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Greece should not up for the euro, a former head of the German central bank, which has been central to policy making in the euro zone currently are joined, said. But Ernst Welteke, the Bundesbank president from 1999-2004, was told the BBC that none of the euro-zone problems would be solved if Greece will leave.

He added that there should be more transfer of wealth from richer parts of the euro zone to be poorer parts. He said he was confident that measures were in place to secure the euro’s survival. “The euro is not in such danger as is often recorded,” said Mr. Welteke Business Daily on the BBC World Service. The euro has long [for] 10 years stable, both within and outside the European Monetary Union (EMU).

He said that, in retrospect, it was clear that Greece was not ready for the euro. We can say that Greece should not have joined the EMU, but that does not help. He said that Greece only accounts for 3% of economic output in the euro zone, “when Greece to monetary union will leave monetary union will still work. But I do not think Greece will solve no problems left. The country would devalue the new currency, which means Greece would struggle to repay their euro-denominated debt, he said. This would lead to major problems for European banks that lent the money Greece.

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