DAVOS-EU's Almunia:no chance Greece default, euro zone exit

 

The European Union monetary affairs chief said on Friday that there was no risk that Greece would default or leave the euro zone.

"No, Greece will not default. Please. In the euro area, the default does not exist," Monetary Affairs Commissioner Joaquin Almunia told Bloomberg TV.

Asked if there was any possibility Greece would leave the euro zone he said: "no chance." He continued, "Because it is crazy to try to solve the problems the Greek economy has outside the euro zone," he said.

Almunia said there was no special European plan for Greece, though regular monthly recommendations on the fiscal imbalances of Greece and other nations would be made next week. "It is a normal analytical document that is written every month," he said. "We have no plan B. Plan A is on the table," he said, referring to Greek plans for fiscal adjustment.