NEWS

Schaeuble says Greece and euro are better off staying together

German Finance Minister Wolfgang Schaeuble said that Greeks are better off in the euro, for all the efforts required to stay in the single currency.

?The advantages for the Greeks are greater, but it will be strenuous,? Schaeuble said on Monday during a visit to a Berlin school. ?The price if they decide to leave the euro is very high.? If Greece left and reintroduced its own currency, it would devalue, he said.

An exit from the eurozone wouldn?t only harm the country leaving, he said. ?It would cause a huge amount of turbulence for all of us.?

Stocks and European government bonds fell and the euro weakened to a three-month low on concern that Greece will exit the 17-nation currency union as the political impasse in Athens following inconclusive elections entered a second week.

?We have a very nervous situation in the eurozone,? Schaeuble said. ?We have to get Greece back on its feet.?[Bloomberg]