Commerzbank Chief Risk Officer Stefan Schmittmann said the bank did not expect the 17-member Eurozone of countries using the euro would break up despite ongoing crises in several countries, but that he thought Greece might yet be forced to leave, despite approval of a new austerity package and a pending second bailout of $173 billion.
“We do not expect any default or break-up, maybe Greece,” Schmittmann said in response to a question about the probability of a break-up of the Eurozone. “The question is now whether countries will be able to stabilize. I see the danger of an additional threat maybe in three years or four years, if the countries do not get their budget problems solved,” he said.
Reuters reported that he said, We do not foresee bankruptcy or dissolution of the Eurozone. Perhaps that will happen only in the case of Greece.” He added that, “The real question asked is whether countries will be able to stabilize. The danger of a new threat is before us,possibly in three to four years, if countries do not resolve their budgets’ problems.”
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