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ECB official says Grexit expensive but "manageable"

08-20-2012 19:05 BJT

FRANKFURT, Aug. 20 (Xinhua) -- A Greek exit from the eurozone would be "manageable," even though it would result in higher unemployment and huge economic losses, a n European Central Bank (ECB) policymaker was quoted as saying on Monday.

"First, My preference is clear. Greece should stay in the eurozone," Joerg Asmussen, a German member of the ECB's Executive Board, said in an interview with German newspaper Frankfurter Rundschau.

"Second, it is in Greece's hands to achieve that. Third, a Greek exit would be manageable. Fourth, an exit would not be as orderly as some imagine," he said.

Asmussen also said the new bond purchase program was better designed than its predecessors, and that it was also compatible with the mandate of the ECB.

He said it would be good to see the European Financial Stability Facility and European Stability Mechanism to intervene in the primary market before the ECB's purchase.

The governing council of the ECB would then independently decide if, when and how bonds should be purchased on the secondary market, he said.

Asmussen's comments echoed the ECB president Mario Draghi earlier remarks on August 2 that the ECB could take outright open market operations of a size adequate to reach its objective. He also said that necessary conditions should be met before the ECB takes action.

 

Editor:James |Source: Xinhua

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