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Useless Medicine: German Expert Believes Extra Money Will Not Cure Greece

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President of the German Ifo Institute for Economic Research, Professor Hans-Werner Sinn, criticized the decision of the Eurogroup to extend the loan program for Greece for another four months.

German expert, Professor Hans-Werner Sinn, told Deutsche Welle that additional financial assistance from eurozone countries will not help Greece, adding that the only useful option for the latter would be the exit from the eurozone and return to its national currency.

British Finance Minister George Osborne, right, and Greece's new finance minister Yanis Varoufakis - Sputnik International
Eurogroup President Says Greece Bailout Program Talks to End Next Week
"The extra money is only a pain reliever for the Greek disease that is unable to cure it," the economist expert said on Saturday.

The Eurogroup, consisting of finance ministers from eurozone states, representatives of the European Commission and the European Central Bank, announced its readiness to extend the loan program for Greece to help the country to keep its economy afloat.

However, Mr. Sinn criticized such a policy, claiming that the country should first restore its competitiveness – the goal, which can be achieved only by the exit from the eurozone and return to the drachma.

People make their way in central Syntagma Square as the parliament building is pictured in the background in Athens - Sputnik International
No More Funding for Greece: Germany Rejects Loan Program Extension
He suggested that the national currency should be changed over a long weekend, when the banks and shops are closed. All accounts and loans should be switched to the new national currency, the same applies to the price tags in shops and supermarkets, the German newspaper "Die Welt" reports.

Greece’s withdrawal from the monetary union, however, does not have to be permanent, the economic expert says. He can imagine an option of the country’s return and compares Greece’s potential exit from the eurozone with a temporary "stay in a hospital".

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