FRANKFURT (MNI) – Germany is not running through simulations of
what would happen if Greece were to leave the Eurozone, contrary to a
media report that appeared over the weekend, German Deputy Finance
Minister Joerg Asmussen said Monday in a German television interview.
Asmussen, who will be replacing Juergen Stark on the Executive
Board of the European Central Bank later this year, was asked by
Deutsches Anleger Fernsehen (DAF) whether one had to be prepared for a
departure of Greece from the common currency and whether the German
government was going through simulations of such an event, as Germany’s
Der Spiegel magazine reported on Sunday.
Asmussen replied “no” to both questions, DAF said.
However, he told DAF, “the decisions of the European Council from
the end of October must be implemented by Greece in full, i.e. 100%.
Only then can the whole thing be a success.”
With respect to the current political situation in Greece — where
former ECB Vice President Lucas Papademos is now prime minister until
elections next year — and Italy — where Mario Monti has been named to
replace Silvio Berlusconi — Asmussen said, “We now have two people at
the head of government who are known by financial markets and who have
confidence.”
He added again, however, that “now they have to — this is
especially true for Greece — really 100% implement what they have
said.”
–Frankfurt bureau tel: +49-69-720-142. Email: dbarwick@marketnews.com
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