AP Interview: Greek euro exit would be bad

Associated Press Modified: May 10, 2012 at 3:46 pm •  Published: May 10, 2012

ATHENS, Greece (AP) — A Greek euro exit would damage both the country and Europe as a whole, the head of the Radical Left Coalition head said Thursday, but insisted the austerity measures imposed as part of Greece's international bailout are too harsh and must be changed.

Alexis Tsipras came a surprise second in weekend elections in which voters furious at two years of harsh spending cuts hammered the two formerly dominant parties of New Democracy and PASOK. No party won enough seats in Parliament to form a government.

The three have been negotiating so far unsuccessfully since Monday to form a coalition government. If no agreement can be reached, Greeks will go to the polls again next month. The prospect promises more political uncertainty in the crisis-hit country, which is dependent on funds from international bailout loans to continue functioning.

Tsipras' insistence that a new government denounce the bailout deal with the International Monetary Fund and other European countries provoked a backlash from the other two main parties, who argued the move would see Greece leave the common European currency and endure years of poverty and isolation.

But Tsipras said it was a position he couldn't change.

"Our red line is for the public mandate not to be ignored," he told The Associated Press in an interview. "The Greek people gave a clear mandate to cancel these harsh austerity measures that for the past two-and-a-half years have led us to catastrophe. If this basic condition that we are setting in this negotiation isn't accepted, it is clear that we at least can't participate in a government."

The political uncertainty has alarmed Greece's international creditors, who insist the country stick to the fiscal targets laid out in the agreement.

The 38-year-old Tsipras said Greece should stay in the euro.

Leaving the joint currency "would be an exceptionally negative development ... not just for Greece but for the whole of Europe."

But while European help for Greece should continue, insistence on austerity measures would eventually lead to the collapse of the joint currency project, he argued.

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