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article imageEurogroup head Juncker warns Greece not to leave the euro zone

By Katerina Nikolas     Jun 16, 2012 in Politics
Athens - Luxembourg's Prime Minister Jean-Claude Juncker, head of the Eurogroup, has warned Greeks not to turn their back on the euro zone, saying the consequences of a radical left victory would have unforeseeable consequences for the monetary union.
In an interview with the Austrian newspaper Kurier Juncker warned Greeks about to vote in Sunday's election that the very cohesion of the euro zone is at stake, and a vote for the radical left would have far reaching consequences beyond the "economic and social consequences for Greece itself." He said a Greek exit "has to be avoided. This would send a devastating signal. The Greeks must be aware of this."
With the last official polls of June 1 pitting Syriza and New Democracy head-to-head, the possibility of a second election impasse lurks on the horizon. Junker however warned that "third elections will not be the solution."
The New York Times warns that the price tag of a Greek exit from the euro zone may be more than $1 trillion. The consequences to Greece of a disorderly default would be hyperinflation and a breakdown in public services.
The possibility of second election results failing to return a workable government would leave Greece balancing on a precipice. The nation cannot even afford second elections which are costing €35 million, 30 percent less than the May elections which have left a caretaker government at the helm.
New Democracy leader Anthonis Samaras has warned the electorate that Alexis Tsipras, leader of Syriza, is willing to take Greece to third elections to ensure his anti-bailout party takes a decisive lead rather than co-operate and be prepared to form a coalition of national unity.
More about JeanClaude Juncker, Greece elections, Eurozone, Grexit, SYRIZA
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