Greek's euro zone exit 'manageable' but expensive: ECB

A Greek exit from the euro zone would be "manageable" even if it would be expensive and result in higher unemployment, a top member of the European Central Bank was quoted as saying on Monday.

A Greek exit from the euro zone would be "manageable" even if it would be expensive and result in higher unemployment, a top member of the European Central Bank was quoted as saying on Monday.

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In an interview with the Frankfurter Rundschau, Joerg Asmussen, a German member of the ECB's executive board, was asked about the possibility of debt-wracked Greece being forced out of the euro zone.

"First: My preference is clear. Greece should stay in the euro zone. 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.

Such an exit would spark a slump in growth, job losses and would be "very expensive. In Greece, in Europe and in Germany," said Asmussen. His comments came at the start of a crunch week for Greece as it bids to persuade its European partners to release a further slice of aid to keep its economy on life support and enable it to stay in the 17-nation bloc.