13/05/2012
Europe is "certainly more resilient" to a Greek exit than it was two years ago, when the eurozone would have been "massively underprepared", the EU economic and monetary commissioner, Olli Rehn, has told a conference in Estonia.
But, he says: "it would be much worse for Greece and Greek citizens, especially less well-off Greek citizens, if Greece left the euro than for Europe. Europe also would suffer, but Greece would suffer more."
A Greek exit from the euro could be "technically" managed, but would damage confidence in the monetary union, said Patrick Honohan, an ECB governing council member. A Greek departure would be "destabilising" for the rest of the euro area, and all sides are trying to avoid it, he said. "It is not necessarily fatal, but it is not attractive".
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