Printing a new currency while already bankrupt is suicidal – and the ensuing chaos would hurt the rest of Europe It is striking that, when it comes to the European debt crisis, an ever increasing number of pundits, broadsheet press columnists and experts are in complete agreement with populists from the far left and the far right: the fiscal consolidation programme is self-defeating , they say, and Greece (and possibly other states in the periphery) should abandon the eurozone in order to regain their competitiveness. However, if there was one thing that the 2008 financial crisis should have taught us is not to trust the experts, especially since, in this case, they claim to know the remedy for a country which they have rarely, if ever, visited, and have no knowledge of its economic and social history.

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