Euro Exit Would Cost Germany $4 Billion, Feld Tells Rheinische

July 25 (Bloomberg) -- A euro exit would cost the German economy more than 3.3 billion euros ($4 billion), Rheinische Post reported, citing Lars Feld, an economist and member of German Chancellor Angela Merkel’s council of economic advisers.

That doesn’t include the cost of any subsequent economic slowdown, the newspaper cited Feld as saying in an e-mailed preview of a story to be published today. Germany would suffer a “wave of insolvencies” and a significant increase in unemployment amid a euro breakup, with especially severe consequences for the country’s small and mid-sized privately-held companies, the newspaper said.

Feld added that Moody’s Investors Service’s decision to lower the outlook on Germany’s top credit rating was justifiable, the newspaper reported.

To contact the reporter on this story: Naomi Kresge in Berlin at

To contact the editor responsible for this story: Phil Serafino at