German Finance Minister Wolfgang Schaeuble sent a strong warning towards Athens Monday, saying the price of a Greek euro exit would be very high for the country and the Euro zone itself.
The comments come as Greek politicians struggle to form a new government, fueling speculation on whether the country will remain in the Eurozone. Negotiations to form a coalition government ended without results Sunday. The heads of the three top parties–plus the small, moderate Democratic Left party–have been invited by Greek President Karolos Papoulias for fresh talks Monday at 5:30pm.
“The price would be very high if they decided to leave the euro,” Schaeuble told pupils during a visit at a French high school in Berlin. Such a move would result in a devaluation of a new Greek currency and also in an impoverishment of the Greek people.
This decision would also impact markets’ assessment of the Euro zone as a whole, he warned. “This would mean a lot of turmoil for us,” Schaeuble said, adding the Euro zone is currently in a volatile situation.
(source: WSJ, Dow Johns)
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