Asta Pravilonytė

Every manager can call him or herself a good strategist if he or she only works within an environment that is favourable; however, it is only in times of stress that one truly learns what one's capabilities are!

















Sunday, 27 May 2012


The approaching 17th of June is remarkable for Greek elections. After the failure to form a coalition government for the third time Karolos Papoulias, a president of Greece dissolved a newly elected parliament with a strong opposition for bailout policies. The political party Syriza led by Alexis Tsipras obtained the second largest amount of seats in the 300-member parliament with pledges to overturn the austerity measures. So what are Greek solutions to resolve debt burden?


Opened debates about Greece exit from euro zone prompted euro zone’s experts to prepare contingency plans even though European leaders at the informal EC dinner held on 23 May, 2012 declared their desire to keep Greece in euro area and respect for its commitments. Moreover, it was ensured that growth and job creation in Greece would be supported through mobilised European structural funds and other instruments.


However, if Greek political leaders decide to leave euro zone, how Greece will exchange euro to drachma? Do Greeks really believe that if, according to the statistical data of Aggregated Balance Sheet of Monetary Financial Institutions (MFIs) of Greece for the end of March 2012[1], the €23,233 million banknotes and coins in circulation as well as the €179,668 million domestic deposits and repos of non Monetary financial institutions had been exchanged to drachma, Greece would has been able to repay €145,637 million outstanding liabilities to Credit Institutions of euro area and other countries, and cover remaining liabilities worth of  €95,178 million?


[1] Bank of Greece. Monetary and Banking Statistics














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