, “this leads to the conclusion that monetary union should be created from economies with similar efficiency».

The Economist pointed out that the amount of aid on the part of creditors, has reached € 240 billion is “unprecedented” for a country such as Greece. He stressed that such support “strongly violates justice within the zone: a strong pay for the weak and ineffective.” “The point of a reasonable level of support is passed. Although the euro-zone countries are still trying to defend their principles – is purely political reasons, wanting to demonstrate mutual, “- said Kudrin.

The head of the” Committee of Civil Initiatives “said that for sustained growth of the Greek economy lenders need to write off nearly one-third of the debt, in spite of the cost optimization, which held Athens. Kudrin has suggested that the EU “is not ready to make a major write-off of a new,” although “not abandoning the possibility of discussing this step».

«Greek exit from the euro zone will not cause serious weakening of the latter. The zone would become stronger, “- Kudrin predicted. He explained that the European banking system is not threatened by serious risks as the debt does not lie primarily in the private sector. In addition, he expressed the opinion that such a precedent is needed to “strengthen the general discipline, especially with regard to the southern countries».

The former head of the Ministry of Finance concluded that the scheduled July 5 referendum could resolve the political conflict, but ” It will not solve the fundamental problem of finding Greece in the eurozone. ” “Premier urged Greece not to support the claims of creditors in the referendum and thus ceased to be a major side of the property in the settlement of the problem” – summed Kudrin.

1 July the International Monetary Fund (IMF) has officially confirmed that Greece had not paid in period of € 1,6 Bln. overdue payments to the IMF is equivalent to a default, which would be the first in history among the advanced economies.

Later, the IMF made an analytical report, which estimated the cost of saving Greece € 52 billion the next three years. Otherwise, Athens will not be able to service the external debt and will have to be written off.

On July 5 the country will hold a referendum in which residents must decide whether to maintain the direction of the troika to Athens creditors who require the Greek authorities to introduce measures austerity. Until July 6 in the country will continue to bank holiday. In addition, the amount of cash that you can withdraw at the ATM is limited to € 60 per day.

Greek Prime Minister Alexis Tsipras earlier urged people to vote against the claims of creditors. Nevertheless it, after a delay of payment, he sent to the European Commission, the European Central Bank (ECB) and the IMF letter, which agreed on almost all of the conditions asked to make only minor changes.

On the eve of the politician has promised that the new agreement financial assistance is reached within 48 hours after the end of the referendum.