The Cyprus example may be the best choice for Greece in order for the Greek government to be forced to implement reforms. This is a view sponsored by German magazine Der Spiegel, calling upon information from German chancellery officials.
“The dangers of the problem spreading to other countries by a Grexit are small, and would be very limited”, claims the magazine. According to Der Spiegel, member-states with a huge debt as well as the Eurozone itself are in a much better state than in 2012. ESM and the ECB have safeguarded the Eurozone and many believe that a Grexit will make the Eurozone homogenous, more so than it is today.
“The Chancellor is now certain that a ‘Graccident’ in the Eurozone is no longer a danger. Her officials are studying the Cyprus crisis, since the country almost left the Eurozone just two years ago. At that moment, the ECB threatened to cut off emergency aid to Cypriot banks since the country’s parliament refused to accept the EU’s measures. Banks should impose a check on withdrawals and bank transfers. In the end, the Cypriot government was forced to accept the EU program. This is the same plan that Merkel’s officials believe that Greece needs. A warning shot to implement the problem”, stated Der Spiegel.
