French FinMin Says Grexit Could Trigger Exodus

The European Union’s financial affairs chief Pierre Moscovici told German radio on Friday, just before a Bundestag vote on a bailout extension for Greece, that allowing any country to leave the euro zone would simply raise the question “who’s next?”.

“If a country, any country, leaves, the question will arise: who is leaving next?” the European Commissioner for Economic and Financial Affairs told Deutschlandfunk in an interview.

But he added that Greece had to meet its international commitments and ensure that any additional spending resulting from its economic policies were financed.

“The reforms the Greek government wants to launch must be financed. It is not time to talk about debts. We’ll talk about that at the right time. But it’s important for me to say that this is not about a reduction of debt – there’s no haircut.”

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza