EUROZONE-GREECE/OETTINGER More than questionable if Greece will stay in euro zone, says Germany's EU Commissioner

Record ID: 148916

  • Title: EUROZONE-GREECE/OETTINGER More than questionable if Greece will stay in euro zone, says Germany's EU Commissioner
  • Date: 29th June 2015
  • Summary: BERLIN, GERMANY (JUNE 29, 2015) (REUTERS) WIDE OF CDU PARTY HEADQUARTERS GERMANY'S EU COMMISSIONER, GUENTHER OETTINGER, ARRIVING FOR REGULAR WEEKLY PARTY MEETING WIDE OF OETTINGER SPEAKING (SOUNDBITE) (German) GERMANY'S EU COMMISSIONER, GUENTHER OETTINGER, SAYING: "We want to do everything to avert damage from Greece's population. We feel sorry for the Greek people. As of
  • Embargoed: 14th July 2015 13:00
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: General
  • Reuters ID: LVABVFU3CMYDY3EZYOUA4UXCQMH5
  • Aspect Ratio: 16:9
  • Story Text: Germany's EU Commissioner Guenther Oettinger said on Monday (June 29) that while the EU wanted to keep Greece in the euro zone, the country's government was acting irresponsibly and this might not be possible.
    "We want to do everything to avert damage from Greece's population. We feel sorry for the Greek people. As of this morning one can see what it means when a government acts irresponsibly. By closing the banks, everyday life has pretty much come to a stand-still. But we want to keep Greece in the euro zone if that's possible. Whether that's possible is more than questionable," Oettinger said.
    German Chancellor Angela Merkel is holding a crisis meeting with the leaders of Germany's political parties on Monday to discuss the crisis. Greece has less than 48 hours to pay back 1.6 billion euros ($1.77 billion) of International Monetary Fund loans, and a default would set in train events that could lead to the country's exit from the euro currency bloc.
    But while the notoriously cautious Merkel has been wrestling with the question of whether to risk a "Grexit" and accept the financial, economic and geopolitical backlash it would surely unleash, others such as Finance Minister Wolfgang Schaeuble have sent abundant signals in recent months that he could accept a euro zone that does not include Greece.
    Oettinger said the Greek government was at a dead end: "Game over is true in the sense that the government is at the end. They have manoeuvred themselves into a dead end with their negotiations. They turned down our offer. It's open what happens to the euro zone and their membership in it.
    But he said that that wouldn't mean Germany's 80 billion invested euros were not lost.
    "Just like with any other foreseeable bankruptcy, we will see what the borrower can pay. There will be some damage for sure but it won't be the sum of all individual items combined."
    European bank shares stumbled towards their biggest daily fall for four years on Monday, led by big lenders in Italy, Spain and France, after Greece closed its banks and imposed capital controls as it faced the prospect of leaving the eurozone.
    Greece plans to hold a referendum next Sunday on the terms of a bailout plan from creditors, which prompted the European Central Bank to freeze the amount of emergency cash it would provide to Greek banks.
    ENDS
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