Germany Not Greece Should Exit Euro, Argentina’s Nielsen Says

Germany should exit the euro and revalue its currency as “damage control” to avoid the effects of contagion stemming from a Greek exit, which would cripple banks and trade in Europe, according to former Argentine Finance Secretary Guillermo Nielsen.

Germany’s higher productivity warrants a higher, less competitive valuation for its currency, Nielsen, 61, said in a phone interview yesterday. A Greek exit would be more costly and threatens the solvency of the region’s banks, he said.