Bloomberg News

Samaras Warns Return to Drachma to Extend Recession, Bild Says

August 21, 2012

Greece’s Prime Minister Antonis Samaras said a return to the drachma would cause five more years of recession in his country and the unemployment rate to exceed 40 percent, Bild-Zeitung reported, citing an interview.

An exit from the euro could mean the end of democracy in Greece and lead to situation similar to the Weimar Republic, the newspaper cited him as saying in a preview of an article for today’s edition.

Greece needs more time, not necessarily more money, to be able to return to economic growth, Samaras said, according to Bild. His government will cut staff in the public sector by hiring one person for every ten people retiring and implement tax and employment-law changes, he also told Bild.

To contact the reporter on this story: Karin Matussek in Berlin at kmatussek@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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