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"Anyone who toys with the idea of cutting off bits of the
euro zone hoping the rest will survive is playing with fire," he
told La Sexta, a Spanish TV channel, in an interview recorded 10
days ago.
"Some claim that the rest of Europe has been ring-fenced from
Greece and that the ECB has tools at its disposal to amputate
Greece, if need be, cauterize the wound and allow the rest of
euro zone to carry on."
"I very much doubt that that is the case. Not just because of
Greece but for any part of the union," he said, speaking in
English.
"Once the idea enters peoples' minds that monetary union is not
forever, speculation begins ... who's next? That question is the
solvent of any monetary union. Sooner or later it's going to
start raising interest rates, political tensions, capital
flight."
His comments were recorded before those of Mario Draghi, the
European Central Bank's president, who this weekend said the
euro zone was better equipped than it had been in the past to
deal with a new Greek crisis but warned of uncharted waters if
the situation deteriorates.
Greece's leftist government is trying to negotiate a deal with
its lenders from the European Union and the International
Monetary Fund to unlock further aid under its 240 billion euro
bailout.
Euro zone deputy finance ministers gave Athens last Thursday a
deadline of six working days to present a revised economic
reform plan. Euro zone finance ministers will meet on April 24
to decide whether to unlock emergency funding to keep Greece
afloat.
(Reporting By Elisabeth O'Leary; Editing by Phil Berlowitz)
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