Greece needs to quit the eurozone

The Greek people are being crucified on a cross of euros. Unemployment there is 21 per cent and rising fast and the austerity pact that its politicians have cobbled together to try and receive the next tranche of bailout cash will make things far worse. It is in the interests of the Greek people for the country to default and devalue but this, obviously, isn’t possible with Greece inside the eurozone.

There are elections in Greece in April and it is to be hoped that one of the main parties there has the courage to break from the view that Greece must stay in the eurozone regardless of the cost. The threat from the eurozone ministers that the bailout cash will only be released if all the main parties commit to carry this deal regardless of the election result is just bullying. One hopes that the Greeks stand up to it.