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Does the crisis in Greece mean the crisis in the Eurozone?

Maciej Bukowski: In 2010 the Greek crisis was extremely dangerous – it could have impinged on many European countries and it put the financial stability of many economies in jeopardy. That’s why the Greeks were provided with the aid package. Now the situation is different, the risk has been reduced. The crisis in Greece will not bring about a crisis in the European Union, as the banks are protected, the assets and the debt in relation to the banking system have been converted into debt owned by the Government. The Euro rate and the lack of any fluctuations of this currency are the testament to the fact that the crisis in Greece is mainly and primarily their own problem. It does not change the fact, however, that all of Europe is watching closely how the negotiations will go and how the problem of the Greek’s debt will be resolved.

Maciej Bukowski, President of Warsaw’s Institute for Economic Studies, was a guest in Agata Kowalska’s broadcast ‘Post Factum’.

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