Greece's Finance Minister Yanis Varoufakis said in an interview broadcast on Sunday that if Greece were to leave the euro zone, there would be an inevitable contagion effect. "Some claim that the rest of Europe has been ring-fenced from Greece and that the ECB has tools at its disposal to amputate Greece, if need be, cauterize the wound and allow the rest of euro zone to carry on." "I very much doubt that that is the case. Sooner or later it's going to start raising interest rates, political tensions, capital flight." His comments were recorded before those of Mario Draghi, the European Central Bank's president, who this weekend said the euro zone was better equipped than it had been in the past to deal with a new Greek crisis but warned of uncharted waters if the situation deteriorates. Euro zone deputy finance ministers gave Athens last Thursday a deadline of six working days to present a revised economic reform plan.
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