EU Commission Says Grexit 'Legally Impossible'

The European Commission warned on Monday there was no legal mechanism which Greece could use to leave the Eurozone, a hypothetical event commonly dubbed "Grexit".

Remarks of Brussels officials followed a report by German news weekly Der Spiegel which claimed Berlin was inclined to accept a Grexit scenario after having put forth much effort to avoid it in the last years.

German Chancellor Angela Merkel reportedly believes that the Eurozone now has a good number of mechanisms at hand to ensure stability within the euro area and could cope with the impact of a Grexit which could follow if the radical coalition SYRIZA wins the early poll in Greece this month and is able to form the next government.

SYRIZA has long threatened to end the years-long austerity program applied in Greece, which is still struggling to reduce its debt worth thousands of billions.

Early elections are to be held after the failure of lawmakers in Athens to elect the country's new head of state. Three attempts were made in Parliament in December, but Stavros Dimas, the single candidate backed by the ruling coalition, failed to garner enough support among MPs.