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Tags: Greece | Leave | Eurozone | June

Wealth Expert: Greece to Leave Eurozone on June 18

By    |   Tuesday, 29 May 2012 12:20 PM EDT

While many observers predict that Greece will eventually leave the eurozone, one financial expert has pinpointed a date for its departure: June 18.

A new round of elections is set for June 17. If parties opposing austerity measures win, Greek will leave the common currency the next day, Nick Dewhirst, director at wealth-management firm Integral Asset Management, told CNBC.com.

And Greece should leave the euro, he says. The disaster many are predicting is highly exaggerated. Both Greece and the rest of Europe will be better off if Greece leaves.

"The Greek banking system would close for a week and there’ll be a new currency," he told CNBC.com

“The eurozone is a club but you get cheaters who get away with it until everyone finds out and at that point you need to remove them otherwise everyone will cheat," he told CNBC.com. "It's better for Greece to leave."

After leftist parties opposing austerity measures gained ground in the country's May 6 elections, the country couldn't form a governing coalition, which forced new elections on June 17.

The European Central Bank, IMF, and the European Commission required Greece to severely cut public spending in order to receive another rescue package. Greek voters turned against those austerity measures as their incomes fell in the country's recession only worsened.

Although recent polls have indicated that pro-austerity parties will win on June 17, Dewhirst says the results are uncertain.

Eurozone leaders want Greece to remain in the common currency but don't want to appear to be meddling in Greek affairs, notes Reuters.

"We want Greece to stay in the euro but meet its commitments and that's a decision that's up to the Greeks," said German Finance Minister Wolfgang Schaeuble, according to Reuters.

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Tuesday, 29 May 2012 12:20 PM
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