Weak link Greece should not have joined eurozone, says ex-IMF leader

Greece should never have been accepted into the euro area and its departure would remove the weakest link, a former deputy director of the IMF, Donal Donovan, said.

Dr Donovan was speaking at the Institute of Certified Public Accountants annual conference in Cork yesterday.

“The markets have already built in the prospect of Greece leaving the euro zone, so we won’t see Armageddon. Indeed, it could be argued that the eurozone will be stronger for cutting loose the weakest link.”