French Finance Minister Plays Down Grexit Consequences in Europe

        By Inti Landauro
        PARIS--French Finance Minister Michel Sapin on Tuesday played down the likely consequences that the possible departure of Greece from the eurozone would have on other European countries, as the region braces for the growing probability that Greece will default on debt payments.
        "For Europe, for the other European countries, it's a difficulty but not a drama," Mr. Sapin said on French TV station France 2. "It's not a sudden economic upheaval."
        He said financial markets share his view. Even though markets fell on Monday, they are back to a level seen a week earlier and the yield on French bonds didn't move much, he said.
        After talks between Greece and its creditors stopped last weekend, the Greek government was left without funds to make a 1.55 billion euro ($1.74 billion) payment due to the International Monetary Fund on Tuesday.
        Mr. Sapin said the default won't have "large consequences" on Greece if talks resume quickly.
        The results of the Greek referendum due Sunday about the terms its creditors are demanding in return for further bailout loans will be much more significant, Mr. Sapin said. If voters say yes, talks will resume, though if they vote no, "we will chart unknown territory with real risks, but risks mainly for Greece," he said.
        -Write to Inti Landauro at inti.landauro@wsj.com
        (END) Dow Jones Newswires

        June 30, 2015 02:50 ET (06:50 GMT)

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