BUDAPEST, March 7 The euro zone is stable
despite the financial woes of Greece, which are far more serious
than economic challenges faced by any other member states,
economist Alexandre Lamfalussy said on Sunday.
Lamfalussy was founding president of the European Monetary
Institute, which became the European Central Bank.
"I'm not pleased what has happened (in Greece) but I don't
worry," he told the Hungarian state television M1 in an
interview. "The euro zone is so hardy that an explosion or
meltdown is out of question."
He reacted to concerns voiced by investors including
billionaire Gyorgy Soros who has said the euro currency's future
was in question even if Greece is rescued as Spain, Italy,
Portugal and Ireland also had economic problems. [IDnLDE61L07V]
"No other (euro zone member) state is in a situation comparable to Greece," said
Lamfalussy, who was born in Hungary like Soros.
He said Greece needed continuing efforts including austerity
measures to consolidate its finances, but concerns in markets
over the euro zone were exaggerated.
"Markets always overshoot in one or the other direction."
(Reporting by Sandor Peto, editing by Martin Golan)