Bloomberg News

Rehn Says Greek Default Would Spark EU-Economy ‘Chain Reactions’

February 13, 2012

Feb. 13 (Bloomberg) -- A “disorderly default” by Greece would spark “chain reactions” through the region’s economy, European Union Economic and Monetary Affairs Commissioner Olli Rehn warned.

“A disorderly default of Greece would be a much worse outcome with devastating consequences for the Greek society, especially the weaker members of the Greek society,” Rehn told reporters today in Brussels. “It would of course also have very negative ramifications through the contagion effect and chain reactions through the whole European economy,” he said.

“Therefore, for Greece, for the Greek people, it is much better to show the necessary political determination in order to ensure that this program can be implemented and implemented in a way that will reduce the debt burden of Greece and facilitate the country’s return to sustainable growth and better employment,” Rehn said.

To contact the editor responsible for this story: Jones Hayden at jhayden1@bloomberg.net


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