MOSCOW (Sputnik) — Greece's exit from the Eurozone would have a positive impact on both the country and the monetary union, Alternative for Germany (AfD) Party member of the European Parliament, Joachim Starbatty, told Sputnik Wednesday.
Starbatty's statement comes amid broad media speculation in recent weeks regarding Greece’s potential exit from the single currency over it's $350-billion debt to international creditors.
"In case of a Greek exit, there’ll have to be debt cuts and support for the country during the transition period to help its economy recover. That is why an exit would have a positive effect on both Greece and the Eurozone," Starbatty said.
According to Starbatty, the possibility of exit from the European Union is legally regulated in Article 50 of the Treaty of Lisbon, which means there must also be a way for a country to leave an institution like a currency union.
"As for the EU, Greece will remain a member of the EU. Europe as a community is based more on democratic values than the Euro," the lawmaker claimed.
Several Greek officials, including Deputy and Chairman of Committee on Economic Affairs for the ruling Syriza party Stefanos Samoilis, as well as Finance Minister Yanis Varoufakis, have spoken out against Athens leaving the single currency.
Greece was particularly hard-hit by the aftereffects of the 2008 economic crisis, quickly going into a multibillion debt by accepting large loans offered by the International Monetary Fund (IMF), the European Union and the European Central Bank.
The country must repay almost $1.6 billion to the IMF in June alone. However, according to the country’s Interior Minister, Nikos Voutsis, Athens has no money to make the next IMF repayment.