German Chancellor Angela Merkel told a radio news program today that should Greece default and exit the Eurozone, this would trigger a “domino effect” that could ensnare other indebted nations. Merkel said that Europe was doing everything it could to avoid a default scenario and that Germany was “absolutely committed” to the euro.
“In a currency union with 17 members, we can only have a stable euro if we prevent disorderly processes,” Merkel noted in the interview. “Therefore it is our top priority to avoid an uncontrolled default, because it would hit not only Greece. The danger would be very high that it would hit many other countries.”
Source: Reuters