EU Parliament chief warns against Greek euro exit

European parliament chief Martin Schulz on Friday warned against a Greek exit from the eurozone, saying the debt-wracked nation’s economy might collapse within days if it left the common currency area.

“Many people believe that it would be the end of a negative cycle but for me it would be the beginning of an even more negative cycle,” Schulz told German radio during a visit to Greece.

Schulz, a German social democrat, is scheduled to meet with President Karolos Papoulias as well as Alexis Tsipras, the leader of the Coalition of the Radical Left (SYRIZA) who rejects Greece’s bailout agreement with the European Union and the International Monetary Fund.

Investors are increasingly worried Greece could leave the euro following a second election in June.

“I am not saying this option does not exist, but I consider it very risky,» Schulz said, predicting the Greek economy “would collapse within days” if that happened, while issuing a warning against “all those people who are betting on the collapse of the eurozone,”

Ekathimerini.com