Quote

I think it's often discussed that leaving the Euro is an option for Greece. I think this is really not an option.

Markets are saying pretty much what I'm saying too: that Greece is doing what it can, but that Greece is not going to be able to carry the weight of all of Europe and the other problems that Europe has.

The Greek people do not want to exit the euro. And I believe the Greek people already have shown that they have made major sacrifices to stay in the euro zone.

I see Turkey's future as being in Europe, as one of many prosperous, tolerant, democratic countries.

There's no more place in the euro zone for well-meaning laxness when dealing with deficits and failings. If the demands on Greece aren't taken seriously, we'll get stuck in quicksand. In the worst case, this would make it acceptable for one tranche to not be paid out. It is in the Greeks own interest not to test that.

Many have wondered if Greece's economy would get so bad that it would eventually break away from the Eurozone - a move that could encourage other countries to follow and therefore splinter the currency union.

I would caution against fueling cheap populism. First of all, every German who has spent a vacation in Greece knows that the standard of living there isn't higher than it is in Germany. Second, Greece is paying a high price for European assistance.

For the next three years, we're going to see different economies work out different problems. For European economies, especially Greece, it would be through default.