'Grexit' Would Prompt Even Germany to Leave Eurozone

Greek Defense Minister Panos Kammenos said in an interview with Bild that if Greece leaves the Eurozone it could trigger a chain reaction, with Spain, Italy and even Germany following the 'Grexit' example.

MOSCOW (Sputnik) – If Greece leaves the Eurozone it could trigger a chain reaction, with Spain, Italy and even Germany following the 'Grexit' example, Greek Defense Minister Panos Kammenos said in an interview with Bild, published by the German newspaper on Saturday.

According to Kammenos, Greece needs to look for ways to remain within the Eurozone, but should not put itself in a position where it constantly has to pay. The Greek defense minister also said that the European Union has to compensate his country for the financial losses it has suffered as a result of EU anti-Russia sanctions.

Last month, Athens and Eurozone finance ministers reached an agreement to extend Greece's bailout for another four months. The new deal stipulates that Greece carry out all remaining reforms required by the creditors before it can receive another aid installment from the bailout, amounting to about 7.2 billion Euros ($7.9 billion).

Greece has borrowed a total of 240 billion Euros ($265 billion) from the troika of international creditors, comprising the European Union, the European Central Bank (ECB) and the International Monetary Fund (IMF).

Meanwhile Greece's anti-austerity Syriza party, which came to power in January, has pledged to revise the country's bailout terms dictated by the troika. This has created much uncertainty regarding Greece's future in the Eurozone.