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Lagarde: Grexit “not allowed under eurozone rules” but “devastating” if happens

Another oracle speaks gibberish just a couple of days before the elections and leaves it to the economic priests to interpret the enigmatic prophecy. An exit by Greece from the euro area would be devastating for the country, the head of the International Monetary Fund Christine Lagarde said on Tuesday.

“First of all it is not allowed under the rules of the euro area, and secondly I think it would be devastating for Greece,” Lagarde told Irish state broadcaster RTE when asked if an exit by Greece would be devastating for the euro zone.

Financial markets are nervous a left-wing Syriza victory could trigger a standoff with EU/IMF lenders that results in Greece leaving the euro zone.

PS if Grexit is not allowed, how can it happen?

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One comment

  1. “If Grexit is now allowed, how can it happen?”

    The master may seem to be the one in charge, but it is the servant who chooses whether or not to serve. The financial elite are all stick, no carrot and they’ve got no margin for error remaining.