Piketty Says Europe Should Yield on Greek Debt Forgiveness

European leaders need to take a more “realistic” outlook on Greece and yield ground on debt forgiveness, French economist Thomas Piketty said Tuesday.

He contended that German Chancellor Angela Merkel has taken a hypocritical stance, as the German economy was given more flexibility with debt reductions after World War II. Without concessions that allow Athens to invest in infrastructure and economic growth, Greece could leave the euro zone—the so-called Grexit—and start “the beginning of the end” for the common currency, Piketty said.

“We have to get away from this very ideological approach and get to an agreement,” the “Capital in the Twenty-First Century” author said in a CNBC “Closing Bell” interview.

via CNBC

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