Straubhaar Sees 7 Meager Years for Euro Area, Abendblatt Says

Thomas Straubhaar, the president of Germany’s HWWI economic institute, expects seven “meager” economic years for the euro area because of the region’s debt crisis, Hamburger Abendblatt reported, citing the economist.

Countries such as Greece and Portugal must modernize their economies and social systems through “very severe” measures, Straubhaar said, according to the Hamburg-based newspaper. It would be “economic suicide” for Greece to leave the euro currency, Hamburger Abendblatt cited him as saying.

Germany’s economy is likely to grow 0.5 percent next year, Straubhaar said, according to the newspaper.