Wilbur Ross: It no Longer Makes Sense for Greece to Stay in EURO

Wilbur Ross, WL Ross & Co. chairman & CEO, weighs in on fiscal improvement in Europe, and continuing problems plaguing Greece.

Wilbur Ross: It no Longer Makes Sense for Greece to Stay in EURO

Video and quotes below:

Some quotes from Wilbur Ross:

“There’s almost a feeling of resignation both among the people on the street and the wealthy people that eventually Greece doesn’t stay in the EU.”


“I’ve been in favor of Greece going out, frankly both from the Greek point of view and the EU point of view,” Ross said. “I think there are enough firewalls being built up, particularly now that (European Central Bank chief) Mario Draghi is acting like the lender of last resort, that I don’t think it would be that traumatic anymore. Most of the indebtedness of Greece is official debt, no longer private debt, so you don’t have the domino problem.”

“It’s really worse than I had felt it was”, “makeshift mosques being put up in the streets in Athens by some of the illegal immigrants.”

“Some of the local politicians are starting to play the ethnic card on Germany,” Ross said. “There’s obviously a lot of resentment in Greece to what happened in World War II, and some of the local politicians are piling in, saying it’s not really the EU, it’s just the Germans being mean.”