Reuters
February 13, 2012
Failure by Greece to meet all the conditions laid down by Europe and the International Monetary Fund for new bailout funds would lead to its exit from the euro zone, Luxembourg's finance minister said on Monday.
Markets have adjusted and sufficient firewalls have been erected in Europe to limit the financial damage should Greece decide to default and leave the monetary union, Luc Frieden said.
"I still think that we should do our best to keep the euro zone with all its members. But again, the key lies with Greece today," Frieden told the Atlantic Council after meeting with the U.S. Treasury.
"And therefore if the Greek people or the Greek political elite do not apply all of these conditions -- and I do know that is very difficult for the Greek people and I do not underestimate the problems that it creates for Greece -- if they don't do this, I think they exclude themselves from the euro zone and the impact on other countries now will be less important than a year ago."
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