May 13, 2012
Greece’s exit from the eurozone “would be possible,” even if not in Europe’s interest, and countries should have a democratic right to quit, according to a member of the ECB’s governing council.
The comments from Luc Coene, the central bank governor of Belgium, in a Financial Times interview highlight how eurozone policy makers are losing patience with Athens after an inconclusive election threw into doubt Greece’s commitment to reforms demanded under its international bailout.
Mario Draghi, president of the European Central Bank, has refused to even discuss the possibility of a country exiting the euro, which is not foreseen under European treaties. The ECB would suffer massive financial losses and damage to its credibility in the event of Greece’s financial collapse: it has spent about €40bn acquiring Greek government bonds as part of support measures for the country.
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