Greece’s Only Option Is to Leave the Euro, Jacomb Writes in FT

The motives for the European Union’s “rescue” of Greece are to preserve the euro and to prevent another banking crisis, but the policy won’t work, said Martin Jacomb, the chairman of Share Plc, a former chairman of Prudential Plc and a former director of the Bank of England.

Writing in the Financial Times, Jacomb said the EU’s future depends on enabling its poorest members to become competitive again, and that requires a quite different approach.