Dr Dennis Novy makes a number of media appearances discussing the Greek electionsTuesday 27 Jan 2015
Dr Dennis Novy, Associate Professor of Economics, has recently made a number of media appearances discussing the Greece elections and what it means for the Eurozone economy.
After the anti-austerity Syriza party won Greece's general election, the country could now be on a possible collision course with the European Union over its massive bailout.
Dr Novy made a number of TV and radio appearances discussing this issue, including live TV interviews with Sky News and the BBC News channel, as well as radio interview with BBC Radio 5 Live and appearances on local radio stations including BBC Radio Wales.
During his interview with BBC Radio 5 Live, Dr Novy said:
“It might all seem very dramatic from a political point of view and clearly today and yesterday have been very dramatic times in Greek politics, but from an economic point of view, in some sense Syriza is actually stating the obvious; the current economic situation in Greece is not sustainable with the amount of debt they have, 175% of GDP, which is very large by historical and international standards.
There’s no doubt and a big consensus that this is not sustainable and something has to give. If Greece goes back to the negotiating table, which they will in the next couple of days or weeks, it remains to be seen what exactly they can negotiate with the troika, that is the European Central Bank and the IMF.
Greece doesn’t want to leave the Eurozone and Germany certainly doesn’t want Greece to leave the Eurozone so there is common ground and we can move forward.
Any new Greek Government would have had to face up to this reality of unsustainable economic circumstances right now and whether it’s this one or another one, we just have to become much more realistic and Germany in particular has to become much more realistic.”.