A top German business leader said if problem countries fail to carry out reforms, Germany must not defend the euro currency at all cost.

Wolfgang Reitzle, chief executive of Linde AG, a major engineering concern, told the weekly German news magazine Der Spiegel on Sunday if the European Central Bank stepped in to support the currency, the weak members of the 17 eurozone members would lose their incentives to carry out necessary reforms.

If this happens, Germany should not hesitate to exit the eurozone, Reitzle said. But he added it was still possible to save the common currency that is used by 17 of the 12 members of the European Union. 

Reitzle is the first CEO of a blue chip German company to suggest that Germany's exit from the eurozone should be considered as an alternative. He previously served as design chief of luxury car maker BMW. 

Germany's successor currency -- the Deutschmark or "Northern euro" - would immediate rise in value vis-a-vis other currencies, and unemployemnet would rise because of falling exports, he said.

But this woukd only last a few years while at the same time increasing pressure on German companies to become even more competitive.

Reitzle sees no chance for Greece to remain in the eurozone, and the financial markets had already written off the subject. Greece's national debt would have tio be written off -- "not 50 to 70 percent, but 100 percent," he said.

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