The eurozone will do all it can to fight the risk of financial contagion from Greece after its creditors refused to extend its bailout, German Finance Minister Wolfgang Schaeuble said Saturday. "We will do everything to fight against any possible danger of contagion," Schaeuble said after eurozone finance ministers met without their Greek counterpart for emergency talks in Brussels.
Greece will "enter acute difficulties in the coming days," he said, referring to scenes of Greeks lining up to cash machines to withdraw their deposits. However the pro-austerity Schaeuble said that despite the failed talks and looming default, Greece was a full member of the single currency zone. "Greece remains a member of the Eurozone and Greece remains part of Europe," he said.
Other ministers said risks for contagion were lower than since the worst days of the crisis, but that outside of a bailout programme, Greece would require special attention. "Step one is to try to help Greece in many different ways. We understand what difficulties Greeks will have to go through," said Alexander Stubb, the Finnish Finance Minister.