Italian minister says euro can survive without Greece

Italian Industry Minister Corrado Passera said on Wednesday that the euro could continue to survive even if Greece were to leave the union’s single currency.

“That the euro can continue to exist without Greece is a foregone conclusion,» said Passera, speaking on a morning television news program.

Attempts to form a government in Greece collapsed on Tuesday, jolting financial markets at the prospect that leftists opposed to the terms of an EU bailout could sweep to victory in a June election and tip the euro zone deeper into crisis.

“Europe has been unable to manage Greece’s problems in the right way, and now it is making demands from Greece that are probably impossible,» he said.

Passera added that high-debt country like Italy would be the first to suffer from the impact of Greece’s exit.