Monday, March 5, 2012

Wixforth Spoke at EMU: EURO will be Reborn from Its Own Ashes

Embassy of the Federal Republic of Germany Financial and Business Advisor Uwe Wixforth and the Germany Ambassador to Cyprus Dr. Gabriela Guellil held a conference entitled “EURO Crisis: Germany’s Perspective” on February 27, 2012. EMU Rector Prof. Dr. Abdullah Y. Öztoprak also attended the conference organized by the Faculty of Business and Economics, Department of Finance and delivered an opening speech. Dr. Guellil stated that EMU is the best place to have such a conference due to the ethnic diversity of its students and faculty members.  Dr. Guellil talked about what can be done in order for the EURO to be as strong as before and what the role of Germany is in the EURO Crisis. Dr. Guellil added that in later semesters, she will establish a greater dialogue with EMU and Turkish Cypriots in general.
Uwe Wixforth stated that “Euro” crisis should should be entitled as the “Debt” crisis. Wixforth suggested a 3 pronged approach to the crisis which especially affects Greece as follows;
  1. Scrapping a portion of the debt lent to Greece (107 Billion EURO’s)
  2. The Greek Government to increase the effectiveness of the public sector by privatizing, laying off workers from overemployed companies and take measures to reduce tax evasion.
  3. Make use of the IMF, the European Union and the EU Central Banks Rescue Package (130 Billion Euros) that can be implemented in steps.
In his speech, Uwe Wixforth mentioned that by creating a competitive economy, “EURO will be reborn from its own ashes”.

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