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Barroso Says Greek Default More Costly Than Rescue, Bild Says

European Commission President Jose Manuel Barroso said the European Union is convinced that a Greek default would be more costly than the current bailout efforts, Bild-Zeitung reported, citing an interview.

The consequences of a Greece’s government defaulting on its debt would be “incalculable” and there is a “large risk” that the crisis would spread to other euro countries, Barroso was quoted as saying.

Greece needs to speed up its reforms if it doesn’t want to lose its credibility, he said, according to the report.

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