Greece euro exit would be catastrophic, says Samaras

Greek Prime Minister Antonis Samaras has reiterated his belief that exiting the euro would be a "catastrophe" for his country. In an inter iew with the !ashington Post" he called again for more time for Greece to implement spending cuts. #here are indications creditors are considering gi ing Greece more time. $is comments come as a leading German politician said Germany was unlikely to agree to further help for Greece beyond that which has already been agreed. %More time% Greece is currently trying to finalise a package of &&.'bn euros ()&'.&bn* +,.-bn. of spending cuts o er the next two years. #he measures are needed to /ualify for the next --.'bn0euro instalment of its second &-1bn0euro bailout. Mr Samaras said Greece had to "make sure that we abide by what we ha e signed because we belie e that what they call a %Grexit% is not an option for us. It would be a catastrophe." $owe er" he did say that Greece would benefit from more time to implement further austerity measures. "Instead of the 2cuts package3 taking place o er two years" it would be best if it were to take place o er four years. "!e are talking about an extension to 41&5"" he said. 6n 7riday" at a 8urogroup finance ministers meeting in 9icosia in :yprus" International Monetary 7und (IM7. head :hristine ;agarde hinted that Greece%s creditors may be recepti e to gi ing the country more time. "Greece has already produced a huge effort but will ha e to continue to do so"" Ms ;argade said. "#he target when it comes to achie ing debt sustainability is ery high" so there are arious ways to ad<ust. #ime is one that needs to be considered as an option." =etiraited0 retrage >nlikely0 improbabil