Euro will collapse if ‘Grexit’ happens - Greek Fin Min Varoufakis

FXStreet (Mumbai) - Greek Finance Minister Yanis Varoufakis said that Greece's exit of the euro zone would provide an incentive for other countries to follow, eventually leading to a collapse of the currency bloc.

Varoufakis stated, "The euro is fragile, it's like building a castle of cards, if you take out the Greek card the others will collapse,"

"I would warn anyone who is considering strategically amputating Greece from Europe because this is very dangerous. Who will be next after us? Portugal? What will happen when Italy discovers it is impossible to remain inside the straitjacket of austerity?"

Varoufakis also added the new government would propose a "new deal" for Europe, similar to the one introduced in the United States in the 1930s. This would involve the European Investment Bank investing ten times as much as it has so far, the finance minister said.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.