Economy World

Juncker warns against the spread of the debt crisis

The President of the Eurogroup, Jean-Claude Juncker, warned against the spread of sovereign debt crisis in the euro area on Saturday.

Bankruptcy of Greece “may be contagious for Portugal and Ireland and then – even before Spain – for Belgium and Italy, given their heavy debt,” he said in an interview with The free Belgium.

He concluded: “We are playing with fire.”

Finance ministers of 17 countries in the euro area (Eurogroup) plan to review the June 19 and 20 the situation in Greece saved from bankruptcy in mid-2010 by a credit of 110 billion euros.

The European Commission considers that the Eurogroup and the International Monetary Fund (IMF) approved the allocation of a new tranche of credit to Greece in order to save again.

Greece part of the euro area, its bankruptcy would deal a severe blow to the single European currency.


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