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Eurozone can cope with a Greek exit: German finance minister
Economics

Eurozone can cope with a Greek exit: German finance minister

11.05.2012 From our online archive
The eurozone would cope if Greece left the currency union, Germany's finance minister said in an interview on Friday as Greek parties continued with efforts to form a government coalition.

(AFP) The eurozone would cope if Greece left the currency union, Germany's finance minister said in an interview on Friday as Greek parties continued with efforts to form a government coalition.

Asked by the regional Rheinische Post whether the eurozone could withstand a Greek exit, Finance Minister Wolfgang Schaeuble said: "Europe won't sink that easily."

"We want Greece to remain in the eurozone. But it also has to want this and to fulfill its obligations. We can't force anyone.

"We have learned a lot these past two years and have built protection mechanisms. The danger of contamination for other countries in the eurozone have become weaker and the eurozone as a whole has become more resistant."

"The crisis has shown that one must act quickly and that Europe can act quickly... the notion that we would not be capable of reacting in the short term to something unforeseen is false."

Schaeuble's comments came as Socialists in Greece tried to cobble together a government, the third party to attempt to do so since Sunday's elections gave a razor-thin majority in parliament to anti-austerity parties.