Greek June Vote Is About Euro Membership, Franz Tells Rheinische

Greece’s June election is a vote on the country’s euro membership, Wolfgang Franz, head of Chancellor Angela Merkel’s council of economic advisers, told the Rheinische Post.

A decision to leave the euro area would trigger a collapse of consumer spending and corporate investment, a rapid increase in unemployment and many Greeks would lose a large part of their savings, Franz told the newspaper.

Greece can only remain a euro member if the government honors its part of the economic adjustment program, he also told the newspaper.

Franz added that the contagion effects of a Greek euro exit wouldn’t be as dramatic and unpredictable as two years ago, Rheinische Post reported.

To contact the reporter on this story: Rainer Buergin in Berlin at

To contact the editor responsible for this story: James Hertling at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.