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Devaluation 'will not address Greek problems'

Share prices have fallen on the main European stock exchanges as the continuing political uncertainty in Greece undermines the confidence of investors. The main parties are divided over whether to proceed with austerity measures demanded by international lenders.

Asked by The World At One's Martha Kearney if his department was making preparations for Greece leaving the Euro, Constantine Papadopoulos, Secretary General for International Economic Relations in the Greek Ministry of Foreign Affairs, repied: "None whatsoever, unless we were looking forward to destroying our country.

"I mean if there were to be an exit from the eurozone, supposedly to get out of austerity, to regain competitiveness through devaluation, there will be no Greek economy left to save. Devaluation will not address the real sources of our lack of competitiveness."

  • 14 May 2012
  • From the section Europe