European Stability Mechanism (ESM) head Klaus Regling has warned of a collapse in the Greek banking system if the country does not secure a third bailout, saying this would have consequences for the entire Eurozone.
“If everything fails, then the Greek banking system will collapse,” Regling told German broadcaster ARD.
“If the four biggest systemically relevant banks in a country no longer work, this has grave consequences not just for Greece (…) but also for the whole Eurozone”, he said.
His remarks come as the Greek government won a crucial vote on the bailout deal that have opened up divisions in the ruling SYRIZA party.
(source: RTE)
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