14th July, 2015
The Greek crisis has made headlines all over the world. Thousands have been worried about the impact of the crisis on the world economy. Indeed, closer home, we have been pondering about the effect on the Indian economy.
The Bengal Chamber organized a panel discussion on the Greek Crisis. Speakers present at the discussion were Dr. Suman K Mukherjee (Senior Professor, Principal & Dean, Bhartiya Vidya Bhavan Institute of Management Science), Prof. Ajitava Ray Chaudhuri (Professor. Jadavpur University), Prof. Abhirup Sarkar (Professor, Indian Statistical Institute, Kolkata), Mr. Suparna Pathak (Business Editor, ABP) and Mr. Rainer Schmiedchen (Hon’ble Consul General, Consulate General of the Federal Republic of Germany).
On Monday, after some 17 hours of summit talks, Euro zone leaders announced a new deal to rescue Greece – a third bailout. In the discussion, it was highlighted that Greece’s contribution is quite small. Prof. Ajitava Ray Chaudhuri highlighted that Greece alone cannot be blamed, and that it is very difficult to come out of the situation. Mr. Suparna Pathak said that “The Government was spending more than collecting deficits. Greece was given money and had just misused it.” Prof. Abhirup Sarkar said, “People lost confidence in the Government as the unemployment rate is 25%”. He pointed out that Greece can come out of this situation if it moves out of the Union, he also said that Greece should be allowed to spend so that the demand for goods will increase.