Greece needs to leave the euro right now

16-Jul (BusinessInsider) — It’s about time Greece left the euro — it’s the only way to keep the country from falling further into the black hole of debt that is ravaging its economy.

Greece has too much debt. In fact, it’s “highly unsustainable” according to the International Monetary Fund, and the only way the country will remotely have a chance of getting this reduced is by a Greek exit from the euro, or Grexit.

Even Germany’s finance minister, Wolfgang Schaeuble, confirmed this thought on German radio Thursday morning, saying unequivocally that debt forgiveness was “not possible” for a country still inside the euro. In the same breath, Schaeuble acknowledged that it was unclear whether Greece would be able to restore the country’s finances without an exit. He went on to say that a temporary Grexit, therefore, “would perhaps be the better way for Greece.”

And this is a pertinent point.

Greece needs to get its debt reduced in order to legitimately start repairing its economy instead of gutting it from the inside out with seemingly endless austerity measures.

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PG View: After months of gyrations all they’ve really done is forestall the inevitable once again.