‘We agree that a Grexit would be a catastrophe for Greece’ – EU’s Moscovici

FXStreet (Mumbai) - Speaking to a German magazine Der Spiegel over the weekend, European Commission (EC) Financial Affairs Commissioner Pierre Moscovici warned against underestimating the risks associated with the possibility of Greece exiting the common European currency area. Such a step could be the beginning of the end for the euro.

Moscovici said that the euro zone was more than just a currency exchange area, but rather a "currency union".
Moscovici noted, "After all, all of us in Europe probably agree that a Grexit would be a catastrophe - for the Greek economy, but also for the euro zone as a whole,"

"If one country leaves this (monetary) union, the markets will immediately ask which country is next, and that could be the beginning of the end," he concluded.