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| Euro zone exit "inconceivable": Nowotny quoted |
| Vienna, 09.05.2011 |
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| VIENNA - It would be "technically and economically inconceivable" for a country to exit the euro zone, European Central Bank Governing Council member Ewald Nowotny was quoted as saying.
In comments reported by Austrian magazine Profil he dismissed as "nonsense" suggestions that a country could at least temporarily quit the currency bloc and use devaluation as a way to boost exports.
"The citizens of these countries would immediately start a run on the banks to pull out their savings, which would lead to the immediate collapse of these banks," he said.
Greece has denied a German news report last week that it was considering leaving the euro zone.
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia
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