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Even if defaulted, Greece could not be expelled from the EU

21 April 15 | Vitor Constancio
Vitor Constancio

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Savills

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Antulio Richetta

Director IBI Group
Greece will not leave the single currency, European Central Bank Vice President Vitor Constancio said on Monday, noting the bank’s support towards the country.

 

"We are convinced at the ECB that there will be no Greek exit," he told the European Parliament. "The (European Union) treaty does not foresee that a country can be formally, legally expelled from the euro. We think it should not happen."

Discussing a possible Greek default or imposing capital controls, Constancio noted that neither necessarily meant a departure from the eurozone.

"If a default will happen ... the legislation does not allow that a country that has a default ... can be expelled from the euro," he said adding that Greek banks had been told not to increase their exposure to the state to avoid "a possible credit event regarding the state".

He also said that if Greece defaults, that has no automatic implications on the banks, if the banks have not defaulted, if they are solvent and if they have collateral that is accepted.

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