BRUSSELS: The EU's Trade Commissioner Karel De Gucht said on Friday that the commission and European Central Bank had begun "emergency" planning in caseGreece defaults.

He did not specify whether this also concerned a possible exit from the eurozone.

"Today, whether within the European Central Bank or the European Commission, services are studying emergency scenarios whereGreececannot manage," De Gucht told Flemish daily De Standaard in comments translated into French by national news agency Belga.

De Gucht said officials in both institutions were preparing plans that would minimise any "domino effect," which he said was a "danger" 18 months ago, although he also suggested that the issue may yet be put to a referendum among the Greek people if June 17 polls were again inconclusive.

A hard-left anti-bailout leader has emerged as the favourite to win the most votes after a May 6 election failed to produce a governing coalition.

In the interview, De Gucht said an "endgame" was underway, although he maintained the EU line that the "only rational alternative" was forGreeceto "implement the agreements it has struck."

These refer to cuts and reforms in exchange for a 237-billion-euro bailout, between eurozone and IMF loans and a private debt write-down.

However, De Gucht acknowledged that "this is possible only if the Greek people are able to make a rational judgment at the ballot-box: the problem being, these people are desperate."

Senior Commission economics spokesman Olivier Bailly said on Twitter that "the European Commission denies firmly working on an exit scenario forGreece," stressing thatBrussels"wantsGreeceto remain in the euro area."