Greece Should Never Have Joined Euro: Ex-Bundesbank Chief

Greece should never have joined the euro, according to the former head of the German Bundesbank.

Ernst Welteke, one of the architects of Greece's entry into the monetary union in the early-2000s, told the BBC that if Athens were to abandon the Euro, the European Monetary Union (EMU) would survive.

We can say that Greece should not have joined the EMU, but that doesn't help, Welteke said.

But I don't think Greece leaving will solve any problems.

Welteke, who was in charge of the Bundesbank from 1999 to 2004, added that the currency was not in as much danger as analysts predicted.

The euro is not in as big a danger as is often recorded, he said.

The euro has been stable [for] 10 years, inside and outside the European Monetary Union.

The comments came as Greece prepared for its first election since deeply unpopular austerity measures sparked violent protests in the nation's capital Athens.

Latest polls show no clear winner, with as many as 10 parties capable of gaining seats in the May 6 election.

The formation of a functioning government is an essential pre-requisite for Athens to continue receiving EU/IMF bailout money vital for the country's economic survival.