Faymann Against Breaking Up the Eurozone (Part 2)

People ♦ Published: August 30, 2012; 15:32 ♦ (Vindobona)

At the Alpbach Economic Symposium 2012, Austria´s Federal Chancellor Werner Faymann underlines the “advantages of the EU”. Without the euro, Austria would face a dramatic recession, he warns.

Faymann Against Breaking Up the Eurozone (Part 2) / Picture: © Vindobona.org

Federal Chancellor Werner Faymann promotes the euro vigorously. The return to the Shilling would mean a sudden revaluation, Faymann warns. Austria would lose global market shares rapidly and exports would slump drastically, he warns.  According to WIFO study, the GDP would be lowered by € 16.5bn without the euro. The exit of the Southern Eurozone would cause a slump in GDP of €…