May 10, 2012
With Greece apparently unable to form a government and the leader of one party rejecting the country's bailout commitments, warnings are growing across Europe that Athens may have to leave the euro zone. German editorialists say it would be a shame but probably wouldn't mean the end of the common currency.
Comments made by Alexis Tsipras, a Greek politician with the Coalition of the Radical Left (SYRIZA) party, declaring previous euro bailout agreements to be "null and void" earlier this week have vexed leaders in Brussels and across Europe, where warnings that Greece may have to leave the common currency are growing louder.
Speaking in Brussels on Wednesday, German Finance Minister Wolfgang Schäuble said that Athens can't be forced to retain the euro. "Greece must decide for itself if it wants to remain in the euro zone or not," he said. But if Greece wants to remain a member, then it "must form a stabile government and it must adhere to its obligations as well," he added. Schäuble noted that a large majority of Greeks wants to maintain the euro at any cost "because they are conscious of all the advantages of the common currency despite all the burdens."
German Foreign Minister Guido Westerwelle called Tsipras' statements "very alarming." He added: "We want Greece to remain in the euro zone, but the question of whether Greece remains in the euro zone is in Greece's hands." Westerwelle also clearly warned: "We stand behind our aid pledges, but that also means that the agreements need to be implemented." If Greece abandons the reform course it has agreed to with its international donors, "then I don't think the associated tranches (of aid) should be paid out," he threatened. Euro-zone governments said on Wednesday they would release €4.2 billion ($5.5 billion) to Athens as part of the next tranche of aid on Thursday, but they held back €1 billion, saying it would not be paid until June.
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