Reuters: US Dollar Report: Greek euro exit would be catastrophy-EFSF head

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Greek euro exit would be catastrophy-EFSF head May 7th 2012, 10:36 BERLIN | Mon May 7, 2012 6:36am EDT BERLIN May 7 (Reuters) - A Greek exit from the euro zone would be catastrophic not just for Greece, the head of the euro zone's temporary rescue fund said on Monday, a day after pro-bailout ruling parties lost their majority in parliament in Athens. If Greece exited the euro zone that would "of course have a huge impact not just for other programme countries, not just for the banks, but also for Greece itself," Regling said, adding Greece's public creditors would also suffer. "It would be a catastrophe for Greece." Regling also said it was completely out of the question that the European Stability Mechanism (ESM) would directly recapitalise banks, a proposal by some policymakers to help Spanish banks.

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