/ world today news/ The existence of the common European currency does not depend on the development of the situation in Greece, said the president of the German central bank, Jens Weidmann.
However, he warned of the dire consequences for Greece if it defaults on its creditors. “The effects of chain propagation cannot be ruled out, at the very least – an exit of Greece from the Eurozone could change the nature of the monetary union. However, it also changes when individual countries do not take up their responsibilities for guaranteeing a stable currency,” said the chairman of the Bundesbank in an interview with the French daily “Les Eco”, the Spanish “El Mundo” and the Italian “La Stampa”. According to the chairman of
“Bundesbank” “the ball is clearly now in the court of the Greek government, which must decide the future of its country. “The last days have shown that there is not much time left to find an agreement”, he emphasized. The finance ministers of the eurozone, as well as The International Monetary Fund will meet later today in Luxembourg as part of a Eurogroup meeting to discuss a way out of the crisis.
Such an exit would allow Greece to receive the promised billions of euros in loans it needs to stay afloat. In return, it must commit to reforms that satisfy its creditors. German Finance Minister Wolfgang Schäuble said yesterday that he had little hope that an agreement could be reached today. His Greek colleague Yanis Varoufakis also does not believe in this and stated it directly.
“I don’t believe it, he said and explained that now the politicians are the ones who have to reach an agreement.
“This government was elected to protect the Greek people with a very ambitious reform program. I hope that the institutions will take this reform program into account,” he said. For his part, Jens Weidmann stressed: “We must now be careful not to undermine the principles of the currency union as a stable union. Aid and solidarity are part of them, but also the fact that the agreements must be respected.” /AFP
Berlin / Germany
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