8 Jul, 2015 16:50

In case of Grexit, breakup of eurozone will come fast

In the event of a Grexit, the challenges for the eurozone will be great and may cause a rethink of the single currency, Italian MEP Marco Zanni of the Five Star Movement, told RT.

RT:The Greek prime minister's appearance at the European Parliament today triggered some hot-tempered debate. Was it constructive?

Marco Zanni: I think it has been a good debate, but there is a lot of uncertainty inside the European institution and inside Europe about Greece. I see many different positions. So we have a more intransigent position from Northern European countries led by Germany. Then we have more neutral positions from some other countries, and then we have position in favor of an agreement as soon as possible. These groups led by the European Commission and the French President Mr. [François] Hollande, there is a lot of uncertainty about the outcome of the Greek crisis.

RT:We saw some MEPs holding up 'NO' signs apparently in a show of solidarity with the Greek vote against austerity. How wide is the support for the Greek leftist government within the European parliament, and what do you think should happen now?

MZ: My opinion is very simple: I think that if we want to restore a growth path in Greece we have to rethink the single currency. I think that the only possibility for Greece to restore growth is by a Grexit. If you look at the proposals on the table from the Troika side and from [Alexis] Tsipras’ side you can see that all of these proposals underline more austerity - fiscal adjustment, more budgetary cuts, and more taxes.

RT:Unfortunately, the Greek crisis will also have a knock-on effect on your country [Italy], won’t it?

MZ: Yes, we have some similar problems, but I think the only solution to this Greek crisis is a review of the single currency. It is not only a problem of Greece, but as Tsipras said during his speech in the EU Parliament, it’s a European problem. We have to find a European solution and saying that we don’t want this single currency and we have to rethink the euro is not saying that we are against the EU.

RT:But it was one of the fundamental founding principles of the EU in the first place, wasn’t it?

MZ: It is a fundamental point that the solution should be European, but it doesn’t mean that we need to keep the euro at any cost.

RT:If there is Grexit will Italy, Portugal, or Spain be next? They also have economic hardship at the moment.

MZ: If there is Grexit it will be a great challenge for the eurozone. I think that the Grexit can show the fragility of the whole eurozone. So I don’t think that if there is a Grexit Italy will be the next one. But if there will be a Grexit I think that the breakup of the eurozone will come very, very fast. So Grexit is the first step in order to show the fragility of the eurozone and it could be an opportunity for the European institution to say: “Ok, maybe euro is not the right thing inside the EU and inside the eurozone. Or is not the right thing for European citizens. So we have to rethink the EU, but without the Euro, the single currency.” I don’t think that after the potential Grexit we will have single steps by single member states.

LISTEN MORE: