Greece needs to leave the euro and reintroduce its own currency if it wants to get back on its feet and return to growth, Manfred Neumann, Professor of Economics at the Institute for Economic Policy at the University of Bonn said in comments broadcast on CNBC on Wednesday. The country’s dominant tourism industry and exporters simply cannot recover by lowering prices and wages, he said. “It has to be done by devaluation and therefore they need their own currency,” the professor of international economics who supervised German Bundesbank chief Jens Weidmann’s 1997 doctoral thesis said. A decision on whether Greece will ... (full story)