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Minister: Greece exit would cost France 50 bln euros

Minister: Greece exit would cost France 50 bln euros

15 May 2012 11:43 (UTC +04:00)

Baku - APA-Economics. If Greece crashes out of the euro zone it would cost France around EUR50 billion net in lost loans, outgoing French Finance Minister Francois Baroin said Tuesday in a radio interview, APA reports citing AFP.

"If Greece leaves the euro, its economic model collapses and there is no longer a banking system, that would cost France EUR50 billion net, in addition to the securities held by banks and insurer in their portfolios," Baroin said according to Dow Jones Newswires on French radio Europe 1, shortly before president-elect Francois Hollande takes over from incumbent Nicolas Sarkozy.

"Greece needs to make efforts. If they donÎ„t want to do that, if there is no government and instability continues, the question [of leaving the euro zone] will become more sensitive," Baroin said.

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