A Greek exit from the euro area would be manageable, but would be expensive, European Central Bank Executive Board member Joerg Asmussen was quoted as saying on Monday.
In an interview with the Frankfurter Rundschau, Asmussen said the Greek exit would be associated with reductions in growth and higher unemployment. An exit "would not be as orderly as some imagine," he said.
Asmussen noted that the ECB acts within its mandate which primarily aims to ensure price stability over the medium term.
Germany strongly opposes bond purchases. Germany's central bank Bundesbank is not isolated in Europe and "no one should try to create the impression that the Bundesbank or its president is isolated," he said.
by RTT Staff Writer
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